The Tamil Nadu government would upgrade the existing captive port in Cuddalore and set up a new multi-user greenfield port to support the proposed Chemical and Petrochemical Investment Region project. Earlier, the Marg and Chemplast consortium signed a 30-year concession agreement with the state gove
Author: admin (Infratructure Today)
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Govt gives 2,000 acre land for Rs 300 bn steel project
For implementing its proposed 6-million tonne-per-annum (mn tpa) steel plant, the Karnataka government granted over 2,000 acre land to ArcelorMittal at Kuditini, Bellary district. The state government and the global steel giant entered into a memorandum of understanding (MoU) for the Rs 30,0
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Centre allots Rs 1,300 cr to Post Bank of India
For the proposed Post Bank of India, the Union government has decided to sanction Rs 1,300 crore to meet its capital requirements. Although Post Bank does not intend to open a bank branch in each post office, the plan is to use postmen to meet the financial inclusion goal. According to the plan, Post Bank will have 50 branches in the first year, which will be increased to 150 by the fifth year. The branches will be located in select Head Post Offices in Tier-1-4 centres and select Sub-Post Offic
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Everstone to invest $34 mn in Hinduja Leyland Finance
Everstone Group, a private equity firm focused on India and Southeast Asia, has agreed to invest Rs 200 crore ($33.54 million) for a significant minority stake in commercial vehicle financing firm Hinduja Leyland Finance, the companies said on July 22. The Chennai-based non-banking finance company is owned by the Hinduja Group, which runs India's second-biggest bus and truck maker Ashok Leyland.
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3,000 private finance firms come under RBI scanner
About 3,000 private finance companies carrying out non-banking finance operations without requisite registration have come under the scrutiny of the Reserve Bank of India (RBI). RBI has started the scrutiny of the firms in the wake of concerns about their actual business activities. RBI's move comes against the backdrop of the government efforts to crackdown on entities, that are illegally raising large amounts of money from the public.
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Essar to set up 3 iron ore berths in Vizag at Rs 1,000-cr
India's second largest private port operator, Essar Ports is looking to secure finances of about Rs 700 crore for developing three iron ore berths at the Visakhapatnam port in the next 6 months. In June, the company had won the bid for mechanisation and operation of three iron ore berths at Visakhapatnam Port, which will have a combined capacity of 23 million tonne per annum (MTPA). The total project cost is estimated to be about Rs 1,000 crore, said Essar Ports' Managing Director Rajiv Agarwal.
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Odisha to build 200 more bridges under Biju Setu scheme
In Odisha, the State government would build 200 more bridges in the state at a cost of Rs 700 crore in this current fiscal. The government on July 20 announced that the bridges would be built under the Biju Setu Yojana. The State Chief Minister Naveen Patnaik, at meeting decided that the bridges would be built on 111 rural development and 82 panchayat roads. The tender process would be completed by October.
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TN to award contract for phase-II of Chennai ORR
To construct phase-II of Chennai Outer Ring Road, from Nemilichery to Minjur, the Tamil Nadu government has recently given its nod to a consortium of Ashoka Buildcon and GVR Infra Projects. Work on phase-I of the ORR, from Vandalur to Nemilichery, is nearing completion. On completion, the 61.65-km-long road will form a semicircle around the city and help decongest ChennaiĆās roads. It will act as a major link and connect four national highways Ćā NH 4, NH 5, NH 45 and NH 205.
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Govt ups Abu Dhabi air travel seats to 50,000
The Inter-Ministerial Group (IMG) at the Centre has enhanced the number of seats to 50,000 in flights that airlines from India and Abu Dhabi operate to each otherĆās countries. The IMG has taken a decision to this extent. This was done after overruling an inter-Ministerial committee of bureaucrats, which had recommended increasing the seats to 40,000. This is the line that the Ministry of Civil Aviation is taking in a note being prepared for the Union Cabinet.
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RBI turns cautious on monetary tightening
The Reserve Bank of India has turned cautious after some liquidity-tightening measures aimed at increasing borrowing costs. Market experts said the central bank did not want interest rate to rise sharply as that could create more problems for the economy. RBI on July 18 rejected bids that quoted higher yields for its Rs 12,000-crore bond sale programme, netting a paltry Rs 2,532 crore.