Mumbai, Aug 23 : Integrated infrastructure and power company Reliance Infrastructure (RInfra) Friday said the Maharashtra Electricity Regulatory Commission (MERC) has allowed it to recover arrears and carrying costs aggregating to Rs. 5,550 crore over the next six years.
According to the company, the MERC order dated Aug 22, 2013, allows it to recover past arrears, along with 14.5 percent per annum of carrying cost which comes to about Rs. 925 crore per year, aggregating to Rs. 5,550 crore over the next six years.
Mumbai, July 30 : Reliance Infrastructure (RInfra) Tuesday announced current fiscal first quarter net profit at Rs. 415 crore ($70 million) over the Rs. 412 crore in the corresponding quarter of the previous year -- less than a percent growth.
During the quarter ended June 30, the company had a total operating income of Rs. 5,452 crore ($918 million), against Rs. 5,383 crore in the corresponding quarter of the previous year.
The Prime Minister's Office (PMO) on Thursday for various steps to implement key infrastructure projects, with an aim to accelerate the process of infrastructure development in the country.
The list of planned infrastructure projects includes cover sectors like highway, railway, port, airport and power.
The deadlines for the implementation of the projects were set at the first meeting of the steering group appointed by Prime Minister Manmohan Singh to step up infrastructure investment.
Occupants of unauthorized floors in seven buildings in Worli's Campa Cola Compound are worried about their future as the Brihanmumbai Municipal Corporation (BMC) is set to demolish the unauthorized floors within three months.
The BMC has already issued tenders to demolish the unauthorized portions of the buildings. The civic body is expected to start the demolition work in October this year.
Jaipur, July 23 : Reliance Infrastructure Limited (RInfra), part of the Reliance Group, through its Special Purpose Vehicle (SPV) JR Toll Road Pvt. Ltd., on Tuesday announced the completion of its Rs. 556-crore road project from Jaipur to Reengus (JR) in Rajasthan. Toll collection has started on the four-laned 52-km road.
The project has been executed on a DBFOT (Design, Build, Finance, Operate and Transfer) basis under the aegis of the National Highways Authority of India. RInfra has been awarded the contract for a concession period of 18 years.
India Ratings & Research (IRR) has maintained a negative outlook on the retail and construction sectors for the second half of 2013.
While persistence of negative real wage growth and deteriorating of household finances are expected to further hurt the retail sector; execution and liquidity challenges will likely hit the construction sector.
In its latest report, India Ratings cautioned that the impact of the aforementioned challenges would likely further intensify in the near term.
New Delhi, July 11 : The government will spend Rs. 1,030 crore during the 12th Plan period (2012-17) to upgrade industrial infrastructure in the country.
The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Manmohan Singh Thursday approved the “Modified Industrial Infrastructure Upgradation Scheme” with an approved outlay of Rs. 1,030 crore.
New Delhi, July 1 : Reliance Infrastructure Monday said it has exited the 23-km airport Metro operation and the takeover of its operations by Delhi Metro Rail Corp (DMRC) has been completed.
"Delhi Airport Metro Express, a special purpose vehicle of Reliance Infrastructure, had terminated the concession agreement with the DMRC for the Delhi airport Metro line nearly nine months back, in a notice issued in October 2012," the company said.
New Delhi, June 28 : Prime Minister Manmohan Singh Friday set targets for development of key infrastructure projects, including airports, ports, roads and power generation in the current financial year.
Specific targets were set for various sectors at a high-level meeting attended by ministers of finance, railways, road transport and highways, shipping, civil aviation, power and coal among others.
The targets included setting up of two new international airports at Bhubaneswar and Imphal and 50 new low-cost small airports in different parts of the country.
New Delhi, June 24 : Prime Minister Manmohan Singh will soon set targets for the development of key infrastructure projects in the current financial year.
The targets will be set during a meeting June 28 with ministers related to key infrastructure sectors.
"The Planning Commission has done the preparatory work in finalising the targets for 2013-14. At the end of this meeting, the targets would be formally announced," the Prime Minister's Office said in statement Monday.
New Delhi, June 18 : The government-run India Infrastructure Finance Company Limited (IIFCL) Tuesday launched its first infrastructure debt fund (IDF) with targeted initial corpus of $1 billion.
