Allowing FDI up to 100 per cent under the automatic route for port development projects and income tax incentives are among the steps being taken by the government for capacity expansion of ports, the government has said. Other measures include standardising the bidding documents like RFQ, RFP and Concession Agreement, enhanced delegation of financial powers to Shipping Ministry to accord investment approval for PPP projects, streamlining of security clearance procedures etc.
Tag: January 2014
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India, UAE sign pact to boost investments
A Bilateral Investment Promotion and Protection Agreement (BIPPA) between the Government of India and the Government of UAE was formally signed in Delhi recently. The agreement was signed by Namo Narain Meena, Minister of State (E and FS), on behalf of Government of India and Obaid Humaid Al Tayer, Minister of State for Financial Affairs of UAE on behalf of Government of UAE.
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India, UAE sign pact to boost investments
A Bilateral Investment Promotion and Protection Agreement (BIPPA) between the Government of India and the Government of UAE was formally signed in Delhi recently. The agreement was signed by Namo Narain Meena, Minister of State (E and FS), on behalf of Government of India and Obaid Humaid Al Tayer, Minister of State for Financial Affairs of UAE on behalf of Government of UAE.
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GMR to sell Istanbul Airport stake
IndiaĂ´s GMR Group is to sell its 40 per cent stake in IstanbulĂ´s Sabiha Gokcen International Airport for 200-250 million (approximately Rs 2,500 crore. For this, the GMR Infrastructure, IndiaĂ´s largest private airport developer, has entered into a definitive agreement with TurkeyĂ´s TAV Airports Holdings. For the transaction, now it needs the approval of its partners in the airport. In the Istanbul Airport, Malaysia Airports Holdings owns 20 per cent while Limak Holdings has 40 per cent stake.
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FDI in railways
Railways has clarified that any investment through FDI would be limited in scope and only cover aspects like laying of tracks for last mile connectivity. However, FDI would not be allowed in train operations, safety, etc, According to sources from Railways. Currently, PPP is allowed in port connectivity. According to ministry officials, the FDI plan has already been submitted to DIPP, which is expected to ready a cabinet proposal in that regard early next year.
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jaipur Metro phase-I(B) to be reviewed
Chief Secretary Rajiv Mehrishi will review the Jaipur Metro Phase-I(B) project. The underground project is proposed from Chandpole to Badi Chaupar. The Chief Secretary was appointed to review the project, after the Jaipur Metro Rail Corporation (JMRC) gave a presentation of the proposed Jaipur metro phases.
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SCR to build 17 bridges
The South Central Railway (SCR) plans to complete construction of 17 road overbridges (RoBs) or underbridges (RuBs) during the current financial year. The decision was taken at a review meeting held by SCR General Manager PK Srivastava with officials of the construction department. Srivastava reviewed current status of sanctioned projects, their progress during the current financial year and the action plan for work targets, according to an SCR press release.
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Exit policy faces hurdles
The Union Government, which had announced the exit policy for highway projects in last July, has now said that the policy does not require any reworking. With this, the exit policy to release the much-needed equity into the sector, has hit a fresh hurdle. As per the policy of the National Highway Authority of India (NHAI), concessionaires could be substituted after approval from lenders and a new special purpose vehicle (SPV) would be formed to take over the project.
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Telecom prospects brighten
Telecom sector now looks stable and seems back on its feet with initial investment proposal of over Rs 11,000 crore received in 2013. While government is hopeful of announcing mergers and acquisitions guidelines in January and a new policy on machine-to-machine communications in first quarter of 2014, in 2013 it was able to implement new licensing regime of Unified Licences, open up telecom sector for foreign investment by raising FDI limit to 100 per cent from 74 per cent.
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MoU signed for mega road project
A Memorandum of Understanding (MoU) has been signed between the Rajasthan state government and the World Bank for road projects that connect 1,056 identified villages with an assistance of Rs 1,200 crore from the World Bank. The state PWD Minister Yunus Khan said notice inviting tenders would be issued soon and work would begin in the next 60 days.