International Business
The Telugu film industry (popularly called Tollywood) is bleeding due to the spat over a separate Telangana statehood.
Former Maharashtra Pradesh Congress Committee (MPCC) president Ranjeet Deshmukh has urged the newly elected Congress Legislative Party (CLP) leader and incumbent Chief Minister Ashok Chavan to give the post of deputy chief minister to an MLA from Vidarbha region.
The Indian Cricket Board today shifted the second one-dayer of the five-match series between India and Sri Lanka to Nagpur after police in Visakhapatnam expressed inability to provide security for the tie in the wake of political crisis in Andhra Pradesh.
Centum Learning, the education and training arm of Bharti group, is expanding its footprint in India by setting up skill development centres and mini-campuses for offering professional degrees to students. The company will cater to the entire spectrum of students from - low end to high end.
The markets have held on to their gains in the past one hour. The Sensex is quoting at 16,672, up 71 points, and the Nifty is at 4975, up 22 points. The mid-cap and small cap indices are up about a percent each. Metals, consumer durables and realty stocks have surged in morning trades, while the energy and IT space is subdued.
With prices of essential commodities going through the roof, public distribution shops (PDS) in Kerala are back in action.
While the growth visibility is reasonably good, the offer leaves no meaningful gains for investors in the near-term.
Shankar Acharya / New Delhi October 08, 2009, 0:59 IST
Delay in rainfall is likely to impact crop size and farmers may shift to short-cycle crops like cotton and castor seeds, an industry official said.
Primary articles, especially food items, pushed the headline inflation rate, as measured by the wholesale price index (WPI), into positive territory at 0.12 per cent for the week ended September 5, after staying in the negative for 13 weeks.
Volatility in share price of a company is inversely proportional to the grade assigned to its initial public offer, as firms with high grade show relatively less fluctuations in share prices, a study said.
Expansion in manufacturing, services sectors contributed to growth
Environment Minsiter Jairam Ramesh will from Wednesday hold a series of public meetings across the country on the controversial Bt brinjal which was cleared by the country"s bio-technology regulator last year for its commercial cultivation.
The Punjab State Electricity Board (PSEB) has set up an ambitious target to reduce the T&D (transmission & distribution) losses to 17 per cent by 2011-12.
Cash management solutions provider Fundtech India Ltd is entering the European banking sector with its product Global CashPlus. The Pune-based company has already signed deals with 12 Asian banks and a European bank for its product and plans to have 18 to 20 international banks under its belt by March 2010.
HSBC Asset Management (India), today announced the appointment of Tushar Pradhan as CIO of HSBC Mutual Fund from June 15.
The Hyderabad police has registered cheating and criminal breach of trust cases against the promoters of Maytas Properties, an unlisted company owned by the family of Satyam Computer Services Ltd founder B Ramalinga Raju, who is in jail after confessing to manipulating Satyam’s accounts.
The country"s largest liquefied natural gas importer, Petronet LNG Ltd, may come out with a $100 million follow-up public offer or a rights issue in 2011-12 to part fund a 1,200-Mw power plant, to be set up at Dahej in Gujarat.
Chief minister, K Rosaiah, has approved allotment of 80 acres of land at Aganampudi village in Visakhapatnam district for the Tata Memorial Centre (TMC) where it proposes to set up its second campus.
India"s second largest lender, ICICI Bank, has seen growth returning in its home and auto loans portfolios in the second quarter on the back of improving sentiments in the credit market, its chief said.
As violence in Manipur and Assam continued unabated, Prime Minister Manmohan Singh today said situation in the North-Eastern states was far from comfortable.
Imagine this scenario. While you are booting your computer or notebook, an advertisement pops up and the screen freezes for some time. The ad could be an audio or a plain visual one. Regardless, it may offer you some product or could even offer the operating system (which enables you to start or boot your computer) free or at a lower cost. Tying you down for a few more seconds, the ad automatically fades away and allows you to continue with the booting process.
Telecom Minister A Raja today said any deviation by lower-rung officers from the government’s policy decision on spectrum allocation would be dealt with.
The Indian rupee appreciated by 28 paise to 46.46 a dollar in early trade today as the US currency weakened against other Asian currencies.
