November 27, 2009 (PTI) - confidence that the crisis would not impact them, exporters expressed concern in the wake of the UAE, of which Dubai is a part, emerging as India's largest export destination.

Reserve Bank of India Governor D Subbarao also said in India's southern city of Hyderabad that he would ask the banks to report their exposure to Dubai, so that the extent of the problem could be ascertained.

Although Bank of Baroda and SBI admitted to having lending exposure to Dubai, almost all the banks, including the two, said they did not envisage any impact on balance sheets.

Besides direct and existing exposures, a host of Indian companies had proposed investments in Dubai.

Omaxe said it had made an upfront payment of Rs 40 crore for two property projects in Dubai to Nakheel, but since it has been put on hold the company has asked for refund.

The projects were envisaged to have a total cost of Rs 1,500 crore with estimated revenues of about Rs 2,850 crore.

Other companies said to have exposure to Dubai included Rajesh Exports and Nagarjuna Construction, which said it is doing a water pipeline project worth Rs 680 crore in Dubai.

However, companies like HCC, Punj Lloyd, GMR, Simplex and C&C Construction said they have no existing exposure in Dubai.

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