February 3, 2014 NATIONAL HIGHWAYS BUILDERS FEDERATION 1 NEWS UPDATES TABLE OF CONTENTS: 20 highway projects may go for re-bid if govt approves report My way on the highway Half-built flyover spells trouble for motorists Tiruchi-Karaikudi bypass project on fast track Flyover, underpass at Hero Honda Chowk gets NHAI, govt nod How to gain from the fall in inflation NCDs rise in popularity as a debt instrument Critical need to improve infrastructure sector to boost growth India-Japan summit: Infra clearly a growing story Japan to provide Rs 1,267 cr loan for road project in Bihar Afghan builders interested to form JVs with Indian firms: Ficci Ashoka Buildcon selected bidder for KSHIP WAP-2 project Project monitoring group clears hurdles in 84 mega projects Work on Rs 800-crore terminal at Cochin Airport to begin tomorrow Panel on coal linkages to meet on February 19 Abu Dhabi's TAQA to acquire two hydropower assets from Jaypee Group for Rs 12,000-13,000 crore *Contact for advertisement in this daily e-newsletter: Cell: 9871160490, Tel:011-25081247 , e-mail- [email protected]or [email protected]
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February 3, 2014 NATIONAL HIGHWAYS BUILDERS FEDERATION
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NEWS UPDATES
TABLE OF CONTENTS:
20 highway projects may go for re-bid if govt approves report
My way on the highway
Half-built flyover spells trouble for motorists
Tiruchi-Karaikudi bypass project on fast track
Flyover, underpass at Hero Honda Chowk gets NHAI, govt nod
How to gain from the fall in inflation
NCDs rise in popularity as a debt instrument
Critical need to improve infrastructure sector to boost growth
India-Japan summit: Infra clearly a growing story
Japan to provide Rs 1,267 cr loan for road project in Bihar
Afghan builders interested to form JVs with Indian firms: Ficci
Ashoka Buildcon selected bidder for KSHIP WAP-2 project
Project monitoring group clears hurdles in 84 mega projects
Work on Rs 800-crore terminal at Cochin Airport to begin tomorrow
Panel on coal linkages to meet on February 19
Abu Dhabi's TAQA to acquire two hydropower assets from Jaypee Group for Rs 12,000-13,000
crore
*Contact for advertisement in this daily e-newsletter:
February 3, 2014 NATIONAL HIGHWAYS BUILDERS FEDERATION
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Last year witnessed the maximum number of debt issuances, mostly via NCD issues, with 32
offers mopping up Rs 34,392 cr
Amount rose through debt offers like non-convertible debentures (NCDs) and tax-free bonds in
the primary market have been on the rise since 2009 as companies are finding it increasingly
difficult to raise funds through the initial public offering (IPO) route. Last year witnessed the
maximum number of debt issuances; 32 debt issuances mopped up Rs 34,392.50 crore, mostly
through public issue of NCDs, according to data analysis and research agency Primedatabase.
Popularity of NCDs as a debt instrument is particularly rising. Issuers of NCDs as well as the
regulators, Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi), are
accordingly introducing new features to make NCDs a safe and investor-friendly product.
When one buys an NCD, one lends money to the „issuer‟, the company that issues the bond. In
exchange, the company promises to return the money, also known as „principal‟, on a specified
maturity date. Until that date, the company usually pays a stated rate of interest, generally semi-
annually, also known as coupon rate.
Experts say the rising popularity of debt offerings over equity offerings is due to investors
moving their savings to safer asset classes. NCDs provide attractive rate of returns to investors.
Observing frequent private placement of NCDs, RBI in a July 2013 circular has put some
restrictions. Such issuances can now be organised only after a six month gap and can be issued to
a maximum of 49 institutional investors. “NBFCs have lately been raising resources from the
retail public on a large scale, through private placement, especially by issue of debentures,”
Reserve Bank of India (RBI) said.
Companies issue bonds to raise money for a variety of purposes, such as building a new plant,
purchasing equipment, or expanding business.
These bonds do not have an ownership interest in the issuing company, unlike the company‟s
equity stock.
Companies also offer NCDs on private placement basis to select institutional investors at fixed
coupon rate, which sets the benchmark for the coupon rate to be offered to the subscribers in a
NCD public issue later.
