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KNOWLEDGE |
Foreign varsities wont enter India for now
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The Foreign Education Providers (Regulation for Entry and Operation) Bill, which would have enabled foreign universities to set up centres in India has been shelved by the UPA Government. The Bill sought to regulate the entry and operations of foreign education providers and envisaged giving them deemed university status. While the legislation has been hanging fire for three years now, hopes for its passage had been revived after the Left parties, vehemently opposed to allowing foreign institutes to set up centres in the country, withdrew from the UPA in July 2008. However, the Bill has been put on the backburner.
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ISB moves up in Financial Times ranking
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The Indian School of Business has been ranked 15th in the global B-School rankings released by the Financial Times, London. Earlier, the ISB was ranked 20th by the Financial Times, making it the only B-School from India to be counted among the schools, even though it is barely eight years old. While the class of 2009 graduating in April will have 440 students, it is proposed to increase the number of students to 560 in the class of 2010. After growing the student intake to 560 and also faculty, the next phase of expansion will be setting up a new campus. ISB is setting up a second Campus at Mohalli with an investment of Rs 1500 million and will be ready by 2012.
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Bhagwati optimist on EU-India FTA accord
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India's ambassador to the European Union, Dr. Jaimini Bhagwati, expressed his confidence here Tuesday that the 27-member EU and India will reach a deal on the Free Trade Agreement (FTA). Speaking at an event organsied by the Belgian think rank Bruegel, he noted that five rounds have been held since negotiations began in June 2007. Bhagwati said two more rounds of FTA negotiations are planned to take place in February and March in Brussels and in New Delhi.
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India signs safeguards agreement with IAEA
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India has signed a key safeguards agreement with the International Atomic Energy Agency (IAEA) to allow inspection of additional civilian reactors, clearing the decks for supply of atomic fuel and technology by the international community after a 34-year-old nuke trade embargo was lifted last year. The pact between the government of India and the UN atomic watchdog for the 'Application of Safeguards to Civilian Nuclear Facilities' was inked here by the IAEA Director General Mohamed ElBaradei and Indian Amabassador Saurabh Kumar. India currently applies inspection by the IAEA in six civilian nuclear reactors under safeguards agreements concluded between 1971 and 1994.In future, additional reactors are expected to be brought under the IAEA safeguards under the newly-signed agreement."The safeguards agreement, which is the result of several rounds of consultations conducted between India and the IAEA since November 2007, was approved by the IAEA Board of Governors in August 2008," the IAEA said in a statement.The India-specific safeguards agreement (ISSA) was approved by the 35-member IAEA Board on August 1 last year.
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Supreme Court rejects Scotch Body's plea
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The Supreme Court of India has dismissed a petition by the Scotch Whisky Association seeking a review of a judgment that allowed Koday India to use the words Scot and Scotch in its products. The UK based association had sought a review of the 27 May judgment saying it was confusing and called for Indian whisky makers , including Khoday, to be restrained from using the term . The court had allowed Khoday, the seller of the peter Scot brand of whisky, to use in the term , the Indian the liquor manufacturer does not infringe the Intellectual Property Rights Act, a two member bench of the court had concluded.
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EU Launches New Scholarship Programme
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On February 16th the EU Commissioner for education, and culture, Jan Figel, launched the new EU scholarship programme for non-EU countries, Erasmus Mundus II, for the period 2009-2013. The Earsmus Mundus programme offers the opportunity to third-country students to obtain a degree in Europe, and to academics to share know-how and to contribute to study programmes through teaching or research activities whilst avoiding the brain drain and favouring vulnerable groups .In 2009-13, the EU will increase its support to the most highly-talented students and professors from countries outside the EU with grants to take part in joint programmes in Europe.
It will also extend the scope of the programme to the doctoral level and give more financial support to European students. The expected budget for Erasmus Mundus II will be an indicative amount of 950 million euro.
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INVESTMENT |
FIIs pull out $13 bn in 2008
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During a year when Indian stock market lost its valuation by more than half, the foreign institutional investors (FIIs) have pulled out an estimated $13 billion from the domestic bourses - an amount equivalent to nearly three- fourth of over $17 billion invested in 2008.
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Credit Suisse invests $164m in India unit
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Credit Suisse Group has injected more funds into its Indian non-banking financial unit that would help scale up its business operations. Switzerland's second largest bank has put in approx. $164 million in Credit Suisse India Finance, expanding its capital base to Rs 8.27 billion. The additional money would be used for lending to corporates and for investments in stocks a time when money has become scarce. Mihir Doshi, MD and country head of Credit Suisse," We will continue to invest selectively in the growth of wealth management, investment banking and asset management business. This capital infusion is a clear statement of our commitment to the growth of our business in India."
