The state government on 11th August, cancelled a contract for widening of Theog-Hatkoti-Rohru road, awarded to a Chinese company for delay in execution of the project
Shimla: Himachal Pradesh government has cancelled the contract with a Chinese company for delay in executing a World Bank-funded road widening project in Shimla district, Public Works Department Minister, Gulab Singh said, reports PTI.
"The contract for widening of Theog-Hatkoti-Rohru road, awarded to a Chinese company was terminated on 11th August", the minister said in reply to a question.
Citing reasons for termination of the contract, he said inadequate funding and non-mobilisation of resources by Longjian Road and Bridge Company led to delay.
Singh said the Rs228-crore contract for construction of the 81km-long road was awarded to the company through global bidding.
As per the agreements, the construction work that began on 5 June 2008 was scheduled for completion in three years, he added.
The minister said that in the initial stage there was delay in transfer of land and getting clearances and work came to a standstill in 2009 when the Indian government cancelled the visas of employees of the Chinese company and most of the employees had to return to China.
The government had served three notices before terminating the contract through a consultant appointed by the World Bank, he said.
"To make the road motorable, the PWD spent Rs2.5 crore during the past three-four months, Singh added.
The Pune-based company has priced the proposed issue at Rs650 per share and would use the money to fund its non-banking unit
Issue of equity shares on a rights basis to its existing equity shareholders would aggregate to Rs941 crore approximately, Bajaj Finserv said in a filing on the BSE.
The Pune-based company has priced the proposed issue at Rs650 per share. The rights issue entitlement ratio is one equity share for every 10 shares held as on the record date.
The holding company, which is present in segments like lending to finance consumer durables, equipment and both life and general insurance, plans to plough the money to fund its share in its non-banking subsidiary.
The company has fixed 8 September 2012, as the record date for the purpose of proposed rights issue of equity shares.
The special committee constituted by the board also took note of the approval received from the Foreign Investment Promotion Board (FIPB) on 2 August 2012, it said.
FIPB's approval is for the issuance and allotment of equity shares up to 10.4% of the equity of the company to persons resident outside of
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