IIFCL has launched the debt fund through the mutual fund route.
After launching the new scheme here, Finance Minister P Chidambaram said the fund would help mobilise long-term financing for infrastructure projects.
"We should try to mobilise resources from insurance and pension sectors as these funds are available for long term horizon," the finance minister said.
New Delhi, June 12 : The Supreme Court Wednesday suspended the Punjab and Haryana High Court order directing the National Highway Authority of India (NHAI) to take over 291-km Panipat-Jalandhar highway project as buiders had failed to complete it within the scheduled time.
Suspending the operation of the high court order till the hearing of the matter July 23, a bench of Justice Gyan Sudha Misra and Justice Madan B. Lokur issued notice to the central and Haryana governments, the National Highway Authority of India and others.
GMR Infrastructure on Monday confirmed that its subsidiary GMR Airports Ltd had acquired 17.03 per cent stake in Delhi Duty Free Services at Indira Gandhi International (IGI) Airport.
Delhi Duty operates, maintains and manages the airport's duty free outlets, under concession from Delhi International Airport Private Ltd (DIAL). It has a contract to operate, maintain and manage these duty free outlets for a 15-year period up to 2024-25.
Announcing the purchase, GMR Infra said, "GMR Airports, a subsidiary of GMR Infrastructure, has acquired 17.03 per cent equity stake in Delhi Duty Free Services...."
London, June 4 : Construction sector in Britain rebounded moderately in May as boosted by fast increases of residential building work, said a market survey report released Tuesday.
The Construction Purchasing Managers' Index (PMI) jointly issued by Markit and the Chartered Institute of Purchasing and Supply (CIPS) rose to 50.8 in May from 49.4 in the previous month, hitting the highest since October last year.
A PMI reading of 50 or greater indicates expansion, while below 50 indicates contraction.
Infrastructure major, Larsen & Toubro (L&T) has said that it has secured orders worth an impressive Rs. 2,542 crore in different sectors during April and May of 2013.
The company said in a statement that, "The Building & Factories Business has bagged new orders worth Rs. 1,021 crores for the construction of residential towers, a cement plant and a factory at various locations across India, including additional orders from operating projects."
Reliance Infrastructure has said on Tuesday that its net profit has risen by an impressive 76 per cent to Rs. 726.12 crore during the quarter till March 31, 2013.
The company had recorded a net profit of Rs. 411.46 crore during the same period of the previous financial year, it said in a statement. The company's total operating income stood at Rs 6,187 crore during the quarter from January to March 2013 compared to Rs 7,135 crore in the same quarter of the previous financial year.
Global rating agency Fitch's Indian arm will soon start rating infrastructure debt funds (IDFs) that would make them a more credible option for investors, Department of Economic Affairs Secretary Arvind Mayaram announced on Monday.
Getting their own investment rating would help IDFs in winning trust of foreign investors as they would be able to assess whether or not their investments in a particular IDF would give them the kind of return they expect.
Hindustan Construction Company (HCC) on Friday reported yet another quarterly loss, mainly due to long delays in realization of payments and clearances of projects.
HCC, one of the leading infrastructure companies in India, announced that it suffered a consolidated net loss of Rs 502.6 million in the quarter ended Mar 31, 2013. In the March quarter of the previous fiscal, the company had suffered a net loss of Rs 541.7 million.
The Haryana Government on Thursday allowed Special Economic Zones (SEZs) to opt for industrial colony licence, a move that will benefit developers of as many as two dozen SEZs in the state.
The SEZ scheme had collapsed in Haryana as farmers refused to sell their lands and it was not feasible for promoters to purchase land at very high market rates.
Following the state government's approval, the promoters of SEZs can now develop residential and industrial sites.
Griffin Coal, an arm of infrastructure giant Lanco Infratech, has finally reached an out-of-court settlement with Perdaman Chemicals over disputed supply of coal.
As part of the settlement, Griffin will pay A$7.5 million (nearly Rs42 crore) to Perdaman, plus legal costs to be determined by the Supreme Court of Western Australia.
The dispute had erupted when Griffin reneged on its commitment to supply coal to Perdaman's upcoming fertilizer plant. The case was filed in 2011.
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