Issued Date: 6th November 2017
In a notable development underscoring Bombay Finance India Pvt Ltd’s commitment to national progress, a formal correspondence was exchanged between the Government of Jharkhand and Mr. Satpal Singh Oberai, Managing Director of Bombay Finance India Pvt Ltd.
On November 6th, 2017, Mr. Lalit Mohan Shukla, Deputy Secretary, on behalf of the Chief Secretary of Jharkhand, acknowledged Bombay Finance India’s proposal to collaborate with the state through External Commercial Borrowing (ECB). The letter expressed appreciation for the interest shown and confirmed the intent to schedule a meeting with the Chief Secretary to explore potential avenues for cooperation.
Following this, Bombay Finance India Pvt Ltd sent a formal letter to Smt. Rajbala Verma, the Chief Secretary, presenting a concise summary of the company’s background and operations. The correspondence highlighted the company’s alliance with seven reputed entities and reinforced its interest in joining hands with the Government of Jharkhand through ECB, as permitted by the Reserve Bank of India (RBI) and governed by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance.
Bombay Finance India emphasized its capability to provide funding through Foreign Direct Investment (FDI) under a nominal interest framework, aligned with ECB norms. This step is seen as a significant stride towards structured public-private cooperation aimed at accelerating development projects in Jharkhand.