State Bank of India (SBI) will invest Rs 150 crore to establish a facility in the Gujarat International Finance Tec-City (GIFT) at Gandhinagar. GIFT city is an initiative of Gujarat government to develop a hub for financial institutions.
Author: admin (Infratructure Today)
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US trade mission plans $250 mn investments in India
The members of a recent delegation of US investors announced their readiness to invest $250 million worth of investments in India within the next 6-12 months. The 12-member trade mission, which visited Delhi and Mumbai last month, consisted of large US investors in sectors like logistics infrastructure, roads, power and energy, engineering, smart cities, manufacturing, and private equity.
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World Bank inks loan pact for Gujarat road project
The World Bank and the government signed a loan pact under which the multi-lateral lending institution will provide $175 million to fund a second highways project in Gujarat.
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Exim Bank PAC in Africa this year
Exim Bank will be setting up a project advisory company (PAC) in Africa this year. The PAC will essentially look to bring infrastructure projects in Africa to a bankable stage and facilitate exports from India to Africa. This is the first time Exim Bank is looking to set up a PAC and also the first time in Africa. Opportunities for infrastructure development in Africa are huge, with a World Bank study projecting the annual investment requirement in infrastructure at $90 billion.
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CIL tender for PPP by March
Coal India (CIL) is set to come out with a tender for public-private partnership (PPP) in March. Through the mining, development and operator model, the CIL engages private entities on a contract basis, though on a small scale. In the new agreement, the blocks will be outsourced for 15 years.
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FDI norms in construction
The government is proposing relaxation of norms for foreign direct investment (FDI) in construction, a move that could open up funds flow into the financially stressed sector.
Under current rules, 100 per cent FDI is allowed through the automatic route in development of townships, housing and built-up infrastructure, subject to stringent conditions.
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CIL achieves 3.2 per cent growth
Coal India (CIL) has produced 366.6 million tonne of coal in the first 10 months of 2013-14, fulfilling 75 per cent of its annual target, while clocking a 3.2 per cent growth rate. During these 10 months, while Eastern Coalfields, considered a laggard, clocked a 10.4 per cent growth rate, Western Coalfields went negative, mining an output which was 7.7 cent lower than the same period in 2012-13.
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Petronet to let out Kochi facility
Petronet LNG is planning to let out its liquefied natural gas (LNG) storage facility at Kochi to an international operator to improve utilisation. The 5-million-tonne-a-year terminal is operating at just 5 per cent of its total capacity posing a heavy burden to the company, as it is not connected with pipelines´ network.
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Panel to review on coal linkages
An inter-ministerial panel will meet on 19 February to review the status of existing coal supply arrangements to the power and other sectors. The Cabinet Committee on Investment had earlier said timelines for signing fuel supply pacts for power projects of 78,000 MW capacity should be met.
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IOC LPG unit near Kochi
Indian Oil Corporation (IOC) has set up a Rs 600-crore import facility at Puthuvypeen near Kochi with a capacity to handle 0.6 million tonne a year to meet the requirements of Kerala and neighbouring states.
The company has also received approval for a 400-km cross-country LPG pipeline from the import terminal to BPCL Kochi Refinery and to Salem via Coimbatore.