Since the first tax-free bond issue in 2010-11 by National Highway Authority of India (NHAI),
there has been substantial fund raising through tax-free bonds by government-owned companies
over the past three years.
Such tax-free bond issuances are also in the nature of secured, redeemable, NCDs, with tax-free
interest payment being the additional feature.
Corporate bonds are debt securities that are generally considered as long-term investment option.
The maturity period of these securities ranges from one to 20 years. These bonds are mostly
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listed with major stock exchanges, such as the Bombay Stock Exchange (BSE) and National
Stock EXhange (NSE).
As per the provisions of companies act, appointment of debenture trustee to manage the servicing
of debentures and redemption liabilities is mandatory. However, issue of debentures/bonds with
maturity of 18 months or less is exempt from the requirement of appointment of trustee.
In case of debenture/ bonds with maturity beyond 18 months, a trustee or an agent is appointed to
take care of the interest of debenture/bond holders.
The exit options before the maturity period for NCDs and other type of bonds still remain rather
narrow due to the lack of depth in the bond market.
Corporate bonds tend to rise in value when interest rates fall, and they fall in value when interest
rates rise. Usually, the longer the maturity, the greater is the degree of price volatility, which
leads to price arbitrage opportunity, provided there is enough liquidity in the exchange market.
Also when interest rates rise, new issues come to market with higher yields than older securities,
making those older ones worthless. Hence, their prices go down.
When interest rates decline, new bond issues come to market with lower yields than older
securities, making those older, higher-yielding ones worth more. Hence, their prices go up. As a
result, if one sells a bond before maturity, it may be worth more or less than it was paid for.
By holding a bond until maturity, one may be less concerned about these price fluctuations
(which are known as interest-rate risk, or market risk), because one will receive the par, or face,
value of the bond at maturity.
Bonds and interest rates share an inverse relationship with each other, that is, bonds are worth
less when interest rates rise and vice versa.
Premature redemption of bonds on stock exchanges is still in its early year with volumes rising
slowly but steadily. Thus, exit options before maturity still remain limited.
Online order matching system for corporate bond trading was introduced on the recommendation
of RH Patil Committee that was formed to look into the factors inhibiting the development of an
active debt market.
Now stock exchange volumes of traded bonds are on a rise. On the National Stock Exchange
(NSE), corporate bonds traded daily on an average in January this year was Rs 1,076 crore as
against Rs 722 crore in January 2010.
The lower liquidity here is also being addressed by some bond issuers who have started their own
NCD buyback programme.
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“The L&T Finance NCD issue was launched in September 2009 and the buyback option was
launched in May 2012,” an L&T Finance spokesperson said.
L&T Finance has announced an NCD buyback programme for dated NCDs maturing in
September 2014 with coupon rates of 9.51 per cent and 9.62 per cent, maturing in September
2017 with a coupon rate of 9.95 per cent and maturing in September 2019 with a coupon rate of
10.24 per cent. The L&T Finance buyback programme is open for a limited period and the NCDs
have a buyback price. The buyback programme provides to investors an exit opportunity over
and above the available exchange trading platform. But there is a limit up to which investors can
tender.
Investors can tender up to 100 debentures in a quarter, that is, debentures worth Rs 1 lakh face
value.
In the buyback programme, the company accepts overall 5 lakh debentures per quarter from all
debenture holders.
The buyback price for each month is made available on L&T Finance website.
The pricing in the buyback is different from traded prices on exchanges.
L&T Finance fixes pricing in the buyback scheme on a methodical calculation, whereby,
benchmark G-sec yields and benchmark spreads as per the PDAI-FIMMDA curve are
considered.
“The traded prices on the stock exchanges do not follow any particular yield pattern and are quite
erratic, mainly on account of the low volumes of trading. Hence, the pricing in the buyback could
be higher than, or lower than, or equal to the traded prices on the exchanges,” L&T Finance said.
Experts say because there is no active market for non-convertible debentures in the capital
market segment of the stock exchanges, the liquidity and market prices of NCDs may fail to
develop and may accordingly be adversely affected.
L&T Finance says it will pay investors participating in the buyback programme the accrued
interest for the period from the previous interest payment date up to one day before the settlement
date, which is also is the date of dispatch of the money. So the investor doesn‟t lose even one day
interest till the last day of redemption.
