Latest news with #Rs133
Express Tribune
2 days ago
- Business
- Express Tribune
Rs133,000 million allocated to build new water reserves
Finance Minister Muhammad Aurangzeb on Tuesday emphasized the urgent need to enhance the country's water storage capacity in response to the growing threat posed by India for unilateral suspension of Indus Water Treaty (IWT) which could affect the Pakistan's water reserves. He announced an allocation of Rs133,000 million for the Water Resources Division to fund new projects and ongoing projects. The minister highlighted the critical challenges being faced by Pakistan's water resources, including the threat of water aggression from India, food security risks, flood resilience, and the impacts of climate change.
India.com
3 days ago
- Business
- India.com
Big win for Anil Ambani as Bombay HC directs MMRDA to pay Rs 11690000000 to Reliance Infra company name is...
Big win for Anil Ambani as Bombay HC directs MMRDA to pay Rs 11690000000 to Reliance Infra company name is… Mumbai: What comes as a big relief for Anil Ambani-promoted Reliance Infrastructure, the Bombay High Court on Tuesday instructed Mumbai Metropolitan Region Development Authority (MMRDA) to pay a whopping amount of Rs 1,169 crore as an arbitration award to Mumbai Metro One Pvt Ltd (MMOPL). Notably, MMOPL is a debt-ridden subsidiary of Reliance Infrastructure and has been operating Mumbai's first metro line between the Versova-Andheri-Ghatkopar Corridor. The metro line recently completed 11 years of its successful operations. As per the court's order, the amount of Rs 1,169 crore has to be deposited with the HC's registry before July 15, Reliance Infra told Bombay Stock Exchange. The company intends to use this amount to pay its debts. Following the news, the shares of Reliance Infra skyrocketed 3.53 percent to touch 404.40 today. In August 2023, a three-member arbitration tribunal awarded MMOPL Rs992 crore in a dispute with MMRDA. The dispute encompassed various issues, including project costs. The Mumbai Metropolitan Region Development Authority (MMRDA) initially budgeted Rs 2,356 crore for a project, a figure that later rose to Rs 4,321 crore. Following an MMRDA challenge under the Arbitration and Conciliation Act, 1996, the high court ruled in favour of MMOPL. Notably, MMOPL is a joint company of Reliance Infra and MMRDA, where Anil Ambani's company holds a 74 percent stake. In 2007, a Reliance Infrastructure-led consortium won the contract to build a mass rapid transit system. The Mumbai Metropolitan Region Development Authority (MMRDA) awarded the project through an international competitive bidding process using a public-private partnership model. The mega project was financed by a consortium of banks led by Canara Bank. Banks that were part of the consortium were – Bank of Maharashtra, IDBI Bank, Indian Bank, State Bank of India, and India Infrastructure Finance Company (UK). In November 2024, these banks were planning to sell Rs 1,226 crore loans via a bidding process. In October, the National Asset Reconstruction Company Ltd. (NARCL) submitted a Rs1063 crore bid to acquire distressed loans from the MMOPL consortium. Concurrently, the State Bank of India and IDBI Bank initiated insolvency proceedings against MMOPL due to unpaid loans totaling Rs 416.08 crore and Rs133 crore, respectively. In April last year, the Mumbai bench of NCLT rejected their petitions as the parties concerned agreed for settlement. Maharashtra's government initially approved a Rs4,000 crore purchase of a 74% stake in MMOPL from Reliance Infrastructure in March 2024, acting through the MMRDA. However, this plan was later suspended, reportedly due to insufficient MMRDA funding.
