Jaiprakash Associates Ltd has withdrawn itself from some of its cement markets in north India as part of streamlining its operations even as lenders continue to prod the firm to shed assets and pare debt.
Meanwhile, the union Finance Minister Arun Jaitley participated in the First Annual General Meeting of Asian Infrastructure Investment Bank (AIIB) held at Beijing in China on last Saturday. Outlining Indias development paradigm, Jaitley said that India has undertaken reforms in FDI and initiated large investments in rural infrastructure, national highway, inland waterways, shipping, power sector and smart cities etc.
Speaking on the role of AIIB, the Finance Minister said: AIIB presents a much needed additional financing window dedicated to infrastructure projects and meeting the financing gap that may be beyond the capacity of the individual countries and the existing MDBs. India has a huge unmet demand for investment in infrastructure and is preparing basket of projects worth US$ 2-3 billion for AIIB funding in the areas of Urban Development (including Smart Cities), Energy, Urban Transport, Railways, Inland Waterways and Water Supply.
India’s infrastructure output grew an annual 8.5% in April, at its fastest pace in 17 months, mainly helped by a favourable base effect, government data showed.
The output expanded 2.7% for the fiscal year 2015/16 that ended on March 31, compared with a 4.5% growth in the previous fiscal year, the data showed on Tuesday.
Electricity production grew 14.7% and fertiliser output jumped 7.8% in March from a year earlier, the data showed.
In another significant development, highlighting that LIC's core focus would be infrastructure investment, the life insurer has decided to be a partner in India's first sovereign wealth fund earmarked for infrastructure sector, reported Press Trust of India. The Rs.40,000-crore National Investment and Infrastructure Fund (NIIF) will be owned by the government and other partners in a 49:51 ratio.
The NIIF was set up to attract foreign and domestic investments into the infrastructure sector, and is effectively a government-owned investment manager.While an initial budgetary allocation of Rs 4,000 crore has already been made to NIIF, more funds will be allocated going forward, the government said in a release on Monday. The NIIF could soon operationalise initiatives along with the Qatar Investment Fund, the Abu Dhabi Investment Authority and JSC Rusnano of Russia.
The Economic Times, wrote June 29, 2016: The performance of the corporate sector has improved in the past year as the number of leveraged companies has fallen and the amount of debt in companies' books has also declined, Reserve Bank of India (RBI) said in its bi-annual Financial Stability Report (FSR).