Rs 450 cr for water supply to MTMC
Vijayawad: The state government has approved a Comprehensive Water Supply Improvement Scheme for the entire jurisdiction of the Mangalagiri Tadepalli Municipal Corporation (MTMC), aiming to ensure safe and sustainable drinking water supply to all urban and peri-urban areas under its administration. The scheme will cater to the erstwhile Urban Local Bodies (ULBs) of Mangalagiri and Tadepalli, as well as 15 newly merged villages (excluding six villages proposed for merger with the Capital Region Development Authority), said S Suresh Kumar, Principal Secretary to Government, Municipal Administration and Urban Development Department.
The MTMC was formed by merging the municipalities of Mangalagiri and Tadepalli with 21 adjoining villages. A previous water supply project funded by the Asia Infrastructure Investment Bank (AIIB) with a sanctioned amount of Rs 221.52 crore had made partial progress due to funding limitations, leaving key infrastructure incomplete—particularly in the newly merged areas.
To address these gaps, a Detailed Project Report (DPR) has now been prepared for a comprehensive water supply scheme using Krishna River as the source. The plan includes intake and treatment facilities, distribution networks for both the newly merged villages and unserved areas of the erstwhile ULBs, and the completion of pending works under the AIIB scheme. The total estimated project cost is Rs 450.24 crore, which will be funded as follows: Rs 287.54 crore under the Urban Infrastructure Development Fund (UIDF) for completing works in the former ULBs, Rs 51.20 crore under AMRUT 2.0 for core infrastructure components, Rs 111.50 crore for the extension of water supply to the 15 merged villages, to be funded through the Capital Region Development Authority (CRDA).
The Engineer-in-Chief (PH) (FAC), PH & ME Department, had sought administrative sanction and fund allocation for the Rs 111.50 crore CRDA component. The government has now issued the necessary approval to proceed with implementation.
The scheme is designed to meet water supply needs up to the year 2056, based on projected population growth, and marks a significant step toward equitable urban infrastructure development in Andhra Pradesh, said Suresh Kumar.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
17 minutes ago
- Economic Times
Chennai-based Lalithaa Jewellery Mart files DRHP for Rs 1,700 crore IPO to fuel southern expansion
Lalithaa Jewellery Mart, a Chennai-headquartered jewellery retailer offering gold, silver, and diamond jewellery designed for southern Indian markets, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 1,700 crore through an initial public offering (IPO). ADVERTISEMENT The proposed Rs 1,700 crore IPO comprises a fresh issue of up to Rs 1,200 crore and an offer-for-sale (OFS) of Rs 500 crore by promoter M. Kiran Kumar Jain. The company also plans a reservation for eligible employees with a bidding discount and may undertake a pre-IPO placement of up to 20% of the fresh issue size, which would proportionally reduce the fresh issue. Proceeds from the fresh issue will be primarily deployed towards capital expenditure for setting up new stores in India, amounting to Rs 1,014.50 crore, with the balance allocated for general corporate purposes, the company said in its filing. The issue will follow the book-building process, allocating no more than 50% of the net offer to qualified institutional buyers (QIBs), and reserving at least 15% and 35% for non-institutional investors and retail individual investors, respectively. The company proposes to list its shares on the National Stock Exchange of India and BSE Ltd. Founded in 1985, Lalithaa Jewellery Mart opened its first store in Chennai's T. Nagar, a hub for silk and jewellery retail. The company operates 56 stores across southern India's Tier I, II, and III cities, including 22 in Andhra Pradesh, 20 in Tamil Nadu, seven in Karnataka, six in Telangana, and one in Puducherry, spanning a total operational area of 6,09,408 sq. ft. As of December 31, 2024, 47 of these stores each cover more than 5,000 sq. ft. According to a CRISIL report cited in the DRHP, Lalithaa Jewellery Mart recorded the highest operating revenue per store among key organised jewellery players in India between fiscal years 2022 and 2024. It is also ranked the second fastest growing regional jewellery player based on operating revenue growth during the same period, posting a compound annual growth rate (CAGR) of 43.62%. ADVERTISEMENT The company's jewellery schemes, 'Dhana Vandhanam' and 'Free-yo-Flexi,' have attracted repeat customers, with 420,261 active enrolments as of December 31, 2024. Lalithaa Jewellery Mart runs two manufacturing units in Tamil Nadu, one at Thirumudivakkam, Chennai, and another at Maraimalai, Kanchipuram, the latter through its wholly owned subsidiary Asita Manufacturing Private Limited. From December 2024, operations commenced at the Thirumudivakkam facility. The company employs a total of 563 Karigars across both manufacturing units. ADVERTISEMENT The company also operates one of India's largest jewellery stores in Vijayawada, with a carpet area of 1,00,000 sq. ft., alongside large-format stores in Somajiguda (98,210 sq. ft.) and Vishakhapatnam (65,000 sq. ft.), making them among the largest jewellery retail outlets in the country, according to Lalithaa Jewellery Mart reported a 26.07% increase in restated consolidated revenue from Rs 13,316.80 crore in fiscal 2023 to Rs 16,788.05 crore in fiscal 2024, driven by the rise in store count from 47 to 53, higher gold rates, and increased gold sales. For the nine months ended December 31, 2024, the company posted revenue of Rs 12,594.67 crore and profit after tax of Rs 262.33 crore. ADVERTISEMENT The Indian gems and jewellery retail industry was valued at Rs 6.49 trillion in fiscal 2024 and is expected to grow at a CAGR of 13–14% to reach Rs 12–12.2 trillion by fiscal 2029. South India remains the largest jewellery-consuming region, accounting for 38–43% of the country's overall jewellery Rathi Advisors and Equirus Capital are the book-running lead managers for the issue, while MUFG Intime India serves as registrar. ADVERTISEMENT Also read | IPO calendar: 4 new issues, 1 listing lined up in a busy mid-June week (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
India Today
22 minutes ago
- India Today
Investor claims JSW Steel shares bought for Rs 1 lakh in 90s are now worth Rs 80 crore
Some people inherit houses, others stumble upon generational wealth in forgotten folders. An investor shared the story of a man who found JSW Steel share certificates that his father bought back in the 1990s for Rs 1 lakh. Three decades later, the investor claims that the worth of those papers has turned to Rs 80 story went viral after investor Sourav Dutta shared the photographs of the share certificates in a post on X, crediting a Reddit user who found the old shares among his late father's to the post, the father had invested Rs 1 lakh in JSW Steel nearly 30 years ago. That quiet decision now translates into a fortune. 'Guy on Reddit discovered JSW shares bought by his dad in the 1990s for Rs 1L. Worth Rs 80Cr today. Power of buy right, sell after 30 years,' Sourav a look at the post here:The post struck a chord with thousands of users online. Social media users applauded the benefits of long-term investing. While some marvelled at the sheer return, others chimed in with their own experiences, crediting stock splits, bonuses, and compounding dividends as silent wealth builders.'What people don't realise is how stock splits, bonuses, and dividends add up over time. It's magical,' a user said.'Now, he can retire and live his life peacefully. Can even make a good business from it. A huge congratulations to him,' a user said, while another added, 'People don't realise how stock splits, bonuses and dividends add up over time. It's magical.'advertisementOne of the users said, 'Don't be in a rush to sell good businesses. If the fundamentals are intact, let time do the heavy lifting. This is not just investing, this is legacy creation.'Not everyone saw it through rose-tinted glasses, though. 'Bro, but if someone had Rs 1 lakh to dump in the 1990s and forget about it, then probably the family was insanely rich irrespective of today's share value,' one user pointed the comments here:JSW Steel, now a heavyweight in India's steel sector, trades at around Rs 1004.90 per share with a market cap of Rs 2.37 trillion. It has rewarded its long-haul investors handsomely. However, the claims made in the viral post remain largely exaggerated. Based on publicly available data, JSW Steel has indeed delivered well over a 4,900% gain since listing, but that does not align with the claims made in the viral claims are unlikely to be true unless the man and his father held shares untouched for 30 years with conviction and incredible patience. But if there's a lesson here, it's this: investing isn't always about quick gains. Sometimes, it's about playing the long game and letting time do what it does InMust Watch
India Today
23 minutes ago
- India Today
HDFC Bank and BoB cut lending rates after RBI repo rate slash
Following the Reserve Bank of India's (RBI) recent decision to reduce the policy repo rate by 50 basis points, key changes in lending rates have been announced by key financial Bank of Baroda (BoB), has responded by slashing its benchmark lending rate linked to the repo rate by the full 50 basis points. This adjustment aligns with the RBI's new repo rate of 5.5%, bringing BoB's Repo Linked Lending Rate (RLLR) down to 8.15%. This change, effective from June 7, marks a key step in transmitting the central bank's policy decisions to the banking sector, as confirmed by a statement from AT HDFC BANKIn a parallel move, HDFC Bank has announced a reduction in its Marginal Cost of Funds-based Lending Rates (MCLR) by 10 basis points across various tenures. These changes, effective from June 7, lower the overnight and one-month MCLR to 8.90%, the three-month rate to 8.95%, and the six-month and one-year MCLRs to 9.05%. This adjustment aims to benefit borrowers with loans linked to these benchmarks, offering more affordable borrowing options in line with the RBI's monetary easing ECONOMIC CONTEXTThe RBI's decision to cut the repo rate by a larger-than-expected margin comes as part of a broader strategy to stimulate the economy. The central bank also reduced the cash reserve ratio by 100 basis points, enhancing liquidity by adding Rs 2.5 lakh crore to the banking move is intended to encourage lending and bolster economic activity, particularly in the wake of past rate cuts in February and can expect EMIs on home loans, personal loans, and other credit products to come down slightly, offering a bit of breathing space amid rising living costs. However, depositors may need to watch for possible cuts in fixed deposit interest rates in the coming InMust Watch
