The money will be raised through either a Rights Issue, Preferential Allotment or Institutional Placement. IVRCL Ltd's consolidated loss widened to Rs.853 crore in 2013-14 from Rs.240 crore, in the previous fiscal.
Live Mint, 30 May, 2014 writes:
- Nitin Jairam Gadkari has been named India’s new shipping minister in the Narendra Modi-led National Democratic Alliance (NDA) government that assumed office on 26 May. Gadkari, a member of the Bharatiya Janata Party (BJP) that won a simple majority on its own in the just-concluded general elections, is also India’s minister for road transport and highways—Prime Minister Modi merged the erstwhile ministries of shipping and road transport and highways into a single ministry.
- Gadkari, 58, is no novice to transport sector. He was the public works department (PWD) and ports minister for Maharashtra between 1995 and 1999 during which he demonstrated a penchant for building a series of roads, highways and flyovers in Maharashtra.
- Gadkari’s anointment as the minister for shipping, road transport and highways breaks the stranglehold over this ministry by lawmakers from Tamil Nadu on India’s eastern coast for a decade. The last two ministers spearheading this sector—T.R. Baalu and G.K. Vasan—hailed from Tamil Nadu and most of their focus was skewed in favour of their home state, which has a sizeable coastline.
- Gadkari comes from Maharashtra on India’s western coast which too has a fairly large coastline.
- Gadkari has his task cut out. In the ports sector, there are several issues that await him, the most important among them being tariff reforms, restructuring the 12 ports owned by Indian government into corporate entities from a trustee set-up, development of coastal shipping and inland water transport, road linkages to ports and allowing Indian fleet owners to register their ships overseas.
All these shares were recommended by me at much lower levels and the investors, already made lot of money from them.