Vipul PrasadLand issues continue to hinder India's emergence as an attractive investment destination.There are examples that provide clear evidence that in current shape India's land laws and systems are far from optimal.Close South Korean steel major Posco's planned steel plant in Odisha with $12 billion of proposed investment would have been the largest foreign investment in India. However, after ten years of struggle the project had to be abandoned- largely due to land issues. related news Will revive BSNL and make it profitable: Ravi Shankar Prasad RBI supersedes DHFL board on payment defaults, governance concerns Rupee drops 10 paise to 71.81 per dollar as US-China tensions weigh Delay in dedicated freight corridor of Indian Railways or in the high-speed rail project between Mumbai and Ahmedabad too are manifestations of this issue.Land issues remain a key deterrent for industry, and prosperity in India. Obviously, the biggest loser in such situations are local … [Read more...] about Investment in infrastructure: Land reforms need of the hour
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Etihad Airways Group CEO Tony Douglas is meeting State Bank of India (SBI) Chairman Rajnish Kumar at the lender's Mumbai headquarters on March 18, in an effort to break the deadlock over debt resolution plan being worked out for Jet Airways.The proposed resolution plan requires Etihad to infuse Rs 750 crore capital which the Abu Dhabi-based airline has reportedly refused to do.Jet Airways has suspended all services to Etihad's hub-Abu Dhabi and cut the number of flights to Dubai for this month. The airline also reported grounding of more planes today, taking its total operational fleet to 60.Close On March 6, Douglas said in an interview that Etihad did not wish to continue with its equity alliance strategy going ahead. related news Cabinet clears bill to replace ordinance on tax reduction Glitches at NSE need to be fixed, says Sebi chief Sebi tightens loan default disclosure norms, reduces time for rights issue "Being a shareholder, often without full control, but … [Read more...] about Jet Airways debt resolution: Etihad’s Tony Douglas to meet SBI chief on March 18
Of the four Expression of Interests (EoIs) received by lenders, only Etihad Airways is expected to submit its bid for Jet Airways before the 6pm deadline on May 10.The other bidders, TPG Capital, Indigo Partners and the government backed National Investment and Infrastructure Fund (NIIF), may not go ahead with their submissions.SBI Capital Markets, which has been given the mandate to oversee the stake sale process for Jet Airways, has also received bids from interested parties as well.“Two unsolicited and one is expected,” Rajnish Kumar, chairman State Bank of India (SBI) said in an earnings conference on May 10.However, these bids may not be considered at the moment for want of proper due diligence.Kumar said that typically recoveries expected from accounts in the service industry are mostly nil owing to the lack of assets, and the best option is to work out anything outside of the insolvency framework.Any bidder will have to come with considerable funding as the … [Read more...] about Etihad Airways likely to bid for Jet Airways stake sale
The Ministry of Railways has set up a committee to look into the land acquisition cost for Chennai Port Trust's offsite facility at Jolarpet, a senior official told Moneycontrol.The Chennai Port Trust proposed the Jolarpet project to be built on land owned by Railways near Jolarpet junction. While the Railways initially offered the 55 acre land at Rs 32 crore, it is now offering the land at Rs 86 crore.The Ministry of Shipping has discussed the matter with the Railways, leading to formation of a committee by the Railway Ministry. According to the official, the committee has already assessed the land in question and is likely to quote the price of the land soon.Close "If Chennai Port Trust finds the price of the land viable, they will agree to it. Otherwise, an alternate parcel would be needed," said the official. related news Gold price gains Rs 230 at Rs 38,454 per 10 gram; silver up 0.38% 2,178 crore digital transactions recorded in FY20 till November 13: Ravi Shankar … [Read more...] about Railways committee to look into land cost for Chennai Port’s off-site facility at Jolarpet
Although the E Palaniswami-led government of Tamil Nadu declared a one-day holiday and a week of mourning after celebrated politician M Karunanidhi passed away on Tuesday, it courted controversy by denying land for his burial at the famous Marina Beach.The Tamil Nadu government's Chief Secretary Girija Vaidyanathan had told the press yesterday that land could not be allocated for burial on Kamarajar Salai due to several cases pending in Madras High Court and the legalities involved.She said that the state government was, however, ready to offer two acres of land opposite to Anna University on Sardar Patel Road (Adyar), near Gandhi Mandapam in Guindy.Close The move irked Karunanidhi's son and DMK Working President MK Stalin, who had requested Chief Minister E Palaniswami that his father be buried near Anna Samadhi, the memorial of DMK founder CN Annadurai. The dispute was taken to Madras High Court, which eventually ruled in DMK's favour. related news NSE co-location … [Read more...] about Why did the TN government deny land on Marina Beach for Karunanidhi’s burial?