Deccan Herald
Critical need to improve infrastructure sector to boost growth
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Sharada Prahladrao:Globally, adequate and efficient infrastructure is critical for industrial growth
and economic prosperity. Developed economies, such as the US and countries in Europe are now
grappling with how to repair/replace worn-out infrastructure with limited funding.
Governments the world over are focusing on the public/private partnership model to finance and
build infrastructure initiatives. Institutional investors are looking at this sector in terms of future
returns and inflation-hedging potential.
In developing countries, strategically planned and executed investments in the infrastructure
sector can help improve logistics and connectivity, equalise opportunities and provide the
wherewithal to compete in a global marketplace. But economic and political conditions have a
strong bearing on effective infrastructure investments. In an increasingly connected world, India's
infrastructure sector is impacted by downswings in other countries as it reins in international
funding.
India's economic growth is bogged down by multiple issues, but the infrastructure logjam is
perhaps the key constraint. Recent debates and conferences highlight that the infrastructure
sector, which encompasses the gamut from transport, buildings, water and wastewater, energy etc
is getting choked due to absence of integrated planning and logistical bottlenecks.
Rapid urbanisation for employment and better standard of living puts tremendous strain on the
infrastructure. These challenges include: providing basic facilities such as potable water, power,
etc; building mass transport systems; overhauling existing infrastructure; and perhaps most
important - timely completion of projects. According to estimates, by 2030 about 40 per cent
(600 million) of the country's population will be in urban areas. Evidently, infrastructure delivery
in India is hugely affected by fuel supply to the power sector.
Panelists at the National Infrastructure Summit 2013 concurred that while alternative sources of
energy are being considered and recommended, coal would remain the mainstay of India's energy
source. In this sector, environmental clearances were the common grouse but infrastructural
constraints and logistical bottlenecks emerged as the primary challenge in developing
incremental capacity. The total output of coal in 2012-13 is 557 million tonne and coal imports
135 mt.
In the 11th Five-Year Plan (2007- 2012), capacity was ramped up to 56,000 mw, of which 76 per
cent was thermal capacity. Since then capacity addition on an annual basis was more than during
previous Five-Year Plan tenures. Coal transportation is another challenge as the evacuation
logistics are inadequate. With the right logistics, production in each coal block can reach 100 mt
incremental capacity within three years. Substantiating this point is the fact that 300 mt of
additional supply potential is stuck due to the lack of three rail corridors in Jharkhand, Odisha,
and Chhattisgarh.
Improving connectivity
India is about sheer volumes - both in terms of population and aspirational demands. Every year,
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14 million vehicles get added. Although India has one of the world's densest road networks - 1.42
km per sq.km of land compared to 0.66 km for the US and 0.43 km for China - the number of
multi-lane highways is rather low. The decade-old underground metro system in New Delhi is
also approaching overcapacity. For smooth transition of goods and services it is vital to have
efficient road and rail networks.
The key challenges of the railway sector are: Inability to add to the existing railways network.
Since 1947 merely 10,464 km has been added whereas, China added 20,000 km in the last five
years. High freight rates are forcing commodities to shift to road transport. Share in freight
movement is only 30 per cent today (post-Independence it was 90 per cent). Reluctance to raise
passenger fares has resulted in operational losses. Losses in 2013-14 from passenger operations
amounted close to $4 billion.
The cost to build roads and transit systems to manage a huge population is significant, but it has
to be done in a comprehensive manner through long-term vision and planning. The Government
has allocated $1 trillion in the 12th Five-Year Plan (2012-2017) for infrastructure development -
focus will be on more private participation to build new roads. Statistics reveal that out of 564
infrastructure projects, over 40 per cent have been delayed.
According to the Department of Industrial Policy and Promotion (DIPP), the air transport
(including air freight) in India has attracted FDI worth $456.84 million from April 2000 to July
2013. In 2012-2013 total domestic passengers were above 65 million.
Although statistics show a marginal improvement, this sector is grounded by higher fuel prices;
the depreciating value of the rupee is also affecting airlines as 70-80 percent of costs (aircraft
leases, fuel) are dollar determined. High airport rates in Mumbai and Delhi have led economy
airlines such as Air Asia to withdraw flights from these airports. In the first quarter of 2013-14,
India‟s 12 big ports, which account for about 58 per cent of the total cargo, shipped through the
country‟s ports handled 137 mt of goods. Present port capacity stands at 750 mt and traffic
around 550 mt, which shows sub-optimal efficiency.
