ADB Plans To Fund `30,000 Cr Delhi-Meerut Rapid Rail Corridor
Asian Development Bank has given in-principle nod for financing four metro rail projects and a `30,000 crore rapid rail corridor between Delhi and Meerut as part of its effort to improve urban transport system in India.
Simultaneous discussion are going on with other multi-lateral funding agencies for co-financing of these large urban transport projects in India including Bhopal and Indore Metro projects, ADB Director General (South Asia) Hun Kim said. In addition, other projects especially expansion of Chennai and Bengaluru Metro are also under consideration, he said at the Annual Meet of ADB.
ADB has funded Jaipur Metro and expansion of Mumbai Metro in the past. On rapid rail project between Delhi and Meerut (in Uttar Pradesh), Kim said Regional Rapid Transport System (RRTS) is a huge project and ADB is looking to co-finance with other multi-lateral funding agencies including Asian Infrastructure Investment Bank.
Earlier this year, the government approved construction of `30,274 crore worth RRTS to connect the national capital with Meerut through Ghaziabad (in Uttar Pradesh). The 82 kilometre-stretch will be covered in less than 60 minutes. The RRTS is a first-of-its-kind, rail-based, high-speed regional transit system to be implemented in India. Once operational, it will be the fastest, most comfortable and safest mode of commuter transport in the National Capital Region (NCR).
Jindal Stainless Limited Posts Q4 Profit After Tax
The Board of Directors of Jindal Stainless Limited in a meeting approved the financial result of the Company for Q4FY19 and for the year ended March 31, 2019. The Company recorded its Q4FY19 Profit After Tax (PAT) at `32 crore. It’s noteworthy that the consortium of CDR (Corporate Debt Restructuring) lenders has agreed to allow CDR exit for the Company with effect from March 31, 2019, subject to requisite approvals from their respective competent authorities. The aggregate liability of recompense as on March 31, 2019 was determined at `191 crore as per extant guidelines. The Company made an incremental provision for `57 crore in Q4FY19 vs `27 crore in Q3FY19. With this, the entire recompense liability as on March 31, 2019 is fully provided for. Accordingly, the PAT dipped by 38%.
Despite a strained external trade environment, JSL continued to service growing domestic demand arising from Railways, Metro, Process Industry, Pipe & Tube, and Hollowware segments, and specialized & duplex grades of stainless steel. Given the Company’s sector-focused approach, robust marketing plans, digitized and optimized production efficiencies, and heightened emphasis on customer service, it is expected that growth will continue undeterred in these segments.
The annual sales volume and net revenue grew by 9% and 17% respectively. Despite the pressure on margins exerted by subsidized imports, JSL could manage to maintain its leadership position in the domestic stainless steel market during FY 18-19. However, EBIDTA margins continued to be under pressure, which adversely impacted Company’s profitability. The net worth of the Company stood at `2,475 crore, up by around 5% over FY 17-18.
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