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Centre for Rs. 3,000 cr equity for SPVs in CBIC project

press club of india, Indian Tehalka News

The Ministry of Commerce and Industry has proposed up to Rs. 3,000 crore as equity in Special Purpose Vehicles (SPVs) under Chennai-Bangalore Industrial Corridor (CBIC) project. The Southern Zonal Council meet took stock of the Detailed Project Report (DPR) prepared by the Japan International Corporation Agency (JICA) for Chennai Bangalore Industrial Corridor (CBIC) project in the city on Saturday.

The Council meet is chaired by the Union Home Minister Rajnath Singh and attended by Council member States — Andhra Pradesh, Tamil Nadu, Karnataka, Kerala, Telangana and Puducherry.

As per information from Union Ministry of Home Affairs, JICA has been given the task of preparing the Concept Master Plan and Development Plan for Tumkur (Karnataka), Ponneri (Tamil Nadu) and Krishnapatnam (Andhra Pradesh) as industrial nodes under CBIC project. The master planning of the above Nodes is in progress.

A status report of the DPR prepared by JICA is circulated in the Council meet and the same is discussed in detail. In the last meeting of the Council, the State of Karnataka wanted the project to be extended to Hubli and Belgaum. The Department of Industrial Policy and Promotion (DIPP) has stated that it has been extended to Chitradurga.

The Government of Andhra Pradesh, on its part, informed that the CBIC alignment incorporates Naidupeta-Tirupati-Pileru-Madanapally-Kolar-Bangalore Corridor. This area being within the hinterland of Krishnapatnam, would facilitate the decongestion of the corridor through Krishnapatnam Port. The DIPP was advised to take the views of the member States into account on development of Peninsular Region Industrial Development Corridor (PRIDe) while finalising project plan.

The CBIC is a part of PRIDe project in the peninsular India which is meant to facilitate connecting industrial clusters/nodes of Karnataka, Andhra Pradesh, Tamil Nadu and Maharashtra. The various projects in the corridor are proposed to be developed under Public Private Partnership (PPP) frameworks for viable projects and non-PPP for non-viable projects.

Andhra Pradesh Chief Minister N. Chandrababu Naidu, Home Ministers of the other five Southern States and top government officials are among the members attended the meet.

From: The Hindu

Centre for Rs. 3,000 cr equity for SPVs in CBIC project Reviewed by on . press club of india, Indian Tehalka News The Ministry of Commerce and Industry has proposed up to Rs. 3,000 crore as equity in Special Purpose Vehicles (SPVs) u press club of india, Indian Tehalka News The Ministry of Commerce and Industry has proposed up to Rs. 3,000 crore as equity in Special Purpose Vehicles (SPVs) u Rating: 0
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