These are what need to be done to improve the port sector: connectivity with better road and
railway systems; expediting of environmental and security clearances; encourage investments;
improve efficiencies and reduce the turnaround (about 4.2 days) and pre-berthing detention time
(about 12 hours); mechanisation for faster cargo handling and reduction of labor costs; and
provide a level field for private operators with regularised tariffs.
Business Standard
India-Japan summit: Infra clearly a growing story
New Delhi: Much before Japanese premier Shinzo Abe's visit to India, Japanese investment into
India was on a steady rise, especially in the infrastructure sector. The growing India-Japan
February 3, 2014 NATIONAL HIGHWAYS BUILDERS FEDERATION
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economic cooperation, in fact, is increasingly been seen as a strategic alternative to Chinese
influence in the South Asian region.
Of the 51-paragraph joint statement issued on the first day of Abe‟s three-day visit, some half a
dozen were devoted to cooperation in energy and infrastructure. These and defence cooperation
were the most important plank of bilateral talks.
"If one takes a close look at the statement, this one is much more explicit with several hints at the
China factor, compared to what it was in 2007 (when Abe earlier came to India). The very fact
that the statement emphasized on „taking into consideration the strategic environment‟ is proof
that the China factor loomed large on the visit,” said Srikanth Kondapalli, chairperson, Centre for
East Asian Studies (School of International Studies) in Jawaharlal Nehru University.
On economic relations, though the highlight was expansion of bilateral currency swap
arrangement from $15 billion to $50 bn that came into effect from this month, Japanese official
development assistance (ODA) of a little over ¥200 billion was also negotiated. The two sides
agreed all instruments of funding of the Japan Bank for International Cooperation (JBIC) and the
Japan International Cooperation Agency (JICA), including the Special Term for Economic
Partnership, should be explored.
According to JICA, the Japanese cumulative commitment of ODA loans to India stood at ¥3,781
bn (Rs 229,100 crore) as of March 2013. JICA has signed around 230 ODA loan agreements with
India in various fields -- roads, metro projects, water supply and sanitation, environment
conservation, power and several other infrastructure sectors.
Kondapalli said in infrastructure development, while the Japanese have been making bold
announcements, actual work and progress on the ground has to be seen. “While the intention is
there, India has to put its own house into order -- we have to tackle our environment laws, labour
laws, etc. We are very slow. Also, their assistance for developing the northeast region cannot be
delinked from the strategic moves they are taking. Abe came here just before the Diet (Japanese
legislature) session. This is enough proof for anyone to understand that Japan is serious about
India."
After the Delhi Metro rail, the Western Dedicated Freight Corridor is an important part of the
cooperation. The start of Phase-1 construction of the corridor in August 2013, which utilises
Japanese technologies, was reviewed during the talks. Nine projects financed by the DMIC trust
have already been approved.
Progress on the western corridor, however, has been slow to start with, compared to the World
Bank-funded eastern corridor. But JICA does not agree. “We don‟t think Japanese-funded
projects are slower in implementation. Many of the projects being implemented with JICA‟s
assistance have also been completed ahead of the time schedule,” said Shinya Ejima, JICA chief
in India. He cited the first phase of the Delhi Metro, covering 65 km, completed in 2005, two
years and nine months ahead of schedule. The second phase, too, was completed within the
estimated cost and well within the scheduled time, adding another 125 km, in 2011. “This has
been viewed as a miraculous milestone achievement,” he said.
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In the railway sector, another major achievement is the commencement of a joint feasibility study
and issuance of the inception report for a high speed railway system on the Mumbai-Ahmedabad
route. They agreed the joint study should be completed by July 2015.
In energy, government-controlled NTPC, the country‟s largest power generator, signed an
agreement for two loans totalling $430 million (Rs 2,650 crore) for its Kudgi and Auraiya
projects. Besides, the Japanese are financing a scheme for two smart community projects, a
model project for a micro-grid system using large scale photo-voltaic power generation at
Neemrana and a seawate desalination project at Dahej.
