US mining and construction equipment giant Caterpillar is investing in doubling its capacity at its truck manufacturing plant in Chennai, that will help it serve the increasing demand in India as well as other parts of Asia.
In a bid to start production of mining shovels and expand output of trucks at plants in Chennai and Illinois, Caterpillar is planning to invest $700 million over the next four years.
The truck capacity of the Indian plant will double to help Caterpillar meet the increasing demand in commodity-rich developing regions like Asia. It plans to increase capacity for 60 and 100-tonne trucks at its existing facility near Chennai.
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Axis-led banks to fund Fortis
Mumbai, July 4: As part of a consortium, the country’s third largest private sector lender Axis Bank and state-run IDBI Bank have committed to part finance the $2.3 billion counter-offer of Fortis Healthcare to acquire Singapore’s Parkway Holdings.
The consortium, in which Axis Bank and IDBI Bank are among the lead arrangers, could expand its size to 10-12 banks from both India and abroad. Other banks in the consortium include State Bank and ICICI Bank, sources said.
Initial funding is likely to be done through a short-term rupee-US dollar loan carrying 6-12 months maturity but Fortis may later arrange long-term funding. — PTI