Govt seeks Parliament nod for Rs56,848.46 crore net spend

The approval for second supplementary grants for 2011-12 amounting to Rs56,848.46 crore was sought by finance minister Pranab Mukherjee in the Lok Sabha. A statement in this regard was laid in the Upper House

New Delhi: Faced with a resource crunch, the government today sought Parliamentary approval for additional net expenditure of Rs56,848.46 crore for the current fiscal, with under-recoveries of oil marketing companies accounting for Rs30,000 crore, reports PTI.

The approval for second supplementary grants for 2011-12 was sought by finance minister Pranab Mukherjee in the Lok Sabha. A statement in this regard was laid in the Upper House.

“Approval of Parliament is sought to authorise gross additional expenditure of Rs63,180.24 crore. Of this, the proposals involving net cash outgo aggregate to Rs56,848.46 crore and gross additional expenditure, matched by the savings of the ministries/departments aggregates to Rs6,330.80 crore,” the introductory note for demand said.

A maximum of Rs30,000 crore grant has been sought for ministry of petroleum and natural gas.

The statement for supplementary demands said the grants for ministry of petroleum is sought for “providing compensation towards estimated under-recoveries to oil marketing companies on account of sale of petroleum products (Rs30,000 crore)....”

Besides ministry of petroleum, Rs13,778.93 crore grants has been sought for Department of Fertilisers to meet Rs2,200 crore expenditure on subsidy on imported fertilisers and Rs3,000 crore on imported decontrolled fertilisers.

Of the additional expenditure sought Rs3,800 crore has been sought for the ministry of defence, Rs2,297.52 crore for ministry of consumer affairs, food and public distribution, Rs1,500 crore for police and Rs1,030 crore for pensions.

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KEC sells leasehold rights to Vashi land for Rs72.5 crore

KEC was operating a tower testing station at Vashi, which now stands decommissioned

KEC International has sold its leasehold rights over 7.63 acres of land near Vashi, in Navi Mumbai, to Vodafone Shared Services for Rs72.5 crore as part of efforts to reduce debt.

"KEC International has sold the leasehold rights on its land to Vodafone Shared Services for the consideration of Rs72.5 crore," the company said in a release.

KEC had taken the land, measuring 7.63 acres and located in the Trans Thane Creek Industrial Area, "long back" on a 95-year lease from Maharashtra Industrial Development Corporation, a company official said.

The company was operating a tower testing station at Vashi, which now stands decommissioned.

"The company commenced a new tower testing station at Butlbori, Nagour, in the year 2010 and subsequent to that, the Vashi tower testing station was closed.

The proceeds from the transaction will be used for reducing overall debt of the company," KEC managing director Ramesh Chandak said.

As of September-end, the consolidated debt of the company stood at Rs1,723 crore.

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HCC JV bags Rs987crore order from Railways

HCC will construct a superstructure of Bogibeel rail-cum-road bridge in Assam in 48 months

Leading engineering and construction firm Hindustan Construction Company (HCC) said its joint venture firm HCC-DSD-VNR has bagged a Rs987 crore order from the Northeast Frontier Railway to construct a superstructure of Bogibeel rail-cum-road bridge in Assam.

HCC's share in this order is 51%, Germany's DSD Brouckenbau has 20% and VNR Infrastructures gets the remaining 29%, a company statement said.

"This is one of the modern bridges over the Brahmaputra near Dibrugarh and HCC, along with its joint venture partners, is committed to build a world-class infrastructure for the Railways. The work on this superstructure will be completed in 48 months," HCC president and whole-time director Arun Karmabelkar said.

The 4.31-km long bridge will be double decked, having two railway tracks on the lower deck and a three-lane road on the upper deck. The road level will be 10.5 meters above the railway line. This will be the country's fourth largest bridge and the longest over the Brahmaputra, he added.

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