Financial Daily from THE HINDU group of publications
Thursday, Oct 06, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 06, 2005 |
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Industry & Economy
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Infrastructure Government - Policy PM's panel clears infrastructure SPV — Likely to take off next month Our Bureau
New Delhi , Oct. 5 THE Prime Minister's Committee on Infrastructure has cleared the special purpose vehicle (SPV) for funding infrastructure projects. The proposal will now be forwarded to the Cabinet Committee on Economic Affairs (CCEA) for a final go-ahead and the SPV is likely to take off by next month. "The committee today considered and finalised two notes — one on the SPV and another on the procedure for public-private partnership in road projects. They will go to the CCEA for approval," the Finance Minister, Mr P. Chidambaram, said after the meeting. The SPV, which aims at disbursing about Rs 10,000 crore for various infrastructure projects by the end of this fiscal, is likely to take shape in about a month after it gets the CCEA nod, Government officials said. The SPV's major focus will be public as well as public-private partnership projects in roads, ports, airports (Mumbai and Delhi) and rail freight corridor, the officials said. Announced in Budget 2005-06 by the Finance Minister, the SPV will have an initial paid-up capital of Rs 10 crore. The authorised capital has been fixed at Rs 1,000 crore. Denying any differences between the Planning Commission and the Finance Ministry on the proposed SPV, Mr Chidambaram said at the meeting that the structure, management, mandate, terms of lending and refinance were discussed. "There is a complete agreement on the note," Mr Chidambaram said. The details of the SPV will be made public after the CCEA clearance, he said. The framework for the SPV will be flexible enough and there is an option for refinancing existing projects, the Government officials said.
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