The Union Ministry of Home Affairs has notified establishment of the Land Ports Authority of India (LPAI) with effect from March 1, this year under the Land Ports Authority of India Act, 2010.The Authority comprises a Chairman and two whole-time Members and will have representation of officials concerned from the Centre and the states.
Author: admin (Infratructure Today)
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IDFC PE to invest in Staragri
IDFC Private Equity will invest Rs 150 crore in Jaipur based Staragri Warehousing and Collateral Management.Staragri proposes to utilise the fund to expand its warehousing capacity to 30 lakh tonne in three years from the current 10 lakh tonne.The company will target to set up warehouses at taluk level in Tamil Nadu, Karnataka, Andhra Pradesh, Orissa and Chhattisgarh.
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Chinese finance
China Sunergy is willing to bring in investments into solar projects in India.The company, which supplied last year 45 mw worth of modules to two projects in Gujarat, is also interested in entering into strategic partnerships with Indian companies.The company is also seeking to bring investments into projects business to help clients overcome their financing barriers.
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GMR to offload road proj
GMR Infrastructure plans to mop up around $200 million by offloading its road projects to private equity investors.Reports indicate that the company is discussing the sale with the UK based private equity firm 3i Group Plc, IDFC PE and SBI Macquarie.GMR is also looking at an eventual initial public offering of its road assets, reports suggest.
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SCCL to invest Rs 3,500 cr
Singareni Collieries Co (SCCL) has lined a capital expenditure programme of Rs 3,500 crore for the 12th Plan period to enhance its coal mining capacity from 52 million tonne to 57 million tonne.The miner has proposed an investment of Rs 2,000 crore, as part of its overall spending plans.
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ONGC stake sale
Finance Minister Pranab Mukherjee said the government raised Rs 12,666 crore from the auction of its 5 percent stake in ONGC.The minister said auction route to sell government stake in a PSU was a “highly experimental option†and added that the auction was a great success.The final demand was for 42.04 crore shares against an offer of 42.77 crore shares.
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ICICI with BoB, Citi to set up first IDF
ICICI Bank, Bank of Baroda and Citi Financial have joiÂned hands to form a nonbanking financial company (NBFC) in order to float the country’s first infrastructure development fund (IDF).While ICICI Bank and BoB will pick up 30 percent stake each, Citi Financial will have close to 30 percent.
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Spending on rural job scheme declines
Central allocation for the Mahatama Gandhi National Rural Employment Guarantee Scheme (MNREGS) witnessed the steepest decline this year.Money released for the scheme fell from Rs 35,242 crore last year to Rs 21,441 crore this year, while expenditure has gone down from Rs 39,000 crore last year to Rs 20,000 crore as of January end.
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Govt may provide soft loans for PPP projects
Ajay Saxena of Asian Development Bank informed that government might consider proÂviding soft loans to developers of projects on public private partnership (PPP) basis if there is a shortfall in revenue.The government would provide the loan as per the draft rule on PPP projects on revenue support released by the Planning Commission.
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Sibal asked to seek nod from Plan panel
Finance Minister Pranab Mukherjee asked Telecom Minister Kapil Sibal to seek cleaÂrance from Planning Commission for allocating funds to National Optical Fibre Network (NOFN) project under nonPlan category.Telecom minister requested finance ministry to allocate funds for NOFN from nonPlan side to mitigate chances of delays in funding for the scheme which involves approval at various levels.