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India signs pact with French firm for 6 N-reactors
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India has signed its first commercial pact to build atomic power plants with French company Areva after a 34-year-old international embargo on nuclear trade was lifted.
Areva will supply two European Pressurised Reactors of 1650 MW each for nuclear plants the French company will build at Jaitapur in Maharashtra. Areva was committed to supply fuel for the lifetime of the reactors, which she pegged at about 60 years. Areva will meet the fuel requirements through its uranium mines located in various countries, including Australia, Kazakhstan and Niger. Though the Memorandum of understanding provides for supply of two nuclear reactors, the order may be stepped up to six at a later date.
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European Aviation buys maintenance firm
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European Aviation Holding Co. Pvt. Ltd acquired Indamer Co. Pvt. Ltd, a Mumbai-based aircraft maintenance, repair and overhaul (MRO) firm for an undisclosed amount. Founded in 1947, Indamer has been maintaining both fixed- and rotary-wing aircraft for private owners, charter operators, state governments and training institutes. Brazilian aircraft maker Embraer SA. has named the firm an authorized service centre for its jets; operations are scheduled to begin in the first half of 2009.
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Dresdner Abandons Entry Into India After Commerzbank Takeover
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Dresdner Bank AG has abandoned plans to enter the Indian consumer market after being acquired by Commerzbank AG. The Frankfurt-based bank has returned its Indian banking license. Commerzbank completed the 5.1 billion-euro ($6.6 billion) purchase of Dresdner from insurer Allianz SE last month.
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Germany's Norma Group launches India operations
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The Norma Group, Germany-based manufacturer of clamps, plastic tubing and connectors for auto and non-auto applications, has begun operations in India with a manufacturing plant at Talegaon. Norma Group Products India Pvt Ltd, an 80:20 joint venture between Norma and Taurus Flexibles, will produce plastic tubing systems and clamps for passenger cars in the first phase of the project. Norma plans to cater to the domestic market and will invest €3 million in the plant over the next five years and is targeting a turnover of Rs 800 million by 2012.The company already has secured orders from passenger car OEMs such as Mahindra and Mahindra, Tata Motors, General Motors and Fiat India.
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Overseas investment |
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ONGC acquires Imperial as 96.82% shareholders accept open offer
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OVL, the overseas arm of Oil and Natural Gas Corp (ONGC), has taken control of Imperial Energy Plc for 1.3 billion pound (USD 1.9 billion). As of 30 December 2008, Jarpeno Ltd ("Jarpeno"), a wholly owned subsidiary of OVL, had received valid acceptances from Imperial Energy shareholders in respect of 99,241,110 Imperial Energy shares, representing approximately 96.8 per cent. of Imperial Energy's existing issued share capital.
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OVL intends to use Imperial Energy as the platform around which to build a wider Western Siberian focused business. Western Siberia is one of the world's most prolific hydrocarbons basins and, with major logistics and infrastructure in place. This addition to OVL's global portfolio, which spans across North Africa, Latin America and Southeast Asia, provides OVL with the opportunity to expand its presence in Russia beyond its participation in the Sakhalin project and will further enhance its position as one of the industry's leading exploration and production companies.
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Suzlon Energy sells 10% in Hansen to London investment firm Ecofin
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Suzlon Energy has sold a 10 per cent holding in Belgium-based wind turbine gearbox maker Hansen to a London investment firm. Suzlon, the world's fifth-largest wind turbine maker, said its unit AE-Rotor Holding sold 67.01 million shares in Hansen Transmissions International to Ecofin, but did not disclose the price. Following the transaction, Suzlon's holding in Hansen will drop to 61.28 percent while Ecofin will have 11.62 percent, Suzlon said in a statement. The stake sale will help Suzlon raise funds to finance the purchase of additional shares in Hamburg-based REpower Systems AG.Suzlon has been scouting for funds to raise its stake in Germany's REpower, after it deferred its 18-billion-rupee ($367 million) rights issue in October due to falling markets. The company had agreed to complete the purchase of northern Portugal-based Martifer's stake in REpower for €270 million by 15 December, Suzlon acquired REpower for better access to the European markets.
