He said the money would not be given to businesses in these sectors as loans but rather it would be provided by banks as an equity contribution to such companies.
The auditor says that the land has a potential earning capacity of 1.63 lakh crores, and was assigned to the consortium against an equity contribution of just 2,450 crores.
Private equity firms had to cobble together financing made up of bank loans and mezzanine debt, often with higher equity contributions than had been seen.
The refinery project was delayed several times due to environmental concerns and financial problems, including initial cost over runs and a shortfall in equity contributions.
Besides, there were those, who obtained equity contribution from would-be mortgagors, but refused to deploy same in the provision of mortgage finances to the applicants' benefit.
