Reliance Industries Ltd (RIL) plans to raise up to Rs 10,000 crore in debt this fiscal to part fund its $26 billion investment plan. RIL has sought shareholder nod to raise funds through non-convertible debenture in one or more tranches. RIL is expanding its existing petrochemical plants.
Author: admin (Infratructure Today)
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Over 100 large projects await bank funding
Over 100 projects, including from Tata Steel and Hindalco, sought financial assistance from public sector banks during January-March 2014. The industrial houses are pinning hope on the new government to boost sentiments, especially in manufacturing and capital goods sectors.
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Foreign investment inflow to double
Foreign investment in the Indian economy is expected to more than double, with inflows from both foreign direct investment and foreign institutional investors set to surge above $60 billion in the current financial year, compared with the $29 billion in 2013-14, an ASSOCHAM note has projected.
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New FM seeks separate paper on GST
The new Union Finance Minister Arun Jaitley has asked the revenue department for a separate presentation on the proposed tax reform towards Goods and Services Tax (GST). Expenditure, revenue and disinvestment departments had made presentations to the minister on 28 May.
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Minister for fast clearances of infra projects
The new Environment Minister Prakash Javadekar promised 'fast clearances' to infrastructure projects in a transparent manner and launched a process for transparent environmental clearance. After assuming charge as Minister of State (Independent) for Environment, Forest and Climate Change, he also said that he would take effective measures to conserve ecology.
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Web portal for project monitoring in Kerala
Kerala has set up a web portal on the lines of the Project Monitoring Group (PMG) of the Cabinet Committee on Investments at the Cabinet Secretariat in New Delhi. The portal will monitor the implementation of projects with an outlay of up to Rs 1,000 crore.
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Rural road development authority on anvil
Continuing with its development plans, the Rajasthan government is looking at the possibility of constituting a rural road development authority for connecting roads in its villages. To link 10,000 villages in the state with district headquarters, the Public Works Department (PWD).
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New mining policy in Goa
Goa Government has said it will adopt a transparent mechanism to award mining leases in future and was studying the SC order lifting ban on iron ore extraction before taking a decision on vacating current mine operators whose fate hangs in balance.
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Coal India CMD quits
S Narsing Rao has stepped down as the Chairman and Managing Director of Coal India to take up a new role as Principal Secretary to K Chandrasekhar Rao, the Chief Minister of India's 29th state Telangana from June 2. Meanwhile, there is no word yet on the successor of Rao in Coal India after his resignation.
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Action plan for CIL
Coal India (CIL) has been asked by the new government to prepare an action plan for enhancing output over the next five years and fast-track the completion of projects and expansion of existing coal mines. The government has also asked CIL to adopt an action plan for technology development and modernisation of mines.