【New Delhi】One of the most visible programmes of the United Progressive Alliance (UPA), the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) came to an end on March 31 after a nine-year run. During that period some 1,345 projects costing Rs 74,778 crore were approved, of which less than half were completed till February this year.
However, whether it is Shimla's multi-level interstate bus terminus or a pipe-bursting technology for replacing sewers without having to dig up the walled city of Jaipur, the JNNURM has left an impression across cities.
Though the UPA has been planning to extend the programme with more emphasis on public-private partnership and skill building in urban local bodies, the fate of this flagship programme, which got an extra two years after the expiry of its seven-year term in 2012, will now be decided by the next government.
○Cautious bankers to 'investigate' construction firms before debt recast
【Mumbai】Turning wiser from their chequered experience in dealing with debt-ridden construction companies, banks have started insisting on investigative audits for engineering, procurement and construction (EPC) units that seek to recast their loans.
A forensic audit will help the lenders get a clearer picture about the companies and, thereby, reduce the chances of any ‘package failure’ in corporate debt restructuring (CDR).
“There have been hard lessons for us from restructuring a large number of cases during the current downturn. We often stumbled on gaps and material developments after implementing package,” said a top executive of a public sector bank.
【News source】
Urban Renewal Mission: Only half the projects completed
Cautious bankers to 'investigate' construction firms before debt recast
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