PM Modi to visit TN, inaugurate development projects worth over Rs 4,800 crore
PM Modi will be travelling to Tamil Nadu immediately after returning to India from his visit to the UK and Maldives.
He will also participate in the celebration of the birth anniversary of the great Chola emperor Rajendra Chola I during the Aadi Thiruvathirai Festival on 27 July at the Gangaikonda Cholapuram Temple in Tiruchirappalli, Tamil Nadu.
According to an official statement issued by the Prime Minister's Office (PMO) on Friday, Prime Minister will directly arrive in Tuticorin and will inaugurate and dedicate to the nation a series of landmark projects across multiple sectors.
These initiatives aim to significantly enhance regional connectivity, boost logistics efficiency, strengthen clean energy infrastructure, and improve the quality of life for citizens across Tamil Nadu.
In line with his commitment to developing world-class air infrastructure and enhancing connectivity, the Prime Minister will inaugurate the New Terminal Building at Tuticorin Airport, developed at a cost of around Rs 450 crore, and designed to meet the increasing aviation demands of the southern region. He will also undertake a walkthrough of the new terminal building.
As per official sources, the terminal spans 17,340 square metres and is equipped to handle 1,350 passengers during peak hours and 20 lakh passengers annually, with a future expansion capacity of up to 1,800 peak hour passengers and 25 lakh passengers annually.
Featuring 100% LED lighting, energy-efficient electrical and mechanical systems, and treated water reuse through an on-site Sewage Treatment Plant, the terminal has been constructed to achieve a GRIHA-4 sustainability rating.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
2 minutes ago
- Economic Times
Anil Ambani summoned by ED in ₹17,000 crore loan fraud investigation
The Directorate of Enforcement (ED) has summoned Anil Ambani, chairman and managing director of Reliance Group, for questioning in connection with its ongoing investigation into an alleged `17,000-crore loan fraud case. He's been asked to appear on August 5 at ED headquarters in the Capital, people in the know told ET. ED last week carried out searches at multiple entities and individuals linked to Anil Ambani's Reliance Group across 35 locations in Mumbai, covering 50 companies and 25 individuals under the Prevention of Money Laundering Act (PMLA). In a related development, the Securities and Exchange Board of India (Sebi) shared with ED and two other agencies the findings of a separate probe, launched by it into alleged diversion of `10,000 crore by Reliance Infrastructure (R Infra). Sebi's report, accessed by ET, alleged R Infra diverted a large amount of money disguised as intercorporate deposits (ICDs) to Reliance Group units through CLE Pvt Ltd, an undisclosed related party company. CLE is said to be the 'C' company that had cropped up during investigation and was the subject of much speculation. The engineering, procurement and construction firm has its office at Nehru Road, Vakola, Santacruz (East), Mumbai.A person close to Reliance Group questioned the findings. 'Reliance Infrastructure publicly disclosed this matter on February 9, and Sebi did not make any independent discovery. Reliance Infra had an exposure of Rs 6,500 crore. The allegation that the diverted amount is Rs 10,000 crore only serves to sensationalise the magnitude and is not based on facts,' the person told ET. 'When the exposure was Rs 6,500 crore, how can the diversion be Rs 10,000 crore? Reliance Infra diligently pursued recovery of its dues in this matter. Reliance Infra arrived at a settlement to recover its entire exposure of Rs 6,500 crore through mandatory mediation proceedings conducted by a retired Supreme Court Judge and filed before the Bombay High Court, the person said.'Odisha distribution companies contemplated in the settlement are operational, and their recovery is pending before the courts,' he added. 'This amount is fully recoverable, contrary to the allegations.' The person also denied receipt of any notice from Sebi on the matter. In the second week of May, Sebi sent a formal communication to ED, the National Financial Reporting Authority (NFRA) and the Insolvency and Bankruptcy Board of India (IBBI) to look into the matter independently. The market regulator's investigation found alleged non-compliance with approval and disclosure norms on related party transactions. 