FMCG to aerospace products-maker, Godrej Group, has tied-up with Big Synergy and STAR television network to produce and air a reality show from mid-June, which seeks a wider audience from India’s growing middle-class for its lifestyle products.
Hoping to bag environmental clearance by this month end, Gopalpur Ports Ltd (GPL) is confident of converting the minor port in south Orissa into an all weather deep water one within 24 months, two years ahead of the stipulated timeframe.
Former US President Bill Clinton would be leading a trade delegation to Haiti in October, in his capacity as the UN Special Envoy for Haiti.
The land acquisition process for the Rs 54,000-crore Posco steel project in Orissa is expected to make some headway soon with the state government showing resolve to expedite the process.
A Serious Fraud Investigation Office (SFIO) team will visit Hyderabad soon to enquire into the siphoning of funds by promoters of the IT company Satyam.
With the Indo-US civil nuclear deal on track, representatives of top US atomic companies would tour India in December to meet all stake holders in the country"s emerging commercial nuclear sector, the second such visit in less than a year.
Power Minister Sushil Kumar Shinde today threatened action against companies that do not start work on captive mines within two years of allotment.
GMR Kamalanga Energy owned by GMR Energy of GMR Group, an infrastructure developer has achieved financial closure for its 1,050 Mw thermal power project being set up at Kamalanga Village, Dhenkanal District in Orissa.
The stock finally ended at Rs 141, down 2.5%. Over 1.18 shares were traded on the BSE today.
The Union government’s move to initiate the process for a separate Telangana state has raised both political and business concerns.
Aurobindo begins operations; nine more units to come up.
In addition to the slowdown which is taking its toll on the economy, the IT industry faces multiple challenges, including a decline in sourcing spends, price reductions, competition from other countries and protectionism.
The slowdown-hit business process outsourcing industry is likely to face better times in the medium-to-long term and the downturn gives opportunities for Indian firms to acquire businesses abroad, industry officials said today.
India’s first science satellite Astrosat is all set to be launched next year, former chairman of Indian Space Research Organisation (Isro) Madhavan Nair said today.
The ambience prompted Congress President Sonia Gandhi, who inaugurated the 1.44 million square feet mega-structure on Tuesday, to joke that she wouldn’t mind “bunking” party politics, at least temporarily.
The Haryana Renewable Energy Development Agency (Hareda) has decided to set up three solar power projects of 225 Kw capacity in Gurgaon district under a scheme launched to motivate commercial/industrial establishments to use solar energy, which is environment-friendly.
The country"s largest carmaker, Maruti Suzuki, today said it expects sales to grow around 10 per cent in 2010.
After the challenging mission to moon, ISRO today said it has begun preparations for sending a spacecraft to Mars within the next six years.
T N Ninan / New Delhi July 25, 2009, 0:19 IST
Two stores to open in Chennai, hiring begins.
As Tata Motors gears up for test production, it is targeting 200 Nanos daily from its Sanand factory by March 2010, according to vendors.
Archana Jahagirdar / New Delhi September 13, 2009, 0:48 IST
Haryana Chief Minister Bhupinder Singh Hooda would be the Guest of Honour in the Plenary-III Session of Pravasi Bhartiya Divas to be organised by the Ministry of Overseas Indian Affairs, Government of India, and the Confederation of Indian Industries at Vigyan Bhawan in New Delhi.
Customers of Hill County, a Rs 1,100-crore residential project of Maytas Properties, are set to present their case at the Pravasi Bharatiya Divas (PBD) on January 7 for its speedy completion. Maytas Properties, an unlisted company, is owned by the family of Satyam Computer Services’ founder B Ramalinga Raju.
I am 59 years old and wish to retire in February 2010. I want to create a pension fund and also seek regular tax-free returns from mutual funds. I own a house and don"t have any liabilities.
Volatility in investments concern for RBI.
Power and energy storage company Luminous Power Technologies today announced the appointment of Arun Nagpal as Chief Executive Officer of the company.
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Bimal Jalan / New Delhi July 26, 2009, 0:03 IST
After a brief lull in attacks on Indians in Australia, three members of the community were "brutally bashed" by a group of around 70 youths, including women, who were attending a birthday party in a bar here after making racist remarks against the trio.
In a major diplomatic embarrassment to India, the maverick Libyan leader Muammar Gaddafi has supported the idea of an "independent state" for Kashmir and said that it should be a "Baathist state" between India and Pakistan.
