The Union Cabinet on Thursday gave its approval to establish a special purpose vehicle for funding infrastructure projects
Changi saw attractive returns on investment in the medium and long term from the Andal airport-city project.
The government is considering setting up a special purpose vehicle (SPV) for financing of non-banking finance companies (NBFCs) following the reluctance of banks and mutual funds to make available funds for the sector.
Last week, banks were asked to factor in the loans extended to a group -- comprising subsidiaries, special purpose vehicles and related parties of a real estate company -- 'as a matter of prudence'.
Banks told to assess the exposure of the whole group to the sector while lending.
Bengal Aerotropolis Projects, a special purpose vehicle, which is developing India's first airport city, or aerotropolis, in the Asansol-Durgapur region, today entered into a technical services arrangement with Singapore-based Changi Airports International.
Unitech, the country's second-largest property developer, is planning to raise nearly $1 billion (Rs 4,200 crore) in the current financial year from private equity players for its hotel, commercial and retail projects across the country.
The decision to withdraw from participating in the special purpose vehicle, being promoted by the Matyas Group, was taken by the MMTC board. MMTC was in the process of receiving shareholders' approval for investing Rs 85.85 crore and picking up up to a five per cent stake in the Maytas Group's SPV for the SEZ.
Shah said the Congress was not rooted in any ideology or principles and was sort of a "special purpose vehicle" to secure freedom.
The 300 mw Group Captive Power Project (GCPP) being set up by Vidarbha Industries Power (VIPL), a special purpose vehicle (SPV) formed by Reliance Power, at Butibori near Nagpur in Maharashtra, will soon enter the construction phase. Sources said the required land has been acquired and the Maharashtra Pollution Control Board (MPCB) has given the green signal for setting up the project. Reliance Power will soon award the EPC contract for the Rs 1500 crore project.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
BSNL, MTNL respond to Vavasi despite advice to the contrary
GTL has set up a special purpose vehicle -- GTL M&A Services -- through which it will provide services like engineering, operation and management, designing and building of network infrastructure. The company would provide remote network managed services from India.
The project called 'DLF MetroRail, Gurgaon' has been bagged on concession by the consortium for a period of 99 years to build and operate the metro system. The consortium, where DLF would have a 26 per cent stake while IL&FS would hold the rest, would invest invest Rs 900 crore (Rs 9 billion) in developing the project.
The one-time restructuring of loans will help every firm and prevent cost-cutting measures such as lay-offs.
The 11.4-km Versova-Andheri-Ghatkopar corridor is set to be operational by 2010-end. Mumbai Metro One, the special purpose vehicle formed to undertake construction, has selected CSR Nanjing Puzhen Rolling Stock Company -- a 100-year-old subsidiary of the government-owned China South Locomotive and Rolling Stock Corporation.
Strong margins remain the key upside for C&C Constructions.
Indications are that the demand for the passenger service will be met within a month or so, most probably by September-end.
A rail link is proposed to carry passengers from Bangalore's centre to the new international airport. The Karnataka govt. has formed a SPV for this project.
ICICI Venture has tied up with a global healthcare investor to put in funds in India's healthcare sector.
The project, which is being implemented on build-operate-transfer basis by the concessionaire Jaiprakash Associates Ltd, is expected to be completed by February 2010, before the commencement of the Commonwealth Games. A special purpose vehicle by the name Jaypee Infratech Ltd has been incorporated recently to implement the project by the concessionaire.
Voltas has entered the water treatment business and undertaken a project at Salt Lake City in Kolkata.
Global Steel owns 70 per cent stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique. The company is setting up three special purpose vehicles for isolating financial and regulatory risks. Ispat will purchase the stakes in these SPVs, which are held by Global Steel. The iron ore mine has an estimated reserve of 500 million tonne while the coal mines hold reserves of 120 million tonne.
ONGC is considering selling up to 25 per cent of the equity shares in ONGC Petro-additions Ltd (OPaL), the special purpose vehicle formed for setting up the petrochemical complex at Dahej SEZ, a senior company official said. It plans to give 19 per cent equity stake in OPaL to state-run gas utility GAIL India, while another 25 per cent interest may be offered to Petronet LNG and Bharat Petroleum or a strategic partner.
Oberoi Constructions, promoted by billionaire Vikas Oberoi, has tied up with the $10 billion Chinese real estate firm Shimao group to bid for the Rs 10,000-crore (Rs 100 billion) Dharavi Redevelopment Project.
Air India owns 32 aircraft, and has 37 aircraft on finance lease; Air India Express owns 17 aircraft on finance lease. The aircraft-related debt of Air India is Rs 16,000 crore; it's Rs 1,100 crore for Air India Express.
The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday. Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
Anil Dhirubhai Ambani Group company Reliance Energy Ltd on Thursday announced it has bagged three road projects valued at Rs 2,320 crore (Rs 23.2 billion) from National Highways Authority of India.
The cabinet has already cleared the proposal and the inter-institutional group endorsed it last Friday.
Sources close to the development said RIL, which was planning two adjacent economic zones in the coastal district of Raigarh in Maharashtra, is looking to set up three special purpose vehicles (SPVs) to develop the various components of the project.
Oil and Natural Gas Corporation (ONGC), the country's leading public sector company, is planning an initial public offer of ONGC Petro-additions Limited (OPaL), the special purpose vehicle formed for the Rs 13,500 crore (Rs 135 billion) petrochemical complex at Dahej in Gujarat.
Air India has planned to monetise its unutilised and surplus immovable real estate assets over the next few years.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
Videocon group has signed an agreement with West Bengal government to set up a steel plant and a power project in the state with total investment of about Rs 15,000 crore.Videocon, which already has interests in oil and gas, plans to establish a three million tonne steel plant and a 1,200 MW thermal power project in Asansol-Durgapur area in Burdwan district.
The acquisition will help JK Tyre gain access to the world's largest auto market in the United States in addition to some distant markets of central and south America.
Citigroup Property Investors has invested Rs 640 crore (Rs 6.4 billion) in four special economic zones (SEZs) being developed by the Delhi-based property developer BPTP, picking up a 40 per cent stake in the special purpose vehicle. BPTP is developing a 25 acre SEZ in Noida, 100 acre SEZ in Greater Noida, 54 acre SEZ in Faridabad and 27 acre SEZ in Gurgaon, with a total saleable space of 20 million square feet. The company has 10 ongoing projects spread across 34.66 mn sq ft.
Sasan Power Ltd, the special purpose vehicle floated by Power Finance Corporation for the 4,000 MW project, will on Wednesday issue the Letter of Intent to Reliance Power Ltd.
The oil and gas major ONGC is likely to offload 34 per cent equity in its special purpose vehicle ONGC Petro-additions formed for the upcoming Rs 13,500-crore
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