logo
Cash-strapped Chd