Delegation from Indian State of Gujarat to meet leading companies, senior government officials in Saudi Arabia, Kuwait and Qatar

The source said the recent surge in Asian LNG prices and supply disruptions have altered the economics of global gas trade, making shipments from more distant suppliers commercially viable despite higher transportation costs.

Bengaluru (Karnataka) [India], March 10: CreditAccess Grameen Limited (NSE: CREDITACC, BSE: 541770, 'CA Grameen', or the 'Company'), the country's largest Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), has signed a syndicated social loan facility of USD 75 million, qualifying as an ECB under the automatic route of the Reserve Bank of India (RBI). HSBC acted as the Sole Mandated Lead Arranger and Bookrunner for the social loan fund raise, securing participations from HSBC (Gift City), Doha Bank (Qatar), State Bank (Mauritius) Ltd., Bank of China Ltd. (China), and National Development Bank Plc (Sri Lanka). This transaction reinforces CA Grameen's strong track record of raising international funds through innovative financing solutions.

The primary concern for the Indian economy is the sharp increase in fuel costs. According to the report, "Brent has moved up from a range of US$ 65-US$ 70 per barrel to US$ 110 per barrel since the war broke out." This surge is linked to major infrastructure failures in the region. "Iran's oil infrastructure has been damaged. The Strait of Hormuz is closed. LNG supply from Qatar is closed. Natural gas price has surged by 50%," the report added.

During the fuel crisis in Bangladesh, if the LNG supply from Qatar is not possible, then Bangladesh can procure fuel from companies of the United States as an alternative, because Bangladesh has a fuel supply agreement with the United States, a fuel business leader said on Sunday.

Amid a severe energy crisis currently unfolding in the Middle East, Government sources have revealed that Qatar has provided specific guarantees regarding LNG's supply continuity, noting, "We are assured by Qatar that they will start supplying to India on the very first minute once the route is open."