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UK government, Tata in talks on aid for Jaguar, Land Rover
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OVL, the overseas arm of Oil and Natural Gas Corp (ONGC), has taken control of Imperial Energy Plc for 1.3 billion pound (USD 1.9 billion). As of 30 December 2008, Jarpeno Ltd ("Jarpeno"), a wholly owned subsidiary of OVL, had received valid acceptances from Imperial Energy shareholders in respect of 99,241,110 Imperial Energy shares, representing approximately 96.8 per cent. of Imperial Energy's existing issued share capital.
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British Midlands region witnesses the first branch opening of Punjab National Bank
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Punjab National Bank (International) Ltd, a wholly owned subsidiary of PNB, has announced the opening of its first branch in Leicester city in the British Midlands region of the UK. The new branch was officially inaugurated by the Right Worshipful Lord Mayor of Leicester, Councillor Manjula Sood and will directly create five new jobs initially. The new British Midlands-based Leicester branch will be the first of a number of new openings for PNBIL in 2009 with braches expected to open in Birmingham, Manchester, Wolverhampton and London shortly in addition to their existing branches in Southall and London City. The opening will simultaneously occur with the launch of the Bank's UK Debit Card on that will work free of charge in 70,000 ATMs and a million POS systems in the UK. Punjab National Bank was strongly supported in its move to Leicester by Invest Leicestershire The British Midlands has always been receptive to Indian companies in the region with over 50 Indian companies already present and this is expected to double in the next few years with the strengthening of business ties between India and the UK.
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TOURISM |
Paris to sign MOU with INTACH for preservation of heritage monuments
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The Indian National Trust for Art and Cultural Heritage (INTACH) and the City government of Paris have decided to sign a Memorandum of Understanding (MoU) in areas of mutual concern in preservation of heritage monuments. A team from Paris city government and the INTACH will visit Delhi and the French capital respectively to look at the monuments and other heritage structures to get a first-hand assessment of how the monuments are preserved. This was decided when the Deputy Mayor of Paris Anne Hidalgo visited INTACH. The Paris government team and INTACH had discussions on how both the agencies look after their heritage monuments and preservation.The French team also briefed INTACH on the regulations and laws that help protect heritage properties in Paris as well as the incentives given to the properties.
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Himachal to operate heli-taxi services to develop tourism
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Himachal Tourism has invited expression of interest from reputed parties for operating heli- taxi services in the state in order to attract high value tourists to the state and increase tourist volume to lesser known areas of the state. 9.3 million domestic and 367000 foreign tourists visited the state during 2008.
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Technology demonstration project to recreate glory of Chandni Chowk
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The Municipal Corporation of Delhi has invited expression of interest to for re-development of the Chandni Chowk road with its major links roads. The project includes augmentation and upgradation of infrastructure: roads and pavements, underground utility duct, electric system, water supply, sewerage and drainage, restoration of urban quality and public façade restoration and signage.
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Punjab seeks partners to run super luxury tourist train
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Punjab Heritage and Tourism Promotion Board plans torun a Super Luxury Tourist train to cover tourist attractions in Punjab and neighbouring states. The project is supported by grants from the Government of India and Government of Punjab. Indian Railways will provide the bare shell of the train. Punjab Heritage and Tourism Promotion Board has invited expression of interest form reputed national and international bidders to manage the luxury train for a period of 20 years.
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Ministry woos tourists with new schemes
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The Government has announced a number of financial support schemes to increase foreign tourist arrivals in India, according to the Tourism Minister, Ms Ambika Soni. This includes enhancing the financial support for undertaking promotional activities abroad under the Marketing Development Assistance (MDA) Scheme. Those eligible for MDA scheme will be allowed to participate in three trade fairs or exhibitions annually as against two such events earlier. The eligibility limit under the scheme for foreign exchange earnings has also been doubled to Rs 200 million . Till the end of financial year 2009-10, an enhanced subsidy of 25 per cent in participation fee will be offered by the Ministry of Tourism and India tourism offices overseas at the India pavilions set up at major international travel fairs and exhibitions.
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Thomas Cook's tourism roadshow
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Thomas Cook (India) Ltd has announced the launch of a tourism roadshow-styled holiday carnival in Kochi to showcase popular tourist destinations in India and abroad. The event is part of the 30-city roadshow organised by TCI and the partners in the show - including airlines, state tourism boards and tourism boards from foreign countries.
