Business & Economy

Soft loans: Japan offers
Rs 5,600 cr for 8 projects

What is India News Service, Wednesday, 30 March 2005, 1600 hrs IST

Japan on Tuesday extended Rs 5,600 crore worth of soft loans for eight projects in India. The projects include the Delhi metro, Bangalore water supply, Ganga action plan in Uttar Pradesh and a power plant in Jharkhand.

With this package, India once again emerged as the top recipient of Japan's official development assistance (ODA), Hidenao Yanagi, a Minister in the Japanese Embassy told reporters.

Japan stepped up its assistance to India by 7.57 per cent to Rs 5,600 crore or 15-20 per cent of the global ODA loan assistance of 7 billion dollars a month ahead of Prime Minister Junichiro Koizumi's visit.

Of the eight projects, Bangalore's water supply and sewerage project will get Rs 1,750 crore of ODA loans.

Delhi metro will get Rs 800 crore for the sixth tranche of the mass transport system project. When it is completed by March 2006, Delhi metro is expected to carry 2.26 million passengers daily, nearly the same volume that Tokyo metropolitan subway carries at present.

Japan is also extending Rs 663 crore for the North Karanpura super thermal power project Phase-I in Jharkhand, which will have a generation capacity of 1,980 MW.

Karnataka sustainable forest management and bio-diversity conservation project will get Rs 634 crore while Tamil Nadu afforestation project will receive Rs 409 crore.

Cabinet extends Vat in UTs through ordinances: The Union Cabinet today decided to promulgate ordinances for implementing the proposed Value Added Tax regime in the Union Territories.

PepsiCo plans to invest $300-500 m in India: The $27-billion global beverage and food company, PepsiCo, today said the company would be investing between $300 million and $500 million in its Indian operations over the next five years and hoped to triple its business.

India-China tango to trip Uncle Sam : Moving away from rivalry, the world's 2 fastest growing economies are discovering the strengths of partnership

Samsung to augment mobile phone market in India: Global digital technology giant Samsung Electronics is bullish on the Indian market.

Tata Power signs up joint venture with DVC: Ending a prolonged tussle over equity share, Tata Power Company Ltd. (TPCL) today announced the signing of a majority joint venture with the Damodar Valley Corporation (DVC) for setting up a coal-based 1,000 MW thermal power plant.

Women can work night shifts: The Cabinet has decided to to amend Sec 22 of Factories Act, 1948. 

Software industry getting close to Rs. 100,000 crore mark: The Indian software industry could well go beyond the $21 billion mark (Rs. 94,500 crores) this financial year if present trends are sustained.

Zee's conditional offer to invest in West Bengal: Zee TV has expressed its desire to invest in West Bengal, according to the state industry secretary Sabyasachi Sen. 

Air Sahara seats sold out within hours: Indian passengers can now fly to Southeast Asia at rock bottom prices.

Now, world's tallest building in India : A 135-storey skyscraper, set to come up in Noida, may unseat the Taipei tower as the world's tallest building. 

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