Reliance BIG TV, the DTH service of Reliance ADA Group, is expanding its channel bouquet with the addition of ten new channels.
The government has allocated Rs 1,740 crore to expand educational and economic opportunities for the disadvantaged section of the minorities through various schemes, Rajya Sabha was informed today.
Disgraced former Haryana DGP SPS Rathore today moved the Punjab and Haryana High Court challenging a sessions court order denying him anticipatory bail in two fresh FIRs involving serious criminal charges against him in the Ruchika Girhotra molestation case.
Hyderabad-based vaccines and biotherapeutics manufacturer Bharat Biotech International said on Wednesday that its anti-staphylococcal molecule Lysostaphin had secured patent rights in US, Europe, China, Australia and other nations.
Business Standard / New Delhi December 02, 2009, 0:52 IST
The public sector Oil & Natural Gas Corporation (ONGC) has cleared the ground for implementing “whistle blower policy” another major voluntary initiative to promote transparency and ethics in personal conduct and decision process.
Ahead of the first meeting of the Ganga River Basin Authority (GRBA) in New Delhi on October 5, intensive lobbying is on to build pressure on the Centre and the Uttarakhand government for the resumption of three hydel projects — 600-Mw Lohari Nagpala, 480-Mw Pala Maneri and 381-Mw Bhaironghati — which were suspended under the pressure of environmentalists and VHP leaders.
Pakistani gunman Ajmal Kasab has complained to the 26/11 terror trial court that food given to him in jail is laced with tranquilisers, but medical experts say there is no truth in his allegations, special public prosecutor Ujjwal Nikam said here today.
M J Antony / New Delhi October 28, 2009, 0:42 IST
M J Antony / New Delhi October 14, 2009, 0:01 IST
The Insurance Brokers Association of India (IBAI) today demanded implementation of a mechanism to reduce delays in renewal of licences and dub-bed the recommendations of the Swarup Committee as being “unpractical” and “misconceived”.
Ranibai Rajaram Chhabria, mother of the late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with Vijay Mallya-promoted United Spirits, saying she was entitled to a fifth of her deceased son"s estate.
National Security Guard (NSG) commandos deployed at their new hubs in four cities and currently housed in temporary locations will have permanent structures at their earmarked lands by next year.
Construction company Gammon India today reported a profit after tax (PAT) of Rs 20.87 crore for the third quarter ended December 2009, whereas the same was at Rs 510 crore a year earlier.
ICICI Bank today said it has raised $750-million (around Rs 3,465 crore) by issuing five-year bonds at its Bahrain branch.
The markets ended lower for the second straight week as rate hike fears, global cues and futures & options expiry weighed on the sentiment. The Sensex fell below 16,000 for a brief while and touched a low of 15,982. It eventually ended with a loss of 502 points at 16,358.
Media and entertainment giant Walt Disney has reported 18 per cent growth in net income at $895 million in the fourth quarter, boosted by strong performance of its network business, including cable channels ESPN and ABC family.
The markets yesterday witnessed typical derivatives expiry session, as stocks and indices swung between zones ahead of settlement. After rallying to a high of 16,525 in morning trades, concerns on higher food inflation and expiry pressure saw the Sensex tumble into red to a low of 16,182. The Sensex finally ended with a marginal (17 points) gain at 16,307.
Western studies rubbish the claim of drinking eight glasses of water, Ayurveda emphasises on its goodness
A few students in Hyderabad could not reach the test centres in time to appear for the Common Admission Test (CAT) today, the penultimate day of the computer-based test, due to the bandh call given by the Telangana Rashtra Samithi, a political outfit fighting for a separate statehood for Telanagana.
The government is likely to announce more sops to exporters engaged in labour-intensive sectors like engineering, Minister of State for Commerce and Industry Jyotiraditya Scindia said today.
India today voiced confidence that its agreement with Russia on a 10-year military and technical cooperation from 2011 would help enhance the operational capability of its defence forces in the next decade.
Microsoft Windows 7, Adobe, Symantec software stuck at Customs over excise duty
Riding high on a 6-7 per cent expected economic growth and signs of global economy gradually bouncing back, India Inc is likely to hire 20-30 per cent more talent in 2010, a top industry official said.
