The first container with materials for Kerala flood relief, contributed by Chennai Port unions, Terminal Operators, National Association of Container Freight Stations, Steamer Agents Association, Custom Brokers Association, Chennai Port Stevedores Association, Canara Bank, IDBI Bank, Vijaya Bank and others, was flagged off by Mr Cyril C. George, Deputy Chairman, Chennai Port Trust, in the presence of the stakeholders, from Sattva CFS on August 26, 2018.
The 20-foot container is en route to Cochin Port through the vessel M. V. Lal Bahadur Shastri, said a release.
Adani Power will take over about ₹3,800 crore of loans out of a total of ₹5,800 crore that GMR Chhattisgarh Energy owes. It will also assume non-funded liabilities of about ₹1,400 crore
A deal is likely to be announced in the next few weeks after lenders give a formal approval.
Larsen & Toubro (L&T) today said its construction arm has won an order worth Rs 1,394 crore for the execution of the Kundalia Irrigation Project - Right Bank in Madhya Pradesh (MP).
"The water and effluent treatment business of L&T Construction has won an EPC order worth Rs 1,394 crore from the Water Resources Department, Government of Madhya Pradesh, for the execution of the Kundalia Irrigation Project - Right Bank," the engineering and construction major said in a BSE filing.
L&T said the project envisages providing water for micro-irrigation to more than 64,000 hectares of cultivable land in the command area of Rajgarh district of Madhya Pradesh, by lifting water from the Right Bank of the Kundalia reservoir on the Kalisindh River. Shares of the company were trading at Rs 1,354 apiece, up 0.83 per cent, from the previous close on BSE.
The International Monetary Fund (IMF) has projected that India will grow at a rate of 7.3 per cent in the current year and 7.4 per cent in 2019, up from the 6.7 per cent growth rate recorded in 2017.
If the projections come to fruition, India will once again become the fastest growing major economy in the world, overtaking China.
"India's growth is expected to increase to 7.3 per cent in 2018 and to 7.4 per cent in 2019 (slightly lower than in the April 2018 World Economic Outlook for 2019, given the recent increase in oil prices and the tightening of global financial conditions), up from 6.7 per cent in 2017," the IMF said in its World Economic Outlook report.
This acceleration, it added, reflected a rebound from transitory shocks (the cash ban and implementation of the national Goods and Services Tax), with strengthening investment and robust private consumption, reports said.
Russian rail monopoly RZD and Indian Railways will sign a memorandum to set up a joint operator of rail cargo traffic via the North-South corridor, informed Alexander Misharin, First Deputy Director General, RZD. He named traffic via the North-South corridor among the priorities for cooperation between the two companies.
"We plan to sign a memorandum of agreement on developing cooperation with Indian Railways, which includes design and supplies of dispatch control systems, automated systems, creating a joint operator, study and preparation of documents to organise joint agreements on cargo traffic," he said.
The North-South international transport corridor is aimed at transporting cargo from India and Persian Gulf countries to western and northern Europe via Iran, Azerbaijian and Russia. The corridor’s main advantage is that the delivery will be two or three times faster than via other routes. Initially, the side plan to transport five million tonnes annually, and the volume may be doubled in the future.
The German Embassy here held a press meet recently to talk about the industrial growth and free trade agreement between India and the European Union (EU).
Speaking on the occasion, the German Ambassador, Mr Martin Ney, said that exports from Germany to India have increased substantially in the last few years. In 2017, direct investment in India by the German mechanical engineering sector totalled 1.2 billion euro - three times higher than in 2008, he said.
Stating that Germany supports a free trade agreement between India and the EU, Mr Ney said, "Despite willingness on the part of India to resume talks on FTA, no political decision has been taken yet to restart the negotiations. The FTA between the European Union countries and India is the need of the hour," he added.