Govt undertakes revival of closed fertilizer projects to make India self-reliant
The Dollar Business Bureau A Joint review meeting on revival plans for closed fertilizer projects was held today, to realise PM Narendra Modi's vision of ‘Fertilizer Security for Food Security'. The two-pronged strategy includes existing fertilizer capacity augmentation by increasing the efficiency of the plants and revival of closed fertilizer projects. "With the revival of the fertilizer projects, Gorakhpur, Barauni, Sindri and Talcher, an additional annual production capacity of 75 LMT would be created making India self-reliant in meeting the annual domestic demand of around 320 LMT, from being a net importer currently," Ananthkumar, Union Minister for Chemicals & Fertilizers and Parliamentary Affairs said, after the meeting. "Financial allocations and the ground level work would start in 2017 and the five plants would become fully functional by 2020-21," he added. Through optimum utilisation of existing capacity, India ...
Jharkhand the next investment magnet?
The Dollar Business Bureau In a new reward to Jharkhand's efforts for garnering foreign investments, Japan voiced its interest in the mineral rich state. Masayuki Taga, Consulate General of Japan, called on Jharkhand Chief Minister Raghubar Das and said that his country was keen on investing in Jharkhand. The state of Jharkhand, formed in 2000, overflows with immense untapped potential in the form of its mineral-rich land. Home to 40% of India's mineral wealth, the state has aspirational plans of mimicking the success story of Gujarat and Maharashtra in attracting foreign investment. In the recent years, CM Das has unfolded many measures to make the state business friendly, including a single window clearance scheme. The Global Investor Summit to be held in Ranchi on 16-17 February 2017 is Jharkhand's version of the Vibrant Gujarat Global Summit. ...
Govt approves revival of 3 defunct urea plants
The Dollar Business Bureau In a bid to meet the demands of eastern states and help India attain self-sufficiency, the government agreed to revive three closed urea plants at Sindri, Gorakhpur and Barauni at a cost of Rs. 18,000 crore. The Union Cabinet, which was chaired by Prime Minister Narendra Modi, approved the renewal of the three fertilizer plants, each bearing potential of 1.27 million tonnes per annum production capacity. The revival will be done through nomination of Special Purpose Vehicle of PSUs such as Coal India Ltd, NTPC, HFCL, FCIL and Indian Oil Corp Ltd. Ravi Shankar Prasad, Law and IT minister, stated that the decision to revive the plants is the game-changer for eastern India’s economy. In 2015, the government had approved the ...
Suzlon Energy acquires 5 renewable energy firms
In its expansion bid to implement projects across the country, Suzlon Energy, one of the leading renewable energy solution providers globally, has acquired five small companies in India for an undisclosed sum. The company, in a statement, said that it has acquired five solar companies to implement several projects in renewable energy across India. These companies are Aalok Solarfarms, Abha Solarfarms, Gale Solarfarms, Shreyas Solarfarms and Tornado Solarfarms. This also includes the solar projects of 70 MW, recently won in Maharashtra. Suzlon Group, a market leader in India with a global footprint, informed that these companies have been acquired on par value and they currently do not have any assets or operations. They have been acquired mainly to be used as special purpose ...
RBI relaxes norms to raise funds for infrastructure
The Dollar Business Bureau To aid the overseas companies in raising money for infrastructure projects within the country, the Reserve Bank of India has relaxed the norms for borrowing these funds.The bank after consulting the government and keeping in mind the existing overseas funding sources, has reassessed the guidelines of the ECB (External Commercial Borrowing). This has been done keeping in mind the need for long term lending for infrastructure projects in the country.Firms in the infrastructure sector that qualify for ECB are, NBFCs-Asset Finance Companies (NBFC-AFCs), Core Investment, Non-Banking Financial Companies -Infrastructure Finance Companies (NBFC-IFCs), Companies (CICs) and Holding Companies. These firms qualify to the ECB having a maturity period of 5 years. However, these would be subjected to 100% ...
