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Rs 65,000 crore set aside for Mumbai suburban rail revamp: Goyal

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Mumbai: Up to Rs 65,000 crore has been approved for a host of rail infrastructure projects on the suburban network in Mumbai and its surrounding areas, said.

These projects, investment for which were proposed in this year’s Union budget, include new works and upgradation of existing facilities on the busy network, which serves as the transport lifeline of the metropolis, he said.

Goyal said the Maharashtra government has been actively supporting these infrastructure projects, which seek to improve transportation and passenger amenities.

 

“With the blessings of our visionary Prime Minister Narendra Modi and with active support of Maharashtra Chief Minister Devendra Fadnavis, the decision of having an investment of a whopping Rs 60,000 to Rs 65,000 crore in the last proposed budget has been approved.

“This will ensure upgradation of the suburban railway system of Mumbai and its adjacent areas,” he said.

“Given the pace at which the infrastructure and public amenity works are being executed by the Railways, I believe that in the next four to four-and-a-half years, the suburban rail network of Mumbai, Navi Mumbai or Mahamumbai will see a complete metamorphosis,” Goyal said.

He was speaking after commissioning of the new Nerul- Seawoods Darave-Belapur-Kharkopar suburban rail corridor in Navi Mumbai. This is the first phase of the 27km Nerul-Belapur -Uran corridor on the Harbour route of the Central Railway.

Goyal along with Fadnavis commissioned the first phase of the corridor, that comprised 12km out of the 27km rail line, at the Kharpokar railway station.

Regular services on the new corridor will start from Monday and link Ulwe node in Navi Mumbai with Chhatrapati Shivaji Maharaj Terminus and Panvel on the Harbour route besides Thane on the Trans-Harbour corridor.

Addressing the gathering, Goyal said Fadnavis has set a target of Maharashtra becoming a trillion-dollar economy by 2025.

The Indian Railway will play a crucial role in achieving this target, he said.

“Be it the leaders of my own party (the BJP) or from the Shiv Sena, or public and passengers representatives, they keep following rail projects regularly with me which sometimes annoys me also.

“Nevertheless, it gives me pleasure, too, as they are doing their job for improving amenities,” Goyal said.

He also inaugurated induction of eight MEMU services between Vasai Road-Diva-Panvel-Pen and other passenger amenities.

These amenities included six FOBs (foot over bridges), 41 escalators at 23 stations, 10 lifts at six stations, half a dozen toilets at as many stations, 318 new ATVMs (Automatic Ticket Vending Machines) at 77 suburban stations.

Other amenities were IP-based suburban train indicators at 10 stations, 206 additional CCTV cameras at six stations, two booking offices at Bhiwandi Road and Navde Road stations, raising of platform height to 900 mm at 273 platforms of suburban stations as well as one megawatt solar power plant at EMU Carshed in Sanpada.


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Take my money, save cash-strapped Jet Airways: Mallya urges banks

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New Delhi: Businessman Vijay Mallya on Tuesday urged Indian banks to “take his money” and save cash-strapped Jet Airways.

“I repeat once again that I have placed liquid assets before the Hon’ble Karnataka High Court to pay off the PSU Banks and all other creditors. Why do the Banks not take my money. It will help them to save Jet Airways if nothing else,” the liquor baron tweeted.

“I invested over 4000 crores into Kingfisher Airlines to save the Company and its employees. Not recognised and instead slammed in every possible way. The same PSU Banks let India’s finest airline with the best employees and connectivity fail ruthlessly. Double standards under NDA,” read another tweet.

 

Mallya also claimed that the media “decimated” him for writing to Prime Minister Narendra Modi while a BJP spokesman “eloquently read out” letters he wrote to former Prime Minister Manmohan Singh and alleged that PSU banks under the UPA government “wrongly supported” Kingfisher Airlines.

Jet Airways has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.

Last week, State Bank of India (SBI) Chairman Rajnish Kumar had said that the resolution plan is almost ready and it will not involve a bailout for any individual.

At the same time, talks with Abu Dhabi-based airline Etihad to secure a rescue deal are still on, he said adding there is also a possibility of bringing in another investor.

“We believe Jet Airways is a good aviation property and it is in every body’s interest that it continues to fly,” Kumar had said on March 20.

The chairman of the airline, Naresh Goyal, stepped down on Monday (March 25), following which lenders agreed to pump in Rs 1500 crore to bail out the financially troubled airline.

