Centre approves Bangalore airport FDI
The Centre on Wednesday cleared a Rs 15,000-crore investment proposal by Anchorage Infrastructure Investment Holding Limited.
The Cabinet Committee of Economic Affairs (CCEA) approved the FDI proposal specifically for the purpose of investment in infrastructure and the construction-development sectors.
These may include transport and logistics, along with downstream investment in the airport sector and aviation-related businesses and services.
Anchorage Infrastructure is the investment arm of billionaire Prem Watsa’s Fairfax India for airports and other infrastructure investments. Fairfax India has a 54 per cent stake in Bangalore International Airport Ltd.
The investment includes transfer of share of Bangalore International Airport Limited to Anchorage.
Besides, an arm of Canada pension fund giant Omers is investing Rs 950 crore in Anchorage.
The investment will also be a shot in the arm for the recently announced National Monetisation Pipeline (NMP). It will help fund lease of state-owned infrastructure assets, which involve handling assets such as roads, railways, airports, sports stadiums, power transmission lines and gas pipelines, to private operators.
Anchorage Infrastructure Investment Holding is proposing to make a downstream
investment in some of the sectors covered under the NMP.
The Centre on Wednesday increased the minimum price sugar mills pay to sugarcane growers by Rs 5 to Rs 290 per quintal for the marketing year starting October, but ruled out any immediate increase in the sale price of sugar.
The decision to increase the fair and remunerative price of sugarcane was taken in the cabinet meeting on Wednesday. The government had fixed sugarcane FRP at Rs 285 per quintal this year.
The FRP is announced every year before the start of the sugarcane crushing season. However, states such as Uttar Pradesh and Tamil Nadu have been announcing their sugarcane rates (state advised price) over and above the FRP.