UAE´s Etisalat and Bharti Airtel have entered into a partnership to set up a multi-service regional network infrastructure node in the region. It includes Airtel´s MPLS services supported by its global network which will allow Airtel to provide advanced data and wholesale services to its customers in the Middle East and Africa.
Category: ECONOMY & POLICY
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HCC JV wins Karnatak A project
Hindustan Construction Company in a JV with GVPR Engineers has been awarded Rs 904-crore contract in Karnataka for diverting flood water to certain drought-prone areas.The contract from Karnataka Neeravari Nigam Ltd is for diversion of flood water from Sakleshpur to Kolar, Chikkaballpur (East) under Yettinahole diversion project package IV.
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IVRCL bags orders worth over Rs.2,600 crore
VRCL has bagged orders worth Rs 2,633 crore in Karnataka and Andhra Pradesh. The company´s irrigation division has secured orders worth Rs 2,492 crore while the water division´s orders stood at Rs 140.85 crore, according to the company. The Andhra Pradesh government has awarded works under the Chittor District Water Supply Programme Phase-I to its water division. All the works will have to be executed between 18-36 months.
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Agreement signed for DMIC phase-I
The Centre and the Maharashtra government have signed the state support agreement (SSA) and shareholders agreement (SA) for the first phase of the Delhi-Mumbai Industrial Corridor (DMIC).
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Duty on iron ore pellets
The Ministry of Commerce and Industry has sought withdrawal of 5 per cent duty on export of iron ore pellets, citing that the levy will discourage shipments of value-added products. The Pellet Manufacturers´ Association of India (PMAI) had expressed apprehension over Rs 35,000 crore of investments becoming non-performing assets due to the export duty because domestic demand is too low and most producers are operating at less than 50 per cent capacity.
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Relief package
The Goa Government is holding discussions with banks to work out a relief package for the borrowers affected by mining ban. Goa Governor Bharat Vir Wanchoo, delivering his customary address at the state assembly on the first day of the five-day budget session, said the banking sector, including cooperative banks, is facing tremendous stress on account of the advances made to various segments of the mining industry turning into non-performing assets.
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Bank lending to infrastructure projects gets a push
The Corporate Affairs Ministry has for now removed a recent legal barrier that sought to thwart infrastructure lending by banks. Now banks can continue infrastructure lending to special purpose vehicles on the strength of the guarantees or security provided by a holding company.
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Nominations open for PMI awards
The best projects of 2013 would be acknowledged and rewarded at PMI´s Project Management Awards which will be held in Hyderabad. The Project Management Awards are one of the most coveted honour in project management field and will be presented during the PMI India Project Management National Conference 2014. These awards are presented every year and are judged by a group of experienced project practitioners having an expertise in project management domain.
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Karnataka signs PPAs
The Karnataka Government has signed two long-term power purchase agreements (PPAs) for 992 MW with Damodar Valley Corporation (DVC) and Nuclear Power Corporation of India Ltd (NPCIL). The agreement with DVC is for 450 MW at Rs 4.40 per unit and with NPCIL for 442 MW from the Kudankulam nuclear power plant at Rs 3.30 a unit.
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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.