New Delhi: Lauding the telecom department for achieving its tele-density target ahead of schedule, the government today said a transparent and consistent policy framework would ensure further growth in the sector, reports PTI.
“With an overall tele-density achievement of 61% (137% urban and 28% rural), the sector has been a success story so far,” said the Mid-Year Analysis of the economy for 2010-11. The document was tabled by finance minister Pranab Mukherjee in Parliament
It said the sector has been highly successful in attracting private investment and generating additional revenues to the government.
Besides, the mid-year analysis also said the private players are expected to invest about 82% of the total projected investment of Rs3,45,134 crore in the sector during the 11th Plan.
Outlining several cross-cutting, regional and local level challenges, it said that there is an urgent need to create an enabling environment for the private investment and improve delivery of the public-sector projects at sub-national level.
The analysis document said the growth rate could cross 9% in the current fiscal itself and revert to the pre-crisis levels.
It is estimated that growth in 2010-11 will be 8.75% with 0.35% variation on either side.
The range indicates the possibility of crossing the 9% mark this year itself.
The Hinduja Group has signed agreements with leading French firms for road infrastructure projects as well as development of solar energy in India.
The Group co-chairman GP Hinduja has signed a 50:50 joint venture agreement for development of road infrastructure projects with France-based Vinci Group.
The joint venture is for acquiring small, local construction companies and put them together for road construction in India, Mr Hinduja said. He, however, declined to name the companies which are on the radar for acquisition.
Mr Hinduja has also signed a pact for joint development of solar energy for rural areas with a French company whose name he declined to reveal.
Religare Enterprises Ltd, through its subsidiary Religare Global Asset Management Inc, has announced a strategic investment in Landmark Partners, a private equity and real estate fund-of-funds asset manager focused on secondary transactions.
The parties have signed a definitive agreement for Religare to acquire a 55% stake in Landmark Partners for a consideration of up to $171.5 million. Landmark Partners' management team will retain a significant equity stake in the business.
The team will continue to run the daily operations without any change and be responsible for all investment decisions. The transaction is subject to customary closing conditions and regulatory approvals.
This strategic transaction represents a clear opportunity for Landmark to expand its secondary investment activity into countries where Religare's broader financial services platform has a global presence. In addition, Religare's access to capital and global reach provide Landmark the opportunity to continue to consistently create value for its investors with its products in both existing and new markets.
Landmark Partners manages 27 private equity and real estate secondary funds-of-funds with more than $8.3 billion of committed capital.
On Tuesday, Religare Enterprises declined 1.65% to Rs474.70 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.23% down at 19,934.64 points.