Companies & Sectors
L&T IDPL achieves financial closure for two projects in Maharashtra

L&T Infrastructure Development Projects said ICICI Bank-led consortium would fund its two road projects in Maharashtra

 
Mumbai: L&T Infrastructure Development Projects (L&T IDPL) on Friday said it has achieved financial closure for two of its road projects in Maharashtra, reports PTI.
 
The financial closure for the projects, which will be funded by an ICICI Bank-led consortium, was achieved on 30th November, the company said in a statement.
 
The projects involve four laning of contiguous stretches on NH-6 including Amravati to Jalgaon (275 km) and Jalgaon to Gujarat-Maharashtra border (209 km), on design, build, finance, operate and transfer (DBFOT) basis, it said.
 
The estimated cost of the projects are Rs2,537.81 crore for the Amravati-Jalgaon stretch and Rs1,968.37 crore for the Jalgaon to Gujarat-Maharashtra border stretch.
 
The concession period for the Amravati-Jalgaon and the Jalgaon to Gujarat-Maharashtra projects are 19 years and 20 years, respectively, which includes the construction period of 2.5 years, the release said.
 
Both the projects are a part of the east-west connector, linking hubs of economic activity in Gujarat and Maharashtra to the mineral-rich states of Odisha and Chhattisgarh, it said.
 
L&T IDPL has been a major player in public private partnership (PPP) projects with interests in roads and bridges, ports, metro rail and emerging sectors such as transmission lines, water and railways.
 
The company currently handles a portfolio of infrastructure assets worth Rs40,000 crore comprising 17 road projects, three ports and a metro rail project, the release said.
 

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AIBA suspends Indian Boxing Federation over political links and election

AIBA said it will investigate the IBAF election and especially a potential political link between IOA President Abhay Singh Chautala, as former Chairman of the IABF

 
Lausanne/New Delhi: In a massive jolt to boxing in India, the International Boxing Association (AIBA) has suspended the Indian Amateur Boxing Federation (IABF) alleging "possible manipulation" in its recent elections but the body has denied the charge, insisting that the process was "transparent", reports PTI.
 
The development which has left the IABF "stunned" comes within a few days of the International Olympic Committee (IOC) suspending the Indian Olympic Association (IOA).
 
"Further to the International Olympic Committee's suspension imposed on the Indian Olympic Association, the AIBA Executive Committee Bureau has decided today 6th December to provisionally suspend the IABF," the AIBA said in a statement.
 
"This provisional suspension is also due to the fact that AIBA had learned about possible manipulation of the recent IABF's election.
 
"AIBA will now investigate this election and especially a potential political link between IOA President, as former Chairman of the IABF, and the IABF election," it added.
 
During the September elections, outgoing President Abhay Singh Chautala, who was elected IOA President despite IOC's suspension, was retained in the body as nominated Chairman of the body.
 
The development now also puts a question mark over Chautala's election as IOA President since he came into the fray as an IABF representative. Interestingly, his brother-in-law and BJP MLA from Rajasthan, Abhishek Matoria, was elected as the new IABF President.
 
Stunned by the suspension, Matoria said that the world body had been apprised of the election process in detail.
 
"AIBA had specific queries about the election process and we had explained to them that there was no manipulation. Those who got elected were unanimous choices and just because there was unanimity, the AIBA cannot allege manipulation," Matoria told PTI.
 
"This is a provisional suspension and I am sure it would be lifted soon after we explain our stand to AIBA. If need be, I will personally go and speak to AIBA officials in Lausanne," Matoria said.
 
"Our boxers are not threatened by any repercussions for the time being because the next major AIBA event is quite far and the matter will be resolved by then," he added.
 
The next AIBA event is the Junior World Championships in August next year, followed by the senior World Championships in October.
 
A senior IABF functionary told PTI that there might be a re-election.
 
"Let's wait and see. Maybe there would have to be a re-election in a proper manner with AIBA Observer being present," he said.
 
In the September IABF elections, the body had been left in a fix after the Sports Ministry barred it from making constitutional changes that could have facilitated continuation of the incumbent set of office-bearers.
 
