Chennai Corporation to issue Rs 205 crore green bonds for Kodungaiyur biomining project
The funds raised through green bonds will be used to finance the biomining project at the Kodungaiyur dumpyard, to reclaim 252 acres of land. While the total project cost is Rs 640.83 crore, GCC's share stands at Rs 385.64 crore. Of this, Rs 205.64 crore will be raised through green bonds and the remaining Rs 180 crore will be sourced through external funding via the Germany-based development bank KfW.
Highlighting the success of other municipalities like the Indore municipal corporation, which saw 5.91 times oversubscription, and Pimpri-Chinchwad municipal corporation, which saw 5.13 times oversubscription, the GCC said there is a strong demand for green bonds.
As a second-time issuer of municipal bonds and a first-time issuer of green municipal bonds, GCC is also eligible for an incentive of Rs 10 crore for every Rs 100 crore raised under the AMRUT 2.0 scheme.
The GCC's bond issuance committee is expected to submit the proposal to the state government for approval in the coming days. Earlier in May, GCC listed its first municipal bonds on the National Stock Exchange, raising Rs 200 crore at 7.97% interest over 10 years.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
2 minutes ago
- Hans India
Medak selected for BEE's ADEETIE scheme for pharma
Hyderabad: In a significant move to strengthen India's MSME sector and promote sustainable industrial practices, the Ministry of Power has launched the Assistance in Deploying Energy Efficient Technologies in Industries and Establishments (ADEETIE) scheme, backed by a Rs 1,000-crore central budget. Launched nationally from Panipat, the scheme is being implemented by the Bureau of Energy Efficiency (BEE) and is designed to fast-track the adoption of advanced energy-efficient technologies in MSMEs—an economic backbone employing millions and driving innovation across sectors. BEE has selected 5 states for implementing ADEETIE scheme including Telangana to promote global energy efficiency technologies in pharma industry. Apart from Baddi, Madgaon, Ahmedabad and Bidar, Medak in the Telangana was selected under ADEETIE Scheme for Pharma. As part of the national rollout, BEE has appealed to all State Governments to take immediate and focused action in scaling up implementation of the ADEETIE scheme. States have been urged to engage their State Designated Agencies (SDAs) to proactively educate stakeholders, identify eligible clusters, and provide end-to-end support to MSMEs for seamless technology transition. The Ministry of Power has specially acknowledged the proactive role of states like Telangana, Andhra Pradesh, Kerala, Karnataka and Tamil Nadu, while calling upon all states to rise to the occasion and make ADEETIE a turning point in India's clean industrial growth. 'ADEETIE is a big boon to the MSME sector,' said Akash Tripathi, Additional Secretary, Ministry of Power and Director General, BEE. 'We urge all states to capitalize on this opportunity from the very beginning to ensure the scheme's success and maximize benefits for their industries.' Of the Rs 1,000-crore budget, Rs 875 crore is earmarked as interest subvention to ease access to concessional finance for energy-efficient upgrades, while Rs 50 crore is allocated for implementation and capacity-building. The initiative is expected to leverage total investments of over Rs 9,000 crore, including significant lending by MSMEs themselves. The scheme provides comprehensive support—from Investment Grade Energy Audits (IGEA) and Detailed Project Reports (DPRs) to financing assistance and Monitoring & Verification (M&V)—ensuring measurable energy savings, reduced costs, and enhanced productivity. MilindDeore, Secretary, BEE, emphasised the importance of state-level engagement: 'The role of SDAs is crucial in outreach, handholding, and scaling the scheme. By working closely with stakeholders, states can ensure their MSMEs become globally competitive and environmentally responsible.' ADEETIE is operational across 60 industrial clusters and 14 energy-intensive sectors, including textiles, foundries, and food processing, among others. A phased, cluster-specific approach is being adopted to tailor interventions and ensure measurable outcomes. The Centre sees this scheme as a pivotal tool not just for post-pandemic recovery, but for long-term sustainability, job creation, and achieving India's climate and net-zero goals.
Hans India
2 minutes ago
- Hans India
Tender delay causes Rs 1 cr loss to JP Dargah admin
Hyderabad: The annual tender process for the Hazrat Jahangir Peer Dargah, renowned as JP Dargah has been delayed for over several months, leading to serious consequences. The delay has caused a financial loss of over Rs 1 crore to the Dargah administration. The annual tender includes contracts for about 15 key services including stalls, lighting, floral decorations, cleaning, and management – all allocated through the Telangana State Waqf Board. However, due to ongoing disputes allegedly between the Waqf Board Chairman and CEO, the tender has been indefinitely delayed. According to the sources, several applicants submitted demand drafts (DDs) worth Rs 10 lakh, Rs 20 lakh, and even Rs 30 lakh for the tenders. Despite this, the Waqf Board has neither refunded the money nor issued allotments nor moved the tender process forward. The sources revealed that the issue is not isolated to Jahangir Peer Dargah. Similar problems persist in other major shrines and several Dargahs. Welfare activities funded by these annual revenues, such as stipends for orphans and widows, cemetery wall repairs, and anti-encroachment efforts, have also come to a standstill. Meanwhile, even after the appointment of a new Minority Welfare Minister in Telangana, there has been no visible progress on the issue. Despite repeated representations, petitions, and complaints submitted to the Minority Welfare Department, Secretary, and Waqf Board, the matter remains unaddressed, informed a source. With a new minister at the helm of the Minority Welfare portfolio, the public, stakeholders, and affected contractors are directly appealing for his personal intervention. They urge immediate steps to restore the functioning of Jahangir Peer Dargah and other institutions, so that essential services and community welfare efforts can resume without further delay.
Hans India
2 minutes ago
- Hans India
Over 1.95L farmers to be covered in Nellore dist
Nellore: Collector O Anand has said that as many as 1,95,866 farmers each will get a benefit of Rs 5,000 and total Rs 97.933 crore in the 1st phase of Annadatha Sukhibhava Scheme(ASS) in the district. In a press note released here on Friday, the Collector said that under the 20th phase of Prime Minister Kisan Yojana (PMSY), 1,68, 350 farmers each will receive Rs 2,000 with the total amount being Rs 37.67 crore. The Collector said that under these two schemes, each farmer would have secured to total Rs 20,000 per year. He said that Chief Minister Nara Chandrababu Naidu will inaugurate ASS at East Veeraiah Palem village of Darsi mandal Prakasam district on Saturday. He said that the selection of beneficiaries was being conducted in a transparent manner based on documentary evidence. Farmers who are not covered can approach the local Rythu Seva Kendram to get themselves enrolled.