Meanwhile, a Delhi court had, last week, ordered attachment of Mallya’s properties in Bengaluru under section 83 of the Code of Criminal Procedure in connection with a FERA (Foreign Exchange Regulation Act) violation case, and fixed the next date of hearing as July 10.

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Goyal has option to raise stake; expect buyer for Jet by May 31: SBI chief

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New Delhi: Embattled Jet Airways promoter Naresh Goyal, who was forced to cut his stake in the cash-strapped airline, will be eligible to bid for takeover of one of the oldest private carrier when the lenders auction it next month, SBI Chairman Rajnish Kumar said.

State Bank of India, which is the leader of the group of lenders, will next month invite Expression of Interest from buyers willing to takeover the airline and will finalise the investor by May end, he said.

Consortium of lenders led by the SBI Monday agreed to put in Rs 1,500 crore immediate funding by acquiring 51 percent stake in the company through issue of Rs 11.4 crore fresh shares.

 

As a result, the stake of promoter Naresh Goyal will come down to 25 percent from 51 percent, while Abu Dhabi’s Etihad Airways, which had a 24 percent stake in the carrier, came down to 12 percent.

Bidding process to be initiated by lenders for sale to new investor(s) is expected to be completed in June quarter as per the resolution plan.

“June is too late. My expectation is May 31…Market is open for everyone whosoever wants to come in. There will be expression of interest which will be given by April 9 and binding bids by April 30.

“It could be financial investor, it could be airline…Including Naresh Goyal himself or Etihad. No body is barred from bidding or taking over the airline as per the rule,” Kumar said.

Asked about board nominee from lenders’ side, Kumar without revealing names said, it would be top quality professional who would see through the process of sale for which strict timelines are there.

Jet Airways has a debt of over Rs 8,200 crore and needs to make repayments of up to Rs 1,700 crore by the end of March. It has already defaulted on an ECB payment earlier this week but is servicing its domestic debt.

Jet Airways Founder and Chairman Naresh Goyal and his wife Anita Goyal will step down from the board of the ailing airline following reduction in their stake to 25 percent as per the resolution plan formulated by SBI-led domestic lenders.

After weeks of speculations and uncertainties over the future course of Jet Airways, which has grounded over 80 planes due to financial woes, approved constitution of an Interim Management Committee to manage and monitor the daily operations and cash flow of the company.

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DLF launches QIP to raise over Rs 3,000 crore

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New Delhi: Realty major DLF launched its QIP offer to raise over Rs 3,000 crore by selling 17.3 crore equity shares to qualified institutional investors.

With an aim to become a debt-free company, DLF had last year announced plans to issue up to 17.3 crore shares through qualified institutional placement (QIP) to raise funds and pre-pay loans.

According to a regulatory filing, DLF has launched its QIP and the floor price has been fixed at Rs 193.01 per equity share.

 

The company said that at its discretion it may offer a discount of up to 5 percent on the floor price in the QIP.

DLF’s shares closed at Rs 189.40 on the BSE, down 3.49 percent.

This is the third major fund raising from DLF. In 2007, DLF raised close to Rs 9,200 crore through initial public offer (IPO). In 2013, the company had raised nearly Rs 1,900 crore through institutional placement programme.

The DLF’s QIP comes close in the heels of successful launch of India’s first Real Estate Investment Trust (REIT), launched by Blackstone and Embassy to raise Rs 4,750 crore.

DLF’s group CFO Ashok Tyagi had recently said that the QIP proceeds and further infusion of Rs 2,500 crore from promoters against the issue of warrants would help the company in significantly reducing the debt that stood at around Rs 7,200 crore as on December 31, 2018.

DLF promoters K P Singh and family have already infused Rs 9,000 crore in the company and would pump in Rs 2,250 crore more.

The company made a preferential allotment of compulsorily convertible debentures (CCDs) and warrants to the promoters against the infusion of funds.

As infusion of the fund by promoters will lead to an increase in their shareholdings beyond permissible limit of 75 percent, the company plans to launch QIP and maintain minimum public shareholding of 25 percent in a listed entity.

In August 2017, the promoters had sold entire 40 percent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for Rs 11,900 crore and committed to infusing bulk of this amount in the company to cut net debt.

This deal included the sale of 33.34 percent stake in DCCDL to Singapore’s sovereign wealth fund GIC for Rs 8,900 crore and buyback of remaining shares worth Rs 3,000 crore by DCCDL.

The deal concluded in December 2017. As a result, DLF stake in DCCDL increased to 66.66 percent stake from 60 percent, while GIC has a balance of 33.34 percent stake in the joint venture firm.

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