Cabinet approves formation of SPV for Lakhnadone-Ghansore road project

August 21, 2012

The Union Cabinet yesterday approved the formation of a 100 per cent owned Special Purpose Vehicle (SPV) for execution of the Lakhnadone-Ghansore road project in Seoni district of Madhya Pradesh on a build, operate and transfer (BOT) basis.

An official press release said the public sector Telecommunications Consultants India Limited (TCIL) would invest Rs 23.11 crore, that is 35 per cent of the project cost, in equity in the SPV from its internal resources.

TCIL, a premier telecommunications consultancy and engineering company with a strong base in telecommunications & information technology, was incorporated in 1978 by Government of India. Of late, the company has diversified into civil works, an official press release said.

TCIL is engaged in telecom projects in India and abroad, directly or through its joint venture companies/subsidiaries. The company has worked in over 60 countries and has also contributed in providing strategic communication in the neighbouring countries like Nepal, Bangladesh, Afghanistan, Bhutan and Sri Lanka.

The company`s paid up capital now stands at Rs. 43.20 crore. The standalone networth of the company is Rs. 420.41 crore, the release added.

SOURCE: http://netindian.in