C&C says it has qualified for road projects worth Rs20,000 crore

The infrastructure company has cleared the technical qualification round for building several highway projects worth around Rs20,000 crore in the country

Infrastructure player C&C Constructions Ltd said on Thursday that it has cleared the technical qualification round for building several highway projects worth around Rs20,000 crore in the country.

The company also said that it would focus on road projects in West Asia to increase revenues from international business.

"We have qualified for Rs20,000 crore worth of projects of the National Highways Authority of India (NHAI)," C&C Constructions chairman GS Johar told PTI.

He said about 25%-30% of all the projects that the company has qualified for are based on build-operate-transfer (BOT) annuity contracts.

Under the BOT annuity scheme, private developers get half-yearly payments from the government for building and maintaining roads.

Mr Johar said that the company plans to develop projects both as part of a consortium as well as on its own.

On expanding the firm's global business, he said, "We plan to increase the share of revenues from our international business to 25% from 15% currently."
 

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Mumbai civic body to raise Rs2,000 crore to overcome crunch

MCGM is exploring ways to raise around Rs2,000 crore through internal loans. It will also explore bond issue and will utilise fixed deposits currently lying with banks. The civic body is trying to overcome a financial crunch created by a projected shortfall in revenue collection and massive expenditure on projects

The Municipal Corporation of Greater Mumbai (MCGM) is considering the raising of funds to the tune of Rs2,000 crore as India's richest civic body struggles to overcome a financial crunch created by a projected shortfall in revenue collection and massive expenditure on projects.

"MCGM is exploring ways to raise around Rs2,000 crore through internal loans and also by ways of bonds and fixed deposits lying with banks," municipal commissioner Swadheen Kshatriya told PTI.
"We have written to the State government seeking permission to raise internal loans and hope to get a reply soon," he said.

The corporation, which has an annual budget of over Rs15,000 crore—more than some small Indian states—is likely to face a drop of around Rs600 crore in collection from octroi, one of its key revenue streams, in the current financial year.

The civic body is trying to find out reasons behind the drop of around 10%-15% of an estimated octroi collection of Rs4,300 crore in the current fiscal, he said.

"We are examining the causes of likely shortfall in octroi collection. Whether it is recession, slackness on part of the civic staff or any other reason, is yet to be established," Mr Kshatriya said.

The MCGM has taken up a number of projects, including the Upper Vaitarna water scheme, deepening and widening of the Mithi river, whose flooding had caused havoc in July 2005.

The municipal corporation is also implementing the Brihanmumbai Storm Water and Drainage (Brimstoward) project, costing Rs1,200 crore, with assistance from the Union government.
 

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