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Karnataka Tourism chalks out new formats to woo visitors
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The Department of Tourism, Karnataka, plans to develop heli, cruise and boathouse tourism formats. There would be three circuits - heritage, coastal and Malnad. The heritage circuit would cover Hampi, Badami, Aihole, Pattadakal and Bijapur; the coastal circuit would include Mangalore, Udupi, Kundapur, Gokarna and Karwar; and the Malnad circuit would include Dharmasthala, Shringeri and Jog. Heli tourism would target two sets of travellers - those who want to cover more places in short time and those who cannot undertake long travel such as the differently-abled and the aged.
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Visit Kerala Year 2009' to boost tourism
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The State Government has proposed to introduce an umbrella project called "Visit Kerala Year 2009" as part of its efforts to boost tourism. This is on top of its latest initiative, Ente Naadu, organised by the State Government in association with the Tourism Department and Industries Department managed by Tourist Resorts Kerala Ltd. Kerala, the officials said, is Asia's fastest growing destination and India's only super brand and one of the "10 paradises of the world". So far that reputation has propelled a healthy tourism industry.
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EXCELLENCE IN INFRASTRUCTURE |
| Aviation |
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Eurocopter bids to sell 235 helicopters to India |
European Aeronautic Defence and Space Co.'s (EADS) Eurocopter SA unit has bid for three Indian orders totaling 235 helicopters as the country replaces its ageing fleet and boosts surveillance after the November terror attacks in Mumbai.
The company has bid to supply 197 helicopters to the Armed Forces, 22 attack helicopters and 16 multirole helicopters to the Indian Navy, Bids were called last year.
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World Bank's Additional Lending to Support IIFCL, SIDBI and PowerGrid |
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The World Bank has agreed to help India with US$ 3 billion of increased investment as the global financial crisis undermines private financing for the country's much-needed infrastructure agenda.
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| The development institution has provisioned this additional amount as part of the total financing envelope of US$ 14 billion proposed in the India Country Strategy over FY 2009-2011. The strategy, which is geared to help India fast track infrastructure development, support the country's seven poorest states, and respond to the financial crisis.
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| Part of the additional financing can be put to work swiftly in some areas where the Bank is already engaged: including a line of credit to the India Infrastructure Finance Company Limited (IIFCL) to help finance private-public partnerships in infrastructure; funding for the Small Industries Development Bank of India (SIDBI) to provide credit to small and medium enterprises; and assistance to PowerGrid to expand its transmission network. Other areas which could receive support from additional financing include the National Housing Bank and the recapitalization of state banks, the details of which are yet to be discussed with the Government of India.
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| The Government of India had requested a total additional amount of US$ 5.6 billion over the next two years. Having provisioned the US$ 3 billion, the Bank said it would need to examine the balance US$ 2.6 billion and work with the Government over the coming weeks to clarify the details.
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| Petroleum |
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RPL commissions its refinery in record time |
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Reliance Petroleum (RPL), a Mukesh Ambani company, has commissioned the worlds sixth-largest refinery in record time of just 36 months. The commissioning of the RPL refinery catapults Reliance into the league of the largest refiners globally, both in terms of complex refining capacity and earnings potential. By commissioning the 5,80,000 bpd refinery in Jamnagar, Reliance Industries has become the worlds single-largest supplier of fuels to the global market. It pumps out 1.24 million bpd (barrels per day) of ultra-clean fuels to Europe, Africa and the US. "We will leverage our competitive advantages of scale, complexity and capability to process a wide range of crude oils and flexibility to produce high quality transportation fuels", RPL chairman Mukesh Ambani said.
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Gail's planned pipeline in Haryana wins environmental approval
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The state owned Gas Authority of India has received environmental clearance from the Ministry of Environment and Forests (vide letter no j-11011.455.2008 dated 29-12-2008 )for laying the Chainsai-Gurgaon -Jharjar-Hissar pipeline in the state of Haryana for transportation of natural gas.
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The 310 km pipeline will pass through Haryana and Rajasthan and shall be laid at an estimated investment of Rs. 10 billion. 86km of the pipeline will by 36inch and 118 km of the pipeline will be 20in . This new pipeline to be laid by GAIL will form part of an integrated national gas grid in the country. GAIL expects increased availability of gas from indigenous sources and from Petronet LNG Limited (PLL) and Shell are importing LNG at their LNG re-gassification terminals on the west coast of India.
