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We expect to get Cabinet approval to float InvIT by September NHAI

first_imgNew Delhi: The National Highways Authority of India (NHAI) expects to get Cabinet nod for floating its infrastructure investment trust (InvIT) in two to three months, its Chairman N N Sinha said Wednesday. To fund the country’s ambitious highways building plans, including Bharatmala, NHAI also plans to mobilise Rs 75,000 crore from the market this fiscal, he said. “This is the first time we are attempting something like this (InvIT) so cannot say firmly when the trust will take shape. We expect to get Cabinet approval in two to three months and implementation will take four to five months,” Sinha said on the sidelines of an event here. Also Read – Maruti cuts production for 8th straight month in SepHe said the NHAI board has already approved the InvIT and talks are on with market regulator SEBI for its approval. InvITs are instruments on the pattern of mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time. Besides InvIT, NHAI is looking at raising Rs 75,000 crore from the market this fiscal. “In this year we propose to mobilise around Rs 75,000 crore from the market and a significant part of the highways development comes from the borrowings …Our ministry is looking at creating an agency for financing… This is a long term issue,” he said. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsSinha said NHAI is also looking to tap the carbon credit market for various green highways, including the Delhi-Mumbai expressway that is set to reduce travel time between the two metros to 12-13 hours from the present 24 hours. “We know that green highways like Delhi-Mumbai goes through backward area…with controlled access the speed of movement will be much more….This should also ensure tapping the carbon credit market. Our ministry is looking at various modes of mobilisation of resources for the highways development programme,” he said. Sinha said NHAI is going to tap all kinds of resources to propel infrastructure growth and contribute towards making India a $5 trillion economy. He emphasised that growth of economy is critically linked to the highways sector. Earlier, addressing the National Roads and Highways Summit organised by PHD Chamber of Commerce and Industry, he said due to escalation in land acquisition cost, Bharatmala’s timeline could be stretched. “Forty four economic corridors have been identified for construction of 9,000 km under Bharatmala based on surveys of 12,000 km of routes and mapping of 600 cities,” he said. Sinha said economic corridors would assure last mile connectivity and eventually the target was to reduce the existing logistics cost to about 8-9 per cent from 14-15 per cent.last_img read more

Associate dean named for Math and Science

Joffre Mercier has been named an associate dean of the Faculty of Mathematics and Science.Interim Dean Rick Cheel announced on April 8 that Mercier is the new Associate Dean of Graduate Programs and Research. Mercier served as interim dean from October 2007 to December 2008. He has also served as chair of his department and as director for the Centre for Neuroscience. His term as an associate dean started April 1.Mercier is a Biological Sciences professor who has been at Brock since 1989. His career has included dozens of peer-reviewed scientific journal articles, conference proceedings and invited seminar presentations. He also served as president of the Southern Ontario Neuroscience Association in 2003/04.Quick links:• Faculty of Mathematics and Science• Joffre Mercier faculty pageGet The Brock News delivered to your email read more

Vehicle production – February 2006

Commercial vehicle production up 1.1 per cent Car production down 8.6 per cent Total UK vehicle production down 7.5 per cent in February Commercial vehicles: ‘Improvements in efficiency, on top of strong export demand, have helped boost CV production’, commented Christopher Macgowan, SMMT chief executive. ‘Leyland, in particular, benefited from strong orders last Autumn, and these are reflected in latest figures. Overall, export production has driven growth, up 13.1 per cent in February and 11.8 per cent over the year to date.’ Cars: ‘As we near the anniversary of the closure of production at MG Rover, car production figures for the UK continue to be affected by this loss’, commented Christopher Macgowan, SMMT chief executive. ‘Over three-quarters of the 8.6 per cent drop in February can be attributed to Longbridge. However, significant growth at both Land Rover and Toyota, and solid output at other big plants, demonstrates that production in the UK remains healthy.’ Full details, and February’s special manufacturer focus on Leyland Trucks can be downloaded below. DownloadClick to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more