Dubai debt may hit following Indian Companies www.StockInspection.com
Posted by Indrodeep Banerjee on November 29, 2009
Total Views - 2251
There are few Indian companies having transactions with Dubai region.Indian infrastructure companies especially have exposure to the Dubai economy.
These are the list of the few companies that can have impact on their business due to the Dubai world debt:-
Nagarjuna Construction
Nagarjuna Construction has only one 440-apartment project in Dubai. Now, the company is also doing a Rs 100-crore water pipeline project at Dewa, Dubai but as of now there was no default payment problem.
Larsen & Toubro
Larsen & Toubro has exposure in the hydro-power segment. Total exposure to the Middle-East over the last two years is to the tune of US $200 million but no payment problem occurred till date.
Voltas
Voltas has a Rs 900-crore project executing for Emaar in Dubai as part of a joint venture where Voltas has 37% stake.
Aban Offshore
The oil exploration company has deployed six rigs in West Asia.
Bank of Baroda
Bank of Baroda has some real estate exposure to Dubai accounting to 5 to 6% of its loan book but Interest on all loans paid till last due date.BOB has 10 branches in the Gulf region.
DLF
India’s largest real estate firm by sales DLF has no exposure in Dubai.
Unitech
Unitech also has no exposure in Dubai.
Punj Lloyd
Luv Chhabra, director, corporate affairs, was quoted that Punj Lloyd is currently undertaking oil and gas projects in Dubai, where there are no issues. The company has no exposure in the Dubai’s real estate sector, he added.
Also companies like Indiabulls Real Estate,HDIL have no exposure in Dubai.
But SpiceJet’s 13% stake holds by Dubai World’s investment arm, Istithmar.
Rajesh Exports
Rajesh Exports’ chairman and managing director, Rajesh Mehta was quoted as saying that Dubai crisis will affect the business as a whole, but the company is not in any direct threat of payment defaults. The company receives 40% of its revenues from Dubai and 80% of its payment from United Arab Emirates in cash..
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