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| GAIL buys LNG from Shell for $11.7 per million Btu |
| State gas utility GAIL India Ltd has bought liquefied natural gas (LNG) from Shell India at $11.7 per million British thermal unit. GAIL bought 50 million standard cubic metres of regassified-LNG from Shell to plug the gap in supplies resulting from the shutdown of Petronet LNG Ltd's Dahej terminal from January 6 to 12, company Director (Marketing) B C Tripathi said here. The company will supply the re-gassified-LNG from Shell to power and fertiliser units that have placed a demand on it during the Dahej shutdown period, at a $11.7 per mmBtu ex-terminal price, he said. This price does not include pipeline transportation cost, sales tax and marketing margin.
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Telecommunications |
| Reliance Communications launches GSM service
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Reliance Communications announced the commercial launch of its GSM-based mobile services in 14 of the country's 22 circles. The company said that the GSM foray was done with a capex of Rs 100 billion . The services will be on offer from December 31, 2008. "Our CDMA network will now be supported by the GSM network.
The two technology paths will be a catalyst in gaining market share," said Anil Ambani, Chairman ADAG Group. He added that the company aims to increase its GSM coverage from the present 11,000 towns and 300,000 villages to 24,000 towns and six lakh villages over the next few months.
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Power |
| Only five bidders for Tilaiya project
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Only five firms have submitted their bids for the 4000 mw Tilaiya ultra-mega power project in Jharkhand, while three major players in the power sector stayed away. Those who submitted bids were state-owned generation utility NTPC, Anil Ambani-led Reliance Power, Jindal Steel and Power Ltd of industrialist and Congress parliamentarian Naveen Jindal, Lanco Infratech and Sterlite Energy. Among the major players who were pre-qualified but did not bid are Tata Power, GVK and L&T were the major absentees.
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Urban development |
Ministries ask for doubling of JNNURM funds
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The urban development ministry and housing and poverty alleviation ministry, the nodal ministries for JNNURM, have asked the Planning Commission to considerably increase the funds for sectional heads under the scheme.The administrative ministries are seeking more than double the allocation of funds under the UPA government's flagship Jawaharlal Nehru National Urban Renewal Mission for the next fiscal. They have proposed an allocation of Rs 170.54 billion for the next fiscal as against Rs 68.90 billion allotted in Union Budget 2008-09. The scheme has four components. The urban development ministry implements the two components, namely, Urban Infrastructure and Governance (UIG) and Urban Infrastructure Development Scheme in Small and Medium Towns (UIDSSMT). Under UIG, the ministry has proposed allocation of funds to the tune of Rs 45 billion for the fiscal 2009-10 over Rs 35.13 billion that was allotted in the current fiscal. Whereas for UIDSMMT, aimed at infrastructure development of non-mission cities, the ministry has asked for Rs 30 billion in the next fiscal, a jump of 240 per cent over Rs 8.81 billion that was allotted in the current fiscal 2008-09.
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World Bank to fund AP project for urban services
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The World Bank and Andhra Pradesh Government will take up a Rs 15.44-billion project to bring about reforms in urban bodies and improve municipal services. The Andhra Pradesh Urban Reforms and Municipal Services Project will have the World Bank contributing about Rs 11.91 billion and the rest, Rs 3.53 billion , will be from the State Government. The project, likely to be approved by March 2009, will focus on drinking water projects, sanitation and solid waste management.
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Ahmedabad BRTS first phase may hit the road by June
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The first phase of the much-talked-about Bus Rapid Transit System (BRTS), is likely to start in June 2009. A special purpose vehicle (SPV) was formed to implement the first, 50-km-long, phase of the project, involving an investment of Rs 5 billion. The civic body (AMC) would get a grant from the Centre, equivalent of 35 per cent of the project cost from the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), 15 per cent from the State Government and the rest through internal accruals or debts. Ahmedabad has proposed around 82 BRTS stations across the city, as against the current AMTS buses plying between 115 stations. The Centre had approved BRTS in Ahmedabad, Pune, Nagpur and Indore, in 2005 and added Bhopal and Jaipur thereafter. The main feature of a BRTS is to have dedicated bus lanes operating separately from all other traffic modes. These buses will be specially designed, high-speed, low-floor vehicles.
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Delhi Jal Board seeks consultants to prepare master plan for sewerage system
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Delhi Jal Board intends to appoint a consultant for preparing a Master Plan for sewerage system of Delhi for the year 2021. The Delhi JAL Bords is responsible for the productionand distribution of drinking water and disposal of waste water sewerage within Delhi for a population of 14 million. International Consultants can submit their offer as a joint venture with local firms.
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