In line with GMR Group's Asset Right and Asset Light Strategy, GMR Highways Ltd has signed a definitive agreement with India Infrastructure Fund (IIF) to divest 74% stake in GMR Ulundurpet Expressways Private Limited ('GUEL').
Author: admin (Infratructure Today)
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Govt to infuse Rs 14,000 cr into banks, SBI looks for Rs 4,000-cr
India's largest State-owned bank, State Bank of India (SBI) on September 16 stated that it has recommended a cut in the cash reserve ratio (CRR), the amount of funds that the banks have to keep with the Reserve Bank of India (RBI) as well as in repo rate, the discount rate at which RBI repurchases government securities from the commercial banks. SBI said that it is expecting Rs 4,000-crore capital infusion from the government to shore up its capital.
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Banks borrow Rs 247.5 bn from RBI via MSF on Sept 14
From the Reserve Bank of India's (RBI) marginal standing facility (MSF) window, banks in India borrowed Rs 247.50 billion on September 14, when the central bank offered the special funding window due to the cash crunch generated by advance tax outflows.
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RIL says DGH responsible for delay in D-6 block progress
Reliance Industries (RIL) has blamed the Directorate General of Hydrocarbons (DGH) for the delay in developing gas blocks in KG-D6 in Andhra Pradesh. DGH has asked RIL to give up 6,601 sq km out of the total 7,645 sq km area in the block on the grounds that the time line to develop the fields had expired.
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Govt asks its oil firms to fund acquisitions with foreign debt
To reduce pressure on the current account deficit (CAD), the Union government has asked the State-owned power firms to utilise foreign debts to fund their foreign acquisitions completely. Instead of using their own cash reserves, the State power fims should utilise foreign debts or domestic loans to acquire foreign firms, so that they don't deplete India's foreign exchange reserves and put more pressure on the current account deficit.
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India imports Afghan dry fruits via Iran port
Through the Chabahar port in Iran, India has directly received its first batch of commodities-20 containers of Afghan dry fruits-from Afghanistan. The consignment arrived in Mumbai on ships over the last weekend. This was a success of cooperation between India, Iran and Afghanistan. The sea route is an alternative to the Karachi port in Pakistan.
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Vizag port offers sops to customers to beat competition
Private ports in Andhra Pradesh are giving a tough competition to the government-owned major port, Visakhapatnam or Vizag port. Gangavaram and Krishnapatnam are the two private ports in the state's east coast and their competition has caused a fall in Vizag airport's iron ore exports in recent times. Visakhapatnam port is mainly dependent on bulk cargoes. However, Gangavaram port is grabbing a sizable chunk of cargo of Vizag port's business.
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Kozhikode roads to be repaired at Rs 72 cr within 15 days
In Kozhikode district of Kerala, about 1,000 km of roads that were damaged due to the recent rains will be repaired on a war-footing within the next 15 days by spending Rs 72 crore. The State government has doubled the fund allocated to carry out the repair works from Rs 36.7 crore to Rs 72 crore considering the extensive damage caused by this year's monsoon on the district's roads.
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Govt plans to cut road toll to developers if project is delayed
Road developers who are collecting toll from impending road projects without completing them will be barred to collect such toll by the Union government soon. The government will prevent such road developers from collecting toll if they fail to complete the expansion work within the given period, say media reports.
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NHAI to meet banks before lending to road developers
Feeling that banks are misguided over lending to road developers, the National Highways Authority of India (NHAI) has asked the banks to hold joint meetings with it before lending to road infrastructure projects. NHAI feels that often lenders are either misguided or spend more than what is required on infrastructure projects.