ADB to provide $7.4 bn assistance for developing India’s infrastructure

A major thrust of ADB's India Country Operations Business Plan for 2011-2013 will be to support infrastructure development, particularly through public-private partnership (PPP) programs

New Delhi: The Asian Development Bank (ADB) will extend $7.4 billion assistance to India for developing the country's infrastructure for a period of three years from 2011-13. The development follows signing of an agreement earlier this month for $1.5 billion funding from the World Bank to supplement the Pradhan Mantri Gram Sadak Yojana (PMGSY) or the Prime Ministers Rural Roads Program.

"ADB and the government of India have agreed on a new three-year business plan that will provide lending assistance of $7.4 billion to support inclusive and environmentally sustainable growth in the country," reports PTI quoting the multilateral lending agency.

A major thrust of ADB's India Country Operations Business Plan (COBP) for 2011-2013 will be to support infrastructure development, particularly through public-private partnership (PPP) programs, the statement added.

Continued assistance for development of the vital energy sector by means of projects involving clean and renewable energy sources, including solar power is another key focus area, ADB said.

"ADB is pleased to note that approval of the India COBP comes against the backdrop of record performance by ADB in terms of both program delivery and portfolio performance in 2010," ADB country director (India) Hun Kim said.

In 2010 ADB approved loans amounting to $2.2 billion while its annual disbursement reached a record level of $1.7 billion.

"We very much look forward to continue to work closely with the government of India in implementing the projects in the COBP to help promote inclusive growth and reduce poverty in the country," Mr Kim said.

In order to help bridge inter-state economic disparities, the bank will continue with its projects in transport, energy and urban sectors in states like Assam, Bihar, Chhattisgarh, Himachal Pradesh, Madhya Pradesh, and Rajasthan, the Manila-based lender said.

ADB is a multilateral financial institution that promotes social and economic progress in the Asia-Pacific region.

The agency would also continue to provide assistance for the critical national Rural Roads Development Program in Assam, Chhattisgarh, Madhya Pradesh, Orissa, and West Bengal and for public resource management in Assam and Mizoram, it added.

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Hotel Leelaventure net dips 24% to Rs22 crore; scrip touches 52-week low

Reacting to the decline in profit, shares of Hotel Leelaventure plunged by 4.68% to hit a one-year low of Rs39.65 apiece in early trade on the BSE today

Mumbai: Hospitality major Hotel Leelaventure today reported a 23.63% dip in net profit for the quarter ended 31 December 2010, to Rs22.04 crore, down from Rs28.86 crore in the October-December quarter of the last fiscal, the company said in a filing to the Bombay Stock Exchange (BSE).

The total income of the company, however, grew to Rs 142.25 crore in the third quarter of FY'11 from Rs 127.74 crore in the year-ago period, a growth of 11.36% year-on-year.

Reacting to the decline in third quarter profit, shares of Hotel Leelaventure plunged by 4.68% to hit a one-year low of Rs39.65 apiece in early trade on the BSE today.

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Core infrastructure industries’ output improves to 6.6% in December

The development is expected to lift the Index of Industrial Production (IIP) numbers for December

New Delhi: Output of the six core infrastructure industries grew by a healthy 6.6% in December 2010, an indicator that the Indian economy is on a firm wicket, reports PTI.

The six core sectors-crude oil, petroleum refinery products, coal, electricity, cement and finished steel-had expanded by 6.2% in December 2009.

The 6.6% growth charted in December 2010 is significantly higher than the 3% expansion recorded in the previous month and is expected to lift the Index of Industrial Production (IIP) numbers for December.

Industrial output, as measured by the IIP, had sunk to an 18-month low of 2.7% in November 2010.

These core industries account for 26.68% of the country's total industrial output.

Petroleum refinery output grew by 8.3%, while production of coal registered 3% growth in December 2010, as per the data released by the Industry Ministry.

However, growth in cement production slowed to 2.2% in December 2010, compared to 11% expansion in December 2009.

Finished steel production grew by 11.2% in December 2010, from 9.6% in the comparable period a year ago.

In addition, crude oil production witnessed a significant jump during the last month of the 2010 calendar year, rising by 15.8%. In comparison, crude output rose by just 1.1% in December 2009.

During the first nine months of the current fiscal, the six core industries registered average growth of 5.3%, compared to 4.7% expansion in April-December 2009.

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