Union minister Nitin Gadkari has said the Centre is targeting a net profit of Rs 2,500 crore from its 12 major ports in the next two years. Shipping and waterways would contribute at least one per cent to the country´s GDP by March 2016, he added.
Author: admin (Infratructure Today)
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LPS notification awaits CM´s nod
The AP state government is set to issue a notification to acquire nearly 14,500 acres of private land through the Land Pooling System (LPS) for the Machilipatnam deep sea port and other port-based industries.
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shareholders´ nod FOR essar ports
Private sector port operator Essar Ports (EPL) said shareholders have approved its proposal to raise up to $1 billion through securities, from domestic and international markets to fund expansion plans. One of the country´s largest port operators, EPL plans to increase its cargo handling capacity from 104 million tonne per annum (mtpa), at present, to 194 mtpa.
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Beypore port sailing towards progress
Kozhikode is set to inaugurate its new container reach stack and launch the MT Malabar tug. The Beypore port authorities are targeting to handle 250 containers per month with the opening of the new reach stack. The container reach stack has been constructed at a cost of Rs 2.5 crore, while MT Malabar Tug incurred a cost of Rs 6 crore.
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Foreign fleet owners may gain
An Indian cabinet decision to decentralise shipping arrangements for import of cargo owned or controlled by government departments and state-owned firms will remove an assured business opportunity for local fleet owners.
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FinMin to compile list of projects for foreign governments
The finance ministry will compile a list of projects that can be offered to foreign governments that have pledged billions of dollars in investment. This could be the Narendra Modi government´s version of the project monitoring group set up by its predecessor to get stalled infrastructure development moving again.
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Visa Steel to invoke strategic debt restructuring tool
Kolkata-based loss-making Visa Steel has said that the lenders of the company in its Joint Lenders Forum (JLF) meeting held on September 22 have decided to invoke Strategic Debt Restructuring (SDR).
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L&T Halol Tollway defaults on loan
L&T Halol Shamlaji Tollway, a 100 per cent special purpose vehicle promoted by L&T Infrastructure Development Project, has defaulted on Rs 1,014 cr payment to lenders due to low toll collections and shortage of cash.
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Andhra Power Finance Corp defaults in debt servicing
State-run Andhra Pradesh Power Finance Corporation has defaulted in debt servicing on bonds worth Rs 3,100 crore. Sister states AP and Telengana are at loggerheads over who should paying bond holders.
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Lanco Infratech shelves asset sale
Debt-ridden infrastructure firm Lanco Infratech has temporarily shelved its asset disposal plans. However, it said it would sell at least 3,000 MW of power assets with an enterprise value of about Rs 25,000 crore in fiscal 2018 and retire around Rs 18,000 crore of debt. At the AGM, Chairman LM Rao said appetite by buyers to absorb large assets is low.