India is the biggest receiver of Japanese ODA and Indian companies the second biggest receiver
of assistance from JBIC after China‟s. Overall Indo-Jap cooperation is heavily directed towards
long-term participation in infrastructure, much of which comes from the enormous demand.
Japanese investment is geared to tap this.
THE ECONOMIC TIMES
Japan to provide Rs 1,267 cr loan for road project in Bihar
NEW DELHI: Japan International Cooperation Agency will provide Rs 1,267 crore loan for Bihar's National Highway Improvement Project.
Under the agreement signed between JICA and the Centre today, the loan is being provided for upgradation of National Highway 82 connecting Gaya and Bihar sharif in Bihar covering 92.93 km, a release said.
NDTV PROFIT
Afghan builders interested to form JVs with Indian firms: Ficci
New Delhi: Builders from Afghanistan have evinced interest in collaborating and forging joint ventures with Indian companies for executing projects in the war-torn country in housing, road construction, schools and hospitals.
The businessmen from Afghanistan "have also shown interest to source all kinds of building materials and building equipments/machinery," industry body Ficci said in a statement issued after its interaction with members of Afghanistan Builders Association (ABA). A 35-member Afghan delegation, led by ABA, is here on a visit.
February 3, 2014 NATIONAL HIGHWAYS BUILDERS FEDERATION
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It said India is in the final stages of preparing a draft memorandum of understanding under which India will help Afghanistan in developing roads. Highways and share its knowledge in transportation technologies.
India has carried out several construction and infrastructure projects in Afghanistan, including building of Afghanistan's Parliament.
ABA President Naeem Yassin said that the delegation's aim was to connect construction firms of both the sides, facilitate joint venture opportunities in Afghanistan and explore investment opportunities in construction sector.
"ABA facilitates international investors and companies to work in Afghanistan in construction field," it said quoting Yassin. The bilateral trade between the countries stood at $632.18 million in 2012-13.
MONEYCONTROL
Ashoka Buildcon selected bidder for KSHIP WAP-2 project
Ashoka Buildcon Ltd has informed BSE that Company along with GVR Infra Projects Limited, as a Consortium (51%:49%) had submitted its bid to The Chief Project Officer, Karnataka State Highways Improvement Project ("KSHIP") engaged by Government of Karnataka (Public works Department) for the Project viz. PROJECT NO. WAP - 2: - Design, Build, Finance, Operate, Maintain and Transfer (DBFOMT) the Existing State Highway (SH18) from Mudhol to Maharashtra Border (Approx length 107.937 Kms) in the State of Karnataka on DBFOMT Annuity Basis" ("Project").The project is on Annuity Basis with a Concession Period of 10 years and KSHIP cost of the Project is Rs. 317.60 Crores.The Chief Project Officer, Karnataka State Highways Improvement Project, has declared the Consortium as a "Selected Bidder" for the aforesaid Project vide Letter of Award dated February 01, 2014.Source
Project monitoring group clears hurdles in 84 mega projects
Entail investments worth ₹3.71 lakh crore in the past seven months
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The Project Monitoring Group (PMG), attached to the Cabinet Secretariat, could sort out problems for some 84 mega projects totalling ₹ 3.71 lakh crore investments in the past seven months since the inception of the group.
Anil Swaroop, Chairman of the PMG, told here that actually problems for more projects – about 137 – have been resolved. “But, we have received clear information about 84 projects. Other project implementation agencies, mostly private sector ones, have been slow in filing updated inputs about progress of their projects”, he added.
PMG identified some 419 stalled projects worth almost ₹20 lakh crore that had been pending for years.
He said projects related to coal mining and evacuation formed the biggest chunk of the stalled projects followed by ones that were stuck because of non-availability of forest or environmental clearances. Some 70,000 MW worth coal related projects have been cleared, the PMG Chairman added.
Swarup said that the Todi-Shibpur-Hazaribagh rail project work for coal evacuation would start this month after decades of delay.
PMG has only been taking up projects worth ₹1,000 crore or more. He said that nine States, including Andhra Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Rajasthan and Jharkhand, have decided to set up their own monitoring groups for projects worth less than ₹1,000 crore.
