Gujarat seeks World Bank aid to develop infrastructure

October 13th, 2009 NEW DELHI - The World Bank will extend loans worth $4.2 billion to India for three projects, the multilateral lender said Tuesday. The pact was signed Tuesday by representatives of the central government, India Infrastructure Finance Co (IIFC), PowerGrid Corp and the World Bank.

September 23rd, 2009 KOLKATA - Finance Minister Pranab Mukherjee Wednesday said 95 percent of the $4.3 billion World Bank grant would be spent on developing the country's infrastructure. "The World Bank has sanctioned $4.3 billion loans for India.

September 23rd, 2009 NEW DELHI - The World Bank has approved $4.3 billion in loans for India to help finance infrastructure projects and support its economic stimulus programme. "This is the crucial time to support Indian economic recovery," said World Bank country director for India Roberto Zagha.

July 2nd, 2009 GANDHINAGAR - The Gujarat government Thursday unveiled an ambitious plan to develop tourism facilities in the state and revamp road infrastructure in its coastal region. The government will invest as much as Rs.600 crore this fiscal to develop "world-class tourism facilities" in many destinations, including Mahatma Gandhi's birthplace Porbandar, Dandi, Narayan Sarovar-Koteshwar and Siddhpur, an official at the state tourism department said.

June 26th, 2009 NEW DELHI - The Deutsche Bank Friday signed a memorandum of understanding (MoU) with the The Energy and Resources Institute (TERI) University to support its management programmes in infrastructure. Under this MoU, three Deutsche Bank scholarships will be provided per year for the MBA (infrastructure) programme offered by TERI for a period of three years.

May 29th, 2009 AHMEDABAD - Gujarat has prepared a Rs.3,000-crore plan to upgrade the infrastructure of its old industrial estates within the next three years, a minister said Friday. "The government would upgrade infrastructure of all the old industrial estates of Gujarat Industrial Development Corp (GIDC) under its 'critical infrastructure plan'," Minister for Energy and Petrochemicals Saurabh Patel said at a function in Moriya, about 25 km from here.

May 24th, 2009 GANDHINAGAR - Gujarat will shortly contact Sri Lanka following its offer of assistance to set up resorts along the state's 1,600-km coastline. "At the Vibrant Gujarat summit in January, Sri Lankan officials had offered to help us set up resorts on the Saurashtra-Kutch coastline on a public private partnership (PPP) model," a senior state tourism department official said.

May 11th, 2009 KOLKATA - Gujarat NRE Minerals, the Australian subsidiary of metallurgical coal producer Gujarat NRE Coke, has secured a $50-million long-term bank loan facility with its parent standing as the guarantor, a company release said Monday. 'The facility was obtained to support and sustain mine developments that are in progress at the NRE No.1 Colliery and NRE Wongawilli Colliery (in Australia),' the statement said.

February 15th, 2009 NEW DELHI - The government has sought an additional $4.2 billion loan from the World Bank, majority of which will be used to recapitalise four state-run banks, a top official said here Monday. 'The government has sought additional world bank spending of $4.2 billion.

January 22nd, 2009 AHMEDABAD - Gujarat's tourism department has sought Sri Lanka's help in developing resorts along its coastline given the island nation's vast experience in running several resorts and spas along its beaches, an official said Friday. A tourism department official here said the Sri Lanka Tourism Development Authority has been invited to develop resorts comprising world class facilities along Gujarat's 1,600-km coastline that is dotted with beaches, whose tourism potential remains untapped.

January 21st, 2009 AHMEDABAD - People of Ahmedabad as well as tourists would be able to enjoy a boat ride on the Sabarmati river from next year, as a firm plans to invest Rs.7.5 million (Rs.75 lakh) to start the service. Akshar Travels Pvt Ltd, an Ahmedabad-based travel firm, has signed a memorandum of understanding (MoU) with the Gujarat government to introduce river cruises and to develop tourism infrastructure along the river.

January 12th, 2009 NEW DELHI - The infrastructure development arm of a leading finance company in the infrastructure space Tuesday announced that it had signed two memorandums of understanding (MoUs) with Gujarat state government to build a thermal and solar power plant. A statement from Infrastructure Development Finance Company Ltd.

January 11th, 2009 NEW DELHI - A leading construction and infrastructure development company Monday signed deals worth $8.3 billion with the Gujarat government to develop a water front city and three pipeline projects in the state. The first memorandum of understanding (MoU) has been signed between the Hindustan Construction Company (HCC) and the Gujarat Infrastructure Development Board to develop a water front city at a total investment of $8 billion while the second MOU was signed with the water department of the state for developing three water pipeline projects worth $300 million.

January 11th, 2009 NEW DELHI - Singapore-based Universal Success Enterprises Ltd (USEL) Monday said it has signed three agreements with the Gujarat government and will invest about Rs.87,000 crore (Rs.870 billion) in various infrastructure projects. USEL, a diversified group in the field of infrastructure development, real estate, energy trading, hospitality and manufacturing, has identified thermal power generation, seaports, and mixed-use industrial and urban development as focus areas in West Bengal, Gujarat and Maharashtra.

January 8th, 2009 CHENNAI - Gujarat will build a financial hub like New York and Frankfurt over 500 acres of land at an estimated cost of Rs.150 billion ($3 billion), the state's Chief Minister Narendra Modi said here Friday. 'Gujarat has traditionally been a land of entrepreneurs with strong financial acumen.