Meanwhile, the AIBA's decision came as a bolt from the blue for the boxers, many of whom are in the national camp in Patiala.
 
"It is a sad day for Indian boxing and I can't understand how such a development can take place. I don't understand why the matter was not explained to AIBA," India's first Olympic medallist in the sport, Vijender Singh, said.
 
The Beijing Olympics bronze-medallist was, however, hopeful that the issue would be resolved soon.
 
"The next AIBA event is quite far but hopefully we would not sit on it for too long and get the suspension revoked as soon as possible," he said.
 

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Ajit Pawar re-inducted in Maharashtra cabinet as Deputy Chief Minister

Ever since the white paper gave a virtual clean chit to Ajit Pawar, the chorus for his return had been growing louder and it was only a matter of time before the nephew of NCP chief was brought back as deputy chief minister

 
Mumbai: A week after a Maharashtra government white paper on irrigation gave Ajit Pawar a clean chit, the senior leader and nephew of Nationalist Congress Party (NCP) chief Sharad Pawar was on Friday sworn-in as Deputy Chief Minister, reports PTI.
 
Pawar, the nephew of NCP president and Union Minister Sharad Pawar, was sworn in at Raj Bhawan.
 
Governor K Sankaranarayanan administered oath of office to Pawar in the presence of Chief Minister Prithviraj Chavan.
 
Opposition Sena-BJP members, which have denounced the move, kept away from the swearing-in ceremony.
 
The dramatic announcement of resignation of Pawar on 25th September, in the wake of allegations of corruption in irrigation projects, had plunged the state's Congress-NCP government into a crisis with all other 19 party ministers offering to quit.
 
Pawar, 53, had resigned after media reports alleged he had arbitrarily awarded irrigation contracts worth over Rs20,000 crore when he was state's irrigation minister during 1999-2009, before he was elevated as deputy chief minister and handled the plum finance and energy portfolios.
 
The white paper, presented by the irrigation department to the state Cabinet on 29th November, had claimed a 28% increase in irrigation potential in Maharashtra in the last ten years.
 
It was described as a status paper on irrigation and not an investigation report.
 
Chavan had announced a white paper on irrigation would be brought after state's economic survey report said the state's irrigation potential had risen only by 0.1% between 2001 and 2010.
 
All these years the irrigation portfolio was with the NCP.
 
Ever since the white paper gave a virtual clean chit to Ajit Pawar, the chorus for his return had been growing louder and it was only a matter of time before he was brought back as deputy chief minister.
 
As the Congress-NCP dispensation appeared on a shaky ground following Ajit Pawar's resignation and Sharad Pawar had to fly into Mumbai to bring things under control, the NCP boss had made it clear that the former Deputy CM would continue to be the leader of its Legislature party.
 
The NCP boss's right hand man and cabinet colleague Praful Patel had said the deputy chief minister's post will be kept vacant, indicating he would be back once the white paper "cleared" him.
 
Meanwhile, Opposition BJP and Shiv Sena yesterday reacted sharply to the impending reinduction of Pawar and demanded that he face a probe by a Special Investigation Team.
 
"If he has guts he should be ready for SIT probe. If he is proved innocent, then he should come back in the cabinet with respect," Khadse had said.
 
He alleged that the Chief Minister was bringing Pawar back under ally NCP's pressure.
 
"It is really unfortunate that Chief Minister Chavan who calls himself clean has to re-induct Pawar due to NCP's pressure," Khadse said.
 
Speaking to reporters after his swearing-in ceremony, Ajit Pawar claimed that he was not indicted in the white paper which was presented by the state government on November 29.
 
"Nobody asked me to resign from the post of Deputy Chief Minister. I gave the resignation so that people should not think that I was involved in drafting the white paper," Pawar said.
 
He also claimed that a lot of work has been done on the irrigation front.
 
Meanwhile, reacting to questions on PILs filed against him in connection with the alleged irrigation scam, he said, "The way in which PILs are filed in the courts, the Prime Minister, chief ministers and other ministers won't be able to work and they will have to remain out of office."
 

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