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Navayuga Road Projects to invest Rs 357.60 cr

The Government has approved six foreign direct investment (FDI) proposals worth over Rs 732 crore based on the Foreign Investment Promotion Board?s recommendations. The two largest proposals notified by the Finance Ministry include Hyderabad-based Navayuga Road Projects? plans to make downstream investments in its Special Purpose Companies worth Rs 357.60 crore and SIDBI Social Venture Trust?s submission to bring in foreign investment worth Rs 285 crore by allotting some units of the Fund.

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Study of Mughal road tunnel in J & K is on

The Jammu and Kashmir Government has said that a proposed tunnel on the Mughal Road between Zaznar and Chattapani to keep the road open round the year, was under survey. A tunnel is proposed on the 84-km Bafliaz-Shopain road between Zaznar and Chattapani to keep the road open round the year, the State Minister for Roads and Buildings, Abdul Majeed Wani, said in the Legislative Council in Jammu on March 25.

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Six-lane for Edappally-Aroor NH key to ease traffic woes

In Kerala, widening of the Edappally-Aroor NH Bypass into six lane and subsequent development of the four major junctions in the stretch hold the key to smoothening traffic flow along the stretch.

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Govt to ease norms for road builders

Seeking to attract developers to new construction projects the Union Roads Ministry has proposed easing norms for road builders. The Ministry has sent a note to the Cabinet Committee on Investment suggesting an early exit for road developers.

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IL&FS gets Rs 1,348.20 cr NHAI project in Maha

The National Highways Authority of India's (NHAI) project of four-laning of Khed-Sinnar Section of NH-50 has been bagged by the IL&FS Transportation Networks. The stretch is in Maharashtra. The project work is from Km 42.000 to Km 177.000 (Design Length - 137.946 km) under the Phase IV B in Maharashtra on DBFOT basis.

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GMR divests mining assets in South Africa

GMR Infrastructure is divesting its two major coal-mining assets in South Africa, which it holds through a joint venture with Homeland Energy Group. However, sources said there will not be much inflow into GMR's reserves from this sale. GMR Energy, a subsidiary of GMR Infra, holds 55.84 per cent stake in Homeland Energy Group, a Toronto-listed company which owns Kendal mines (operational) and partially-explored Eloff mines in South Africa through its subsidiary Homeland Mining and Energy.

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CAG urges state mines dept to increase revenue recovery

The Comptroller & Auditor General of India (CAG) urged the mines department of Odisha government to increase efficiency of its revenue recovery mechanism to ensure that it can recover at least the amount involved in the accepted cases. According to a recent report of the auditor, arrears of mining receipts stood at Rs 1,844.92 crore (as on March 31, 2012)

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Coal importers evade duty via false classification

The Directorate of Revenue Intelligence (DRI) in Gujarat detected around Rs 600 crore of import duty evasion by coal importers by falsely classifying coal in 2012-13. These coal importers have allegedly evaded duty by reporting bituminous coal imports as steam coal. Earlier, the government waived customs duty on steam coal and imposed only a concessional countervailing duty (CVD

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Odisha govt to enter into pact with IBM on MTS

The Odisha government and the Indian Bureau of Mines (IBM) would sign a memorandum of understanding (MoU) to implement a mining tenement system (MTS) in the state. The system is aimed at enabling the process of management of data relating to areas for exploration and mining. According to the proposed MoU, the IBM would provide inputs on the design of MTS modules, offer information on the existing operating modules, designs and a

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Aditya Birla stops operation at Aussie mine

Citing unsustainable operational cost, Aditya Birla Minerals stopped operation at its 20,000-tonne-a-year copper concentrate producing mine at Mt Gordon in Queensland, Australia. The profitability of the company?s operations has been adversely hit by the unacceptably high unit operating cost per pound of copper produced at the mine