BCCI to partner Google India for the venture.
After establishing itself as a major player in the international business process outsourcing (BPO) market, India is now set to shift focus on the domestic market, which is projected to grow at over 30 per cent annually.
Poor Farrah Fawcett. At the peak of her stardom in the late 1970s as the most conventionally sexy of the Charlie’s Angels, her pin-ups helped a generation of young boys discover hormones they had never imagined existed. But in death, she found herself relegated to the sidelines by (as one Netizen impertinently put it) “a freakishly disfigured, putty-nosed paedophile”.
The Indian Space Research Organistaion (Isro) is looking at 25 per cent growth in revenues this fiscal over Rs 1,000 crore attained last year, betting big on satellite launches and carrying space crafts of other countries.
Taking the first step towards brokering peace between the 2010 Organising Committee and the Commonwealth Games Federation, Sports Minister MS Gill today met OC chairman Suresh Kalmadi to discuss the vexed issues that have hit the capital"s preparation for the event.
Commercial vehicle manufacturer Ashok Leyland’s associate company, Ashley Alteams India Pvt Ltd (AAIPL) will commence manufacturing high pressure die castings. The production of the castings, which will primarily be for the telecommunications and automotive sector, will begin next month at the company’s new facility in Chennai.
Early signs of a recovery in demand along with measures to improve profitability at Corus indicate that Tata Steel may bounce back into the black
With bond yields hardening, bankers say they will not be able to look to their trading rooms for high profits.
FinMin seeks 5-yr growth road map from banks to assess their capital needs.
Sectoral watchdog Insurance Regulatory and Development Authority (Irda) today asked insurance companies to provide information on commission paid to the banks for selling policies.
With two Deputy Governor posts falling vacant, the Reserve Bank has reallocated portfolios and Governor D Subbarao would handle the monetary policy department directly.
Govindraj Ethiraj / Mumbai June 9, 2009, 0:40 IST
Murdoch - pay content: Rupert Murdoch’s promise to end the great news free-for-all is bold but risky. The media mogul is vowing to do at News Corporation what most of his rivals dream of — charge for access to all online news content. The flagging industry has seen profits disappear with the rise of the internet, a trend accelerated by the recession, and needs a powerful player to move first. But even Murdoch will find this endeavour tricky.
Despite Bollywood icon Amitabh Bachchan anchoring the third season of big-ticket reality show Bigg Boss on Colors, data from aMap, the overnight ratings agency, showed that the launch episode aired on October 4 generated an average television rating point (TRP) of just 3.
The National Textile Corporation (NTC) has begun talks with the National Buildings Construction Corporation (NBCC) and others for sale of its surplus land in four cities that is expected to fetch the state-owned firm Rs 5,000 crore.
India today said it has received interest from international companies for launching high-speed 3G telephony services, auction of spectrum or radio waves for which will be completed by this financial year.
Drug firm Glenmark Pharmaceuticals today said it has raised Rs 413.56 crore through the issue of over 1.87 crore shares to institutional buyers on private placement basis.
Reliance Industries (RIL), India’s largest private sector company by market capitalisation, plans to offload a part of its treasury stock, held through the Petroleum Trust, which is controlled by the promoters.
Fortnight ended July 31 witnesses Rs 29,500-crore jump.
Andhra Pradesh will seek financial assistance, including an additional Rs 2000 crore under NREGA, from Centre to meet the drought situation prevailing in the state.
Anil Dhirubhai Ambani Group (ADAG) today said the government can save over Rs 5,000 crore in fertilizer subsidy if natural gas from Reliance Industries (RIL) operated fields are priced at $2.34 per mmBtu.
Industry in Uttar Pradesh has demanded a new industrial policy, which should comprise a judicious incentive package for attracting investment in the industrial sector.
Credit demand from consumers seemed to be back on track, especially in sectors such as auto and home loans though banks had cut down unsecured loan exposures, said KV Kamath, chairman of ICICI Bank.
There’s really no room for revolution in the design of a book. Makers and users — not professional designers — have perfected its form and features over millennia. (The real revolution, if we’re looking for one, was the invention of the alphabet by the Phoenicians 5,000 years ago.) After all, a book is basically a text-bearing surface, organised for convenience.
