Indian public sector borrowers get more aggressive

19 Jan 2011

India’s state-owned companies have long demanded large commitments and tight pricing from loans bankers. But some are now taking it a step further and becoming more aggressive when sending out requests for proposals — making new demands about both commitments and the amount of information they expect banks to provide.

Gas Authority of India issued a request for proposals at the end of 2010, asking for pitches for a $150m five year loan to raise working capital. The company asked banks to prove their Indian experience by providing mandate letters from previous deals. But while bankers were happy ...

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