NEW DELHI: The Indian cabinet on Thursday approved availing of 177 billion rupees ($3.7 billion) of Japanese loans for a rail freight corridor project to connect northern and western industrial hubs, a minister said.
Information and Broadcasting Minister Ambika Soni said the long-term loan from Japan's Official Development Assistance (ODA) however comes with a precondition that prime contractor for the project would be Japanese firms.
The $5.4 billion freight corridor project is part of an infrastructure development plan involving an investment of $500 billion during the five-year period ending March 2012.
The cabinet decision comes a day after the railway ministry said it would not forcibly acquire land and review existing cases of such land seizures, especially from farmers.
ET
Information and Broadcasting Minister Ambika Soni said the long-term loan from Japan's Official Development Assistance (ODA) however comes with a precondition that prime contractor for the project would be Japanese firms.
The $5.4 billion freight corridor project is part of an infrastructure development plan involving an investment of $500 billion during the five-year period ending March 2012.
The cabinet decision comes a day after the railway ministry said it would not forcibly acquire land and review existing cases of such land seizures, especially from farmers.
ET
No comments:
Post a Comment