logo
Council gives nod for bond to fund major eco-friendly infrastructure projects

Council gives nod for bond to fund major eco-friendly infrastructure projects

The Hindu30-07-2025
The Greater Chennai Corporation (GCC) Council on Wednesday passed a resolution to raise ₹205.64 crore by issuing its first Green Municipal Bond to fund major environment-friendly infrastructure projects.
The resolution said that the GCC issued a municipal bond — listed on the National Stock Exchange on May 22 — that raised ₹421 crore against a base size of ₹100 crore at an interest rate of 7.97% per annum.
Chennai Corporation seeks Council's approval to roll out it's first-ever Green Bond, a type of funding for environmentally friendly projects. The GCC proposed this bond aiming to raise ₹205.64 crore.
GCC expects to receive an additional ₹10 to ₹20 crore incentive under AMRUT… pic.twitter.com/hRFR7sJsZ3 — R Aishwaryaa (@AishRavi64) July 30, 2025
The GCC said the green bond issue would follow Securities and Exchange Board of Indiaregulations.
SEBI Regulations (Guidance note) requires the establishment of a Bond Issue Committee with Commissioner as chairperson.
The civic body said it would provide annual impact reports to investors, detailing fund utilisation and environmental outcomes. Further, the bond would adhere to international frameworks such as the Climate Bonds Standard and Certification Scheme, and the Green Bond Principles issued by the International Capital Market Association.
Since it is a 'Green Bond', the GCC is eligible to receive up to ₹20 crore as an incentive, under the AMRUT 2.0 scheme. It is also eligible for an incentive of ₹10 crore per ₹100 crore raised, subject to a maximum of ₹20 crore, under the scheme.
According to the resolution, the proceeds from this bond will be used to part-fund the biomining project at Kodungaiyur dumpyard. The GCC's total contribution is ₹385.64 crore — ₹205.64 crore financed through the bond and ₹180 crore through KfW, a German Bank.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Titan to watch US tariff situation till Aug-end before any pricing move
Titan to watch US tariff situation till Aug-end before any pricing move

New Indian Express

timean hour ago

  • New Indian Express

Titan to watch US tariff situation till Aug-end before any pricing move

NEW DELHI: The management of leading Indian lifestyle retailer Titan Company Limited is taking a measured approach to the evolving US tariff environment. "A knee-jerk reaction with respect to pricing is not warranted at this time," says Managing Director CK Venkataraman. During the Q1 FY'26 earnings conference call, Venkataraman indicated that the company is performing "pretty well" despite the new tariffs. He noted that the US market accounts for only about 2% of Titan's sales, making the tariffs "not a deal breaker." The company, which is known for its diverse range of products including watches, jewelry, and eyewear, plans to observe the situation until the end of August before finalising any pricing strategies. In a forward-looking statement, Venkataraman highlighted the growth of Titan's international jewellery business, particularly following its recent entry into the Gulf Cooperation Council (GCC) region. He projects that the international business, including the US and GCC, could grow to 6% of total company sales. This growth has prompted the company to explore the possibility of establishing global supply chains in different parts of the world, though there are currently "no concrete plan to share."

How AI may not be the only reason behind Indian IT layoffs, but this 'deeper problem' in the GCC trend they missed
How AI may not be the only reason behind Indian IT layoffs, but this 'deeper problem' in the GCC trend they missed

Time of India

time3 hours ago

  • Time of India

How AI may not be the only reason behind Indian IT layoffs, but this 'deeper problem' in the GCC trend they missed

While artificial intelligence continues to dominate headlines as the driving force behind mass layoffs in India's IT sector, a deeper structural shift is quietly reshaping the landscape: the rise of Global Capability Centres (GCCs). These in-house tech hubs, set up by multinational corporations in India, are challenging the traditional outsourcing model that once made firms like TCS, Infosys, and Wipro global giants. The industry experts believe that the GCC trend represent a 'deeper problem' and the India IT services companies are still not able to address it. What are GCCs and why do they matter GCCs enable foreign companies to insource their technology operations directly in India, bypassing third party IT service providers. The GCC model offer better control, integration and comes with long-term cost efficiency. Once dismissed as niche or temporary, the concept of GCCs has now become mainstream. Earlier, GCCs handled back-office functions like IT support and data entry but now their role has evolved. In the GCCs are now looking after AI, cybersecurity, analytics and R&D. Today more than 1,700 GCCs are operating in the country which have employed nearly 2 million people. Also, the revenue of GCCs has grown by 11% CAGR since 2015, outpacing the 8% CAGR of top Indian IT firms. Also, the GCCs now contribute 23% to India's IT exports. The shift towards GCCs has not only proven to be cost effective but it's also about strategic control. Companies such as UBS, Bank of America, and Procter & Gamble started insource in 2013. Even Citibank, which once sold its captives to Indian IT firms, is now rebuilding its own tech centres in India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No dark spots, 10 years younger! Just take this from Watsons URUHIME MOMOKO Learn More Undo The double whammy: GCCs + AI AI is definitely one of the reasons for accelerating layoffs, especially in mid-level roles focused on testing, infrastructure, and people management. But the GCC boom is also compounding the problem. GCCs are automating routine tasks internally, reducing demand for outsourced services. Also, the Indian IT firms are losing both talent and business to these models. Along with this, the traditional 'pyramid' structure — with layer of mid-level coders -- is being flattened. As a result, companies like TCS and Infosys are cutting thousands of jobs, not just due to AI, but because clients no longer need them in the same way. Why Indian IT missed the GCC signal Back in 2015, Infosys CEO Vishal Sikka invested in ANSR, a firm helping foreign companies set up GCCs. His vision was ahead of its time—but Infosys later sold its stake at a loss, and the industry largely ignored the trend. Now, with remote work normalized and digital transformation accelerating, GCCs are thriving while traditional IT firms scramble to adapt. What's next for Indian IT To survive, Indian IT firms must: Reposition themselves as GCC enablers, offering 'GCC-as-a-service' Upskill their workforce for AI-integrated roles Rethink their business models to stay relevant in a world where clients want control AI Masterclass for Students. Upskill Young Ones Today!– Join Now

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store