Page 22 - Infrastructure

2036 Olympics bid: Gujarat forms firm to build infra, allocates Rs 6,000 cr

The Gujarat government has formed a separate company and earmarked Rs 6,000 crore to build six sports complexes to host the 2036 Summer Olympic Games in case India wins the bid for the quadrennial multi-discipline sporting extravaganza, an official said on Tuesday. The dedicated entity, 'Gujarat Olympic Planning and Infrastructure Corporation Ltd', was formed nearly three months and one board meeting has already taken place, said a senior official of the state government firm seeking anonymity. The company has put up its pavilion at the Vibrant Gujarat Trade Show 2024, which was inaugurated by Prime Minister Narendra Modi on Tuesday in Gandhinagar. The firm will primarily look after development of an area measuring nearly 350 acres around the Sardar Vallabhbhai Patel Sports Enclave in Ahmedabad's Motera area. Notably, the under-construction sports enclave houses the Narendra Modi Stadium, the world's biggest cricket arena in terms of spectator capacity. "To realise Prime Minister

Rural startups seek better supply chain, infra, easier access to funds

Rural startups are making a strong pitch for new programmes to foster research and innovation, as the grassroots-level entrepreneurs seek support for streamlined supply chains, subsidies, improved infrastructure, and easy access to finance. As the Budget and the Lok Sabha elections draw closer, startups working in various sectors, especially in smaller towns and villages, said they expect the government to look at various teething issues, even as their "overall performance has improved owing to various policy changes in the past couple of years". "India's food processing industry faces a number of difficulties such as outdated equipment, ineffective supply chains, poor infrastructure, and restricted finance availability. We expect the government to help us connect with global supply chains so that we can export our products to international markets," Pardeep Kumar Yadav, Founder of Krini Spices, told PTI. Krini Spices, which was founded in March 2017, has 22 direct and over 100 ...

Govt has taken slew of initiatives for infrastructure development: Official

The government has taken a slew of initiatives for infrastructure development as it has a strong multiplier effect and plays pivotal role in the country's development, Financial Services Additional Secretary M P Tangirala said on Friday. Speaking at the 19th Foundation Day of the India Infrastructure Finance Company Ltd (IIFCL), he said infrastructure sector has strong backward and forward linkages. To support the sector, he said the government has taken slew of initiatives, including the USD 1.3 trillion-PM Gati Shakti National Master Plan (NMP) that has been front runner in bringing about systemic and effective reforms in this sector. Launched in 2021, the PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time. Another initiative is the National Infrastructure Pipeline (NIP) that was started with 6,800 projects and now, there are over 9,000 projects across 34 sub-sectors, he said. NIP was launched with 6,835 projects and h

IIFCL plans to launch IPO in next financial year, unlock value for govt: MD

State-owned India Infrastructure Finance Company Ltd (IIFCL) plans to go public in the next financial year, company's Managing Director P R Jaishankar said on Friday. "We are examining the listing...hopefully it should be done next financial year. IIFCL has come to a stage where we unlock the value for the benefit of the government," he said on the sidelines of the company's foundation day. The company will very soon initiate the consultation process, he said, adding various approvals are required including from the government. Asked about the quantum of stake dilution, he said, the decision about that would be taken after detailed discussion. As of now, IIFCL is 100 per cent owned by Government of India. From the performance perspective, he said the company has been consistent both on topline and bottomline parameters. He expects the FY24 profit to cross Rs 1,500 crore. IIFCL reported a two-fold jump in standalone net profit to Rs 1,076 crore for FY23 aided by an increase in le

REC, Bank of Baroda join hands to finance power, infra, logistics projects

State-owned REC Ltd has inked an initial pact with Bank of Baroda to jointly offer loans for power, infrastructure and logistics projects in India over the next three years. By pooling resources and expertise, both entities endeavour to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide, a power ministry statement said. According to the statement, REC has signed a Memorandum of Understanding (MoU) with Bank of Baroda to facilitate joint sanctions of loans to fund power, infrastructure and logistics projects in the country over the next three years. The MoU was signed on Wednesday in the presence of Vivek Kumar Dewangan, Chairperson and Managing Director of REC, and Debadatta Chand, Managing Director & CEO of Bank of Baroda, along with Lalit Tyagi, Executive Director at Bank of Baroda. "By harnessing synergies between REC's expertise in the power sector and Bank of Baroda's financial prowess, we aim to catalyse .

Telangana will extend support to Amara Raja's Rs 9,500 cr project: CM Reddy

The Telangana government will extend necessary support for Amara Raja group's advanced chemistry cell gigafactory and battery pack assembly unit being set up in Mahbubnagar district, Chief Minister Revanth Reddy said on Wednesday. The Amara Raja team met the CM here regarding their landmark Giga Corridor project and ePositive Energy Labs in Telangana, an official release said. "Amara Raja is a key partner in Telangana's growth story and (we) assured the necessary support towards the operationalisation of the Advanced Chemistry Cell (ACC) Gigafactory, Pack Assembly and ePositive Energy Labs in Telangana. Telangana is committed towards clean energy and advanced storage technologies like ACCs are a priority sector for the state, the release quoted Reddy as saying. Jayadev Galla, Chairman and Managing Director, Amara Raja Energy & Mobility (formerly Amara Raja Batteries) met CM Reddy and Industries Minister D Sridhar Babu. During the meeting, the Chief Minister Reddy and Galla ...