“Consumer wants can have bizarre, frivolous, or even immoral origins, and an admirable case can still be made for a society that seeks to satisfy them. But the case cannot stand if it is the process of satisfying wants that creates the wants.”
Martin Feldstein / September 8, 2009, 0:31 IST
Jewellery fabrication business worldwide is likely to fall in 2009 on high gold prices with offtake forecast to slip by 15 per cent compared to the year-ago period, a latest report says.
In what should come as a huge respite for Common Admission Test (CAT) candidates, the Indian Institutes of Management (IIMs) have hinted that the registration fee for the computer-based test this academic year will not be as high as similar tests like GMAT (Graduate Management Aptitude Test, for admission to business schools overseas).
Four public sector giants — ONGC, Steel Authority of India Ltd (SAIL), Indian Oil Corp (IOC) and National Thermal Power Corp (NTPC) — were likely to get in next ten days the Maharatna status, which would empower these Public Sector Undertakings (PSUs) with greater autonomy, a top government official said today.
The long-awaited meeting of the Empowered Committee of State Finance Ministers (EC) was recently held in Delhi and, as was perhaps expected, the EC has come out with a recommendation on what can legitimately be called a “Dual Rated Dual GST System”. There were expectations in certain quarters that the dual GST would be a single rated one at the Federal and the State level for both goods and services. This has not been possible and the EC has now come out with a dual rate model for goods. There has been no mention of whether there will be a dual rate for services as well but the understanding and expectation is that services will be taxed at just the one rate, at the Federal and State levels respectively. This article discusses the dual rate dual GST model for goods in some detail.
After voting with sworn political enemy Bharatiya Janata Party (BJP) against its one-time ally, the United Progressive Alliance (UPA) last year, the Left is again considering floor co-ordination with the saffron brigade in Parliament.
Has capital requirement of Rs 50,000 cr over the next five years.
Swine flu claimed its first victim in South Africa when a 22-year-old student died after contacting the virus, prompting the government to assure people not to panic.
The country’s burgeoning mutual fund industry is expected to see its assets growing by 29 per cent annually in the next five years, with high household savings rate and low retail penetration attracting foreign asset managers, a report has said.
The Madhya Pradesh government has said it would not adopt the goods and service tax (GST), made mandatory by the Centre for all states by 2010.
News Corp Chairman Rupert Murdoch, who began building his media group with the Adelaide News in 1953, said he’d like one of his children to succeed him, amid regular discussions about who will take over at the US company.
Minister of State for Commerce and Industry Jyotiraditya Scindia today said the Dubai crisis would not have any significant impact on India"s exports to the Middle East.
Rolls-Royce is looking to add a second engineering and design services firm in India to cater to its design requirements. Under the government’s $10-billion defence programme, Rolls-Royce has a commitment to offset 50 per cent of its research and development requirements to Indian design companies.
India"s engineering exports dropped 26 per cent in April as orders from the US and European markets dried up in the wake of the global recession.
The Sensex opened at 16,339 and then slipped to a low of 16,182 on weak global cues. The index is now at 16,233, down 129 points and the NSE Nifty is at 54,847, down 35 points.
The initial public offer (IPO) of NHPC Ltd, the state-run hydropower producer, was subscribed 3.54 times what was on offer today, the opening day.
Stock market indices slipped On Thursday as investors rushed to book profit in select sectors such as auto and metals.
Great Offshore’s share price may fall once open offers by Bharati and ABG Shipyard close.
Software giant Microsoft’s representatives will soon meet finance ministry officials trying to persuade them to impose excise or countervailing duty instead of service tax on packaged software.
Mysore became the first city in the country to have a bus stand modernised under the Jawaharlal Nehru National Urban Reconstruction Mission (JNNURM) today.
BEML Limited, a Mini Ranta Category-I Public Sector under the Ministry of Defence and Steel Authority of India, a Navaratna Company under the Ministry of Steel have signed a Memorandum of Understanding for supply of stainless steel.
Congress-backed candidates today won all the 13 seats on the board of Kheda District Co-operative Milk Producers Union Ltd (KDCMPUL), popularly known as Amul Dairy. On the other hand, BJP once again failed open its account.
Business Standard / New Delhi August 12, 2009, 0:52 IST
Early Saturday morning, as India woke up to celebrate its 63nd Independence Day, Bollywood superstar Shah Rukh Khan was detained at Newark Airport in the US and questioned for over two hours. Later, the Indian Mission intervened and secured the release of the 43-year-old actor.