West Bengal has also decided to set up such a group. The PMG Chairman on Friday discussed the pipeline project linking Paradip, Haldia and Durgapur as also railway, highway and power transmission projects. He said in West Bengal problems for the mega infrastructure projects stemmed mainly from the issues related to land acquisition.
THE ECONOMIC TIMES
Work on Rs 800-crore terminal at Cochin Airport to begin tomorrow
MUMBAI: Work on a new Rs 800-crore terminal at Cochin International Airport Ltd would begin tomorrow in the biggest expansion since it started operations in 1999.
Kerala Chief Minister will lay the foundation stone for the world-class terminal tomorrow.
The development comes a day ahead of the work on the fourth international airport in the state at Kannur kicking off on February 2.
"Chief Minister Oommen Chandy will lay the foundation stone for the new international terminal tomorrow and the work construction will begin on the same day.
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"The new terminal is likely to be opened to the public in two-and-a-half years. We are investing over Rs 800 crore for the terminal," Cochin International Airport Ltd (CIAL) Managing Director V J Kurien told PTI from Cochin today.
The other projects, involving over Rs 200 crore investments, are the second phase of the CIAL would include a golf course, a solar power unit, a duty-free warehousing complex, a golf academy, an aviation safety training institute, and an integrated airport management system, he said.
For the Cochin airport, this Rs 1,000-crore ambitious plan marks its biggest expansion since it began operations in 1999 as the first greenfield airport in the public-private partnership model.
The new terminal will have three-times more built-up area of 15 lakh sq ft with 15 aerobridges that can handle a peak hour capacity of up to 4,000 passengers or 10 million passengers annually, Kurien said.
Meanwhile, Defence Minister A K Antony will lay the foundation stone for Kerala's fourth international airport at Kannur, a multi-party joint venture on Sunday. The first phase of the project involves and investment of Rs 1,590 crore.
The government will hold 35 per cent in the airport, Airports Authority 26 per cent, oil major BPCL will have 23 per cent and the rest will be held by private sector, including Federal Bank and NRI businessman M A Yusuf Ali, would hold 5 per cent stateke each and the remaining 5 per cent would be given to NRK groups.
The new international airport is expected to be ready in 2015. Kerala already has three airports in Thiruvananthapuram, Kozhikode and Kochi a fifth one is planned to come up at Aranmulla in Pathanamthitta district in central Kerala.
The new Kochi airport terminal will help the airport, set up way back in 1999 under a PPP model with investments individual public, mostly from non-resident Keralites, to keep pace with its increasing passenger traffic that is growing by 12-13 per cent, Kurien added.
MONEYCONTROL
Panel on coal linkages to meet on February 19
An inter-ministerial panel will meet on February 19 to review the status of existing coal supply arrangements to the power and other sectors.
"The meeting of the Standing Linkage Committee (Long-Term) for power/sponge/cement to review the status of existing coal linkages/letters of assurance
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and other related matters will be held on February 19," according to a Coal Ministry memorandum.
Amid continuous delays, the Cabinet Committee on Investment had earlier said timelines for signing fuel supply pacts for power projects of 78,000 MW capacity should be met.
State-owned Coal India has signed 157 fuel supply agreements with power producers for a capacity of 71,145 MW, missing two deadlines.
Coal Minister Sriprakash Jaiswal had said that the remaining supply agreements would be signed once technical glitches are addressed.
Coal India will supply as much as 80 per cent of a power producer's requirements, of which 65 per cent will be sourced locally and 15 per cent will be met through imports.
The mining company last month invited fresh applications for supply of coal from overseas to meet its obligations to power producers under the fuel supply agreements. It plans to import 5 million tonnes of coal.
Abu Dhabi's TAQA to acquire two hydropower assets from Jaypee Group for Rs 12,000-
13,000 crore
By Arijit Barman,
The deal signals growing appetite among foreign investors for infrastructure assets. TAQA is
forming a consortium of sponsors to conclude this transaction
MUMBAI: Abu Dhabi's flagship energy and utilities company TAQA (energy in Arabic) is set to
acquire two hydropower projects in Himachal Pradesh from Delhi-based Jaypee Group at an