BHEL making India self-reliant in energy, infra: Heavy industries minister

State-owned engineering firm BHEL is not only making India self-reliant in energy and infrastructure sectors but also contributing significantly to defence and space segments, said Union Heavy Industries Minister Mahendra Nath Pandey. The minister inaugurated the newly-constructed BHEL Sadan in Noida on the occasion of BHEL Day on Monday, the company said in a statement. Addressing on the occasion he cited the clarion call of Prime Minister Narendra Modi for achieving the target of 'net zero' carbon emissions by 2070 and said that this 18-storey, eco-friendly green building constructed as per the latest technology and standards is a symbol of BHEL's commitment towards environmental protection. The minister noted that the building, equipped with a 30-kW solar power system, reflects BHEL's commitment to move further towards green energy. Recalling BHEL's contribution towards creating an Aatmanirbhar Bharat, since its inception, Pandey added that BHEL is not only striving towards maki

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Delayed Central infrastructure projects down for second month in a row

Cost overrun maximum for transport sector

Navigating smog and devotion on the road

A trip to the hills has become easier with multiple lanes and smooth highways, yet the ease is interrupted by the persistent haze and the spectacle of young men dancing along the way

RBI extends payments infrastructure development fund scheme till 2025

As part of the announcement, beneficiaries of the PM Vishwakarma Scheme have been included as merchants under the PIDF scheme

NE festival kicks off: Region safe, its infra tourism-ready, says minister

Lekhi said this while inaugurating the three-day North East Festival at Jawaharlal Nehru Stadium here on Friday evening, promising the visitors a memorable outing with varied artefacts

For us, India may become larger than China: Schneider Electric CEO

Peter Herweck, chief executive officer (CEO), spoke to Amritha Pillay about India outpacing global growth, labour-related challenges, and growth drivers

PM GatiShakti Defence Portal created, 300 projects identified: Army Chief

He said that this interconnection between security and concomitant infrastructure needs, underscores the Indian Army, as one of the contributors to holistic national development

PM Narendra Modi urges youth for ideas to make India developed by 2047

The prime minister also said that this is the historic period when India is going to take a quantum jump and asked the nation to take a pledge

India becoming middle income country within realms of possibility: NK Singh

Talking about the challenges that India needs to address, he stressed the need for ensuring the sanctity of contracts across governance

Banks raised record Rs 40,895 crore through infra bonds in Apr-Nov

The country's largest lender, State Bank of India (SBI), accounted for almost half of the amount mopped up via infrastructure bonds in the eight months of FY24

Vascon Engineers board approves plan to raise Rs 125 crore via QIPs

Vascon Engineers Ltd on Thursday said it is planing to raise Rs 125 crore through the Qualified Institutional Placement (QIP) route. A decision in this regard was taken at the meeting of its board of directors, Vascon Engineers Ltd said in a filing to the exchanges. The board has approved "raising of funds by way of issuance of such number of equity shares and/ or other eligible securities or any combination for an aggregate amount not exceeding Rs 125 crore or an equivalent amount thereof by way of qualified institutions placement," it said. The proposal is subject to the receipt of necessary regulatory/statutory approvals, as may be required, the company said. Further, the board also constituted a QIP committee and authorised it to decide the terms and conditions of the proposed fundraise for the issue and allotment of equity shares and/or other convertible securities.

Experts discuss diaster-resilient infra in mountains at global conference

Global experts, who had gathered here as part of the World Congress on Disaster Management, discussed multiple issues and challenges for creating diaster-resilient infrastructure in mountainous regions, an official statement said on Wednesday. The discussions were held as part of a special technical session steered by the Coalition for Disaster Resilient Infrastructure (CDRI). The sixth edition of the World Congress on Disaster Management was inaugurated here on Tuesday and the four-day event will conclude on December 1. The session, chaired by professor Anil K Gupta, focused on "challenges and solutions for building disaster-resilient infrastructure in mountains, emphasising sustainable development and technological innovation". The collaborative discussions aimed to shape actionable frameworks, integrating disaster resilience into infrastructure development for mountain terrains, the statement added.

Need to further strengthen ports infrastructure, increase efficiency: Murmu

President Droupadi Murmu on Monday said there is a need to further strengthen the infrastructure of ports in the country and increase their efficiency. Murmu said this while gracing the 'Boita Bandana' (boat worship) ceremony, organised by the Paradip Port Authority here. Boita Bandana is an annual festival observed in Odisha, remembering the ancient maritime glory of the state, earlier known as 'Kalinga'. Stating that the government's Sagarmala programme is a commendable step to strengthen the port activities, Murmu said the Government of India is working to realise the vision of 'Ports for Prosperity' and 'Ports for Progress'. The president said that maritime trade has been playing an important role in the trade and economic development of the country. "I am told that 95 per cent of India's total trade in terms of volume and 65 per cent in terms of value are done through sea transport," she said. Stating that India's ports need to function with greater efficiency in line with glo