Govt approves Rs.515 crore grant for Sagar Port in WB
The Dollar Business Bureau The Central Government on Tuesday said it has given its nod for a grant of Rs.515 crore for the development of proposed project of Sagar Port in West Bengal. “The Central Government has given in-principle approval to a grant of Rs.515 crores to make the development of the proposed Sagar Port project in West Bengal financially viable,” Shipping Ministry released in a statement. For implementation of the project, a Special Purpose Vehicle (SPV), Bhor Sagar Port Limited (BSPL), has been integrated, with a majority of 74 percent equity being held by Kolkata Port Trust with the remaining 26 percent by the Government of West Bengal. A detailed project report (DPR) for the project will be prepared by IIT Madras, which ...
Empower banks, create SPV to contain NPAs: Assocham
The Dollar Business Bureau To contain non-performing assets (NPAs) of banks, the government should authorise the public sector banks’ boards to pare bad assets through forming Special Purpose Vehicle (SPV) in the form of an ‘asset revival bank’ that can prepare broad rules for the lenders to take ‘haircuts’, industry body Assocham said. The dual exercise of giving powers to the boards of public sector banks and setting up of an SPV that may also be called as Asset Revival Bank (ARB) should be implemented without any delay. This will instill confidence in bankers to come out with decisions regarding the loans restructuring for sectors like construction, steel, power etc, the industry body said. Though SPV should be empowered to set ...
Railways to form joint ventures with states for infra funds
While each JV would have an initial paid up capital of Rs.100 crore based on the quantum of projects to be undertaken, the Ministry of Railways initial paid-up capital is limited to Rs.50 crore per state The Dollar Business Bureau The joint venture companies would be formed with equity participation of Ministry of Railways and concerned state governments The Union Cabinet gave its approval for the Ministry of Railways to form joint venture companies with state governments to mobilize resources for undertaking various rail infrastructure projects across the country. The joint venture companies, to be formed with equity participation of the Ministry of Railways and concerned state governments, are expected to ensure greater participation of states in implementation of railway projects, both in ...
