The Hinduja Group is seeking to secure a total of Rs 7,300 crore (approximately $873 million) in debt to complete the acquisition, which has been cleared by the National Company Law Tribunal (NCLT) but has encountered delays due to regulatory and financing challenges.
Last month, the Bank of England`s new Prudential Regulation Authority (PRA) surprised the industry by enforcing a 3 percent leverage ratio target on lenders, and singled out Barclays, which has a ratio of 2.5 percent after adjustments, as among banks that fall short of the target.
The rupee started stronger on Monday morning, but reversed and fell in mid morning trades after the weaker than expected PMI data and poor equity market performance.
The first shots have already been fired in what could be an escalating "price war" between major automakers in the US market, according to a Hyundai Motor Co executive.