'This camouflaged the material diversion of funds to the undisclosed related part as genuine business transactions,' according to the Sebi regulator said non-compliance with statutory provisions resulted in R Infra 'withholding crucial information in its financial statements with respect to diversion of funds for the ultimate benefit of its promoter and related entities.' It added that 'by considering CLE as a third party company, R Infra avoided accurate and meaningful disclosures of specific fair value adjustments… and thereby misstated the financial statements… the misstatement continues till date.'Company dealings According to the Sebi report, R Infra had various financial dealings with CLE in the form of ICDs, investments in equity and corporate guarantees. As of March 31, 2022, this amounted to Rs 8,302 crore. Sebi's investigations are for the period between FY16 and FY23. The report said that from FY17 to FY21, R Infra had written off Rs 10,110 crore on account of fair value adjustment, provisions, impairment added that R Infra 'continued to provide advances to CLE despite recognising incapacity of CLE to repay the loans, that is, even after creating provision of doubtful debts in one year, they continued to extend loans in the same or subsequent years.' The Sebi report said that from FY13 to FY23, total outstanding annual expenditure on CLE by R Infra was 25-90% of the latter's total assets. The markets regulator said R Infra allegedly did not disclose CLE as its related party in order to avoid having to obtain approval from the shareholder and audit committees, and the checks and balances imposed on related-party transactions as per law. Sebi found CLE to be a related party of R Infra on the basis of documentation. These included submissions made by CLE to Yes Bank in order to avail of loans acknowledging Reliance Infra is one of its promoters. Reliance Infra audit committee meeting minutes mention CLE as a group company. Signatories of CLE's bank accounts were all having email IDs from the Reliance ADA group domain, that is, @ Other supporting data include statements of key management personnel (KMPs) recorded during the Sebi investigation. Also, directors and KMPs appointed in CLE were directors and executives of Reliance Group. Sebi's report alleged that Anil Ambani, by virtue of his position as chairman of Reliance Group (formerly Reliance ADAG), held over 40% shareholding in Reliance Infrastructure entities in which he had significant control and influence till March 2019. He was also nonexecutive chairman and director in R Infra till March 25, 2022.
Time of India
2 minutes ago
- Time of India
Anil Ambani summoned by ED in ₹17,000 crore loan fraud investigation
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Directorate of Enforcement (ED) has summoned Anil Ambani , chairman and managing director of Reliance Group , for questioning in connection with its ongoing investigation into an alleged `17,000-crore loan fraud case . He's been asked to appear on August 5 at ED headquarters in the Capital, people in the know told last week carried out searches at multiple entities and individuals linked to Anil Ambani's Reliance Group across 35 locations in Mumbai, covering 50 companies and 25 individuals under the Prevention of Money Laundering Act ( PMLA ).In a related development, the Securities and Exchange Board of India (Sebi) shared with ED and two other agencies the findings of a separate probe, launched by it into alleged diversion of `10,000 crore by Reliance Infrastructure (R Infra). Sebi's report, accessed by ET, alleged R Infra diverted a large amount of money disguised as intercorporate deposits (ICDs) to Reliance Group units through CLE Pvt Ltd, an undisclosed related party is said to be the 'C' company that had cropped up during investigation and was the subject of much engineering, procurement and construction firm has its office at Nehru Road, Vakola, Santacruz (East), Mumbai.A person close to Reliance Group questioned the findings. 'Reliance Infrastructure publicly disclosed this matter on February 9, and Sebi did not make any independent discovery. Reliance Infra had an exposure of Rs 6,500 crore. The allegation that the diverted amount is Rs 10,000 crore only serves to sensationalise the magnitude and is not based on facts,' the person told ET. 'When the exposure was Rs 6,500 crore, how can the diversion be Rs 10,000 crore? Reliance Infra diligently pursued recovery of its dues in this Infra arrived at a settlement to recover its entire exposure of Rs 6,500 crore through mandatory mediation proceedings conducted by a retired Supreme Court Judge and filed before the Bombay High Court, the person said.'Odisha distribution companies contemplated in the settlement are operational, and their recovery is pending before the courts,' he added. 'This amount is fully recoverable, contrary to the allegations.' The person also denied receipt of any notice from Sebi on the the second week of May, Sebi sent a formal communication to ED, the National Financial Reporting Authority (NFRA) and the Insolvency and Bankruptcy Board of India (IBBI) to look into the matter independently. The market regulator's investigation found alleged non-compliance with approval and disclosure norms on related party transactions. 'This camouflaged the material diversion of funds to the undisclosed related part as genuine business transactions,' according to the Sebi regulator said non-compliance with statutory provisions resulted in R Infra 'withholding crucial information in its financial statements with respect to diversion of funds for the ultimate benefit of its promoter and related entities.'It added that 'by considering CLE as a third party company, R Infra avoided accurate and meaningful disclosures of specific fair value adjustments… and thereby misstated the financial statements… the misstatement continues till date.'Company dealingsAccording to the Sebi report, R Infra had various financial dealings with CLE in the form of ICDs, investments in equity and corporate guarantees. As of March 31, 2022, this amounted to Rs 8,302 crore. Sebi's investigations are for the period between FY16 and report said that from FY17 to FY21, R Infra had written off Rs 10,110 crore on account of fair value adjustment, provisions, impairment added that R Infra 'continued to provide advances to CLE despite recognising incapacity of CLE to repay the loans, that is, even after creating provision of doubtful debts in one year, they continued to extend loans in the same or subsequent years.'The Sebi report said that from FY13 to FY23, total outstanding annual expenditure on CLE by R Infra was 25-90% of the latter's total markets regulator said R Infra allegedly did not disclose CLE as its related party in order to avoid having to obtain approval from the shareholder and audit committees, and the checks and balances imposed on related-party transactions as per found CLE to be a related party of R Infra on the basis of documentation. These included submissions made by CLE to Yes Bank in order to avail of loans acknowledging Reliance Infra is one of its promoters. Reliance Infra audit committee meeting minutes mention CLE as a group company. Signatories of CLE's bank accounts were all having email IDs from the Reliance ADA group domain, that is, @ supporting data include statements of key management personnel (KMPs) recorded during the Sebi investigation . Also, directors and KMPs appointed in CLE were directors and executives of Reliance report alleged that Anil Ambani, by virtue of his position as chairman of Reliance Group (formerly Reliance ADAG), held over 40% shareholding in Reliance Infrastructure entities in which he had significant control and influence till March 2019. He was also nonexecutive chairman and director in R Infra till March 25, 2022.
Time of India
27 minutes ago
- Time of India
Rescue to recovery: SWAMIH Fund helps ready ATS project in Gurgaon
Noida: ATS Infrastructure has repaid Rs 190 crore to the govt-backed SWAMIH Investment Fund I, marking an early closure of the last-mile funding that rescued its ATS Marigold project in Gurgaon from construction delays. Tired of too many ads? go ad free now The repayment, comprising Rs 133 crore in principal and Rs 57 crore in interest, comes as the project off Dwarka Expressway has been completed, with all six towers receiving occupancy certificates. The development represents a successful intervention by the SWAMIH Fund, which was established in 2019 to revive stressed housing projects. The project's journey to recovery began in Feb 2021, when SWAMIH Fund stepped in during a critical phase. At that time, around 4.5 lakh sqft remained unsold, with prices hovering between Rs 6,000 and Rs 6,500 per sqft. The project had been struggling since the 2018 NBFC crisis and was further impacted by the Covid pandemic. The turnaround, though, has been remarkable. Current market rates have more than doubled to Rs 13,500-15,000 per sqft, and over 150 families have already moved into the 422-unit complex. The completion of the Dwarka Expressway, providing crucial connectivity to IGI Airport, Delhi, and key Gurgaon sectors, has been a significant factor in this recovery. "The completion of ATS Marigold and the successful early repayment of the SWAMIH investment reflect the strong execution capabilities of the ATS brand and the trust it enjoys among homebuyers. The project stands as a clear example of how effective the SWAMIH Fund has been in enabling the revival and completion of stressed mid-income housing projects," said Udaivir Anand, managing director of ATS. The SWAMIH Fund, launched by the Centre with a corpus of Rs 15,530 crore, is managed by SBICAP Ventures Ltd, a State Bank of India subsidiary. Tired of too many ads? go ad free now "The fund's intervention in ATS Marigold demonstrates its effectiveness in reviving stalled projects and protecting homebuyers' interests in the middle-income segment," an official said. Sources familiar with the transaction confirmed that multiple factors, including the significant appreciation in property values and timely delivery, contributed to the early loan repayment, making this one of the fund's success stories in the residential real estate sector.