Within 45 days of assuming the office of the Minister of Information and Broadcasting (I&B), Ambika Soni is already in the thick of things. She has set the ball rolling on several key policy issues concerning her ministry. Bringing greater efficiency and transparency in the overall functioning of I&B ministry and Prasar Bharati are part of her mission. Soni speaks her mind on all key issues in a candid chat with ASHISH SINHA. Edited excerpts:
The ambitious project of Reliance Industries (RIL) to put up progressive farming practices in Punjab has been scrapped as the Punjab cabinet has terminated the Memorandum of Understanding (MoU) signed with RIL in 2006 for setting up of Agricultural Mega Projects in the state, saying that no action had been taken in accordance with the provisions of the MoU.
Finance Minister Pranab Mukherjee holds a couple of Master of Arts degrees, but banker Chanda Kochhar rates him as a great financial engineer for designing the government"s borrowings taking care not to hurt the credit needs of the industry.
Cairn India will begin production of crude from its Rajasthan fields in a few days, company Managing Director and CEO Rahul Dhir said today.
Oil India Ltd (OIL) the nation’s second-largest state-run explorer, may hit the market with an initial public offering (IPO) on September 7.
E-commerce players fear 30% drop in business
PepsiCo wants to replicate Kurkure’s success with Aliva
NTPC Ltd, the country’s largest power generator, has sought permission from the Ministry of Power to allow it to pay the marketing margin on the natural gas it plans to buy from the Mukesh Ambani-controlled Reliance Industries Ltd (RIL).
The BPO industry in India has undoubtedly been a very popular field of employment in recent years but one of the biggest challenges it is facing is a phenomenal rise in attrition rate, says a new book.
New telecom licensee Etisalat DB Telecom has awarded a $400 million (around Rs 2,000 crore) IT applications and infrastructure outsourcing contract to Tech Mahindra. The contract is spread over a 10-year period.
Impact of stimulus, says commerce minister
With a piece of land at the Haridwar industrial plant of Hero Honda becoming a bone of contention with the State Infrastructure and Industrial Development Corporation of Uttarakhand Ltd (Sidcul), the company has begun talks with the state government over the issue.
India and Canada are in the process of finalising a bilateral trade and investment related agreement that would further boost their growing trade ties.
Dish TV has advanced nearly 2% to Rs 44. The stock has touched a high of Rs 45 and a low of Rs 43 during the day. The counter saw trades of 2.56 million shares as against its two-week average quantity of 3.8 million.
Former BCCI President Raj Singh Dungarpur passes away.
The government today invited applications for the post of Chairman of the country"s largest steel maker Steel Authority of India (SAIL) as the incumbent Sushil Kumar Roongta is due to retire from office in May next year.
Tata Motors has threatened to scrap its plan to launch Vista electric cars in the UK if it does not receive a £10 million loan from the British government soon, The Observer reported today.
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Postpaid users, high spenders and business subscribers are more likely to switch their operator if Mobile Number Portability (MNP) is introduced in the country, while prepaid users may remain loyal to their existing operator, a study today said.
India is losing food items worth a whopping Rs 50,000 crore every year due to poor post-harvest handling of farm produce, a development that analysts say may jeopardise the Centre"s plan to formulate a food security law, especially in view of a "below-normal" monsoon.
Jaiprakash Associates posted a 38.9 per cent decline in its net profit at Rs 103.02 crore for the third quarted ended December 31, 2009.
The Opposition on Thursday lambasted the telecom ministry, alleging that the 2G spectrum allocation to mobile operators resulted in a loss Rs 60,000 crore to the exchequer, a charge rejected by the government. Leader of Opposition Arun Jaitley said in the Rajya Sabha that the difference in the valuation of spectrum awarded by the government in 2007 to private players and the value realised in transaction with foreign companies in each case had been minimum Rs 6,000-7,000 crore.
Bharat Sanchar Nigam Ltd - Tamil Nadu circle is planning to launch its wireless Internet service in the state by October or November.
PowerGrid Corporation is seeking loans of Rs 8,750 crore from the World Bank and the Asian Development Bank (ADB) to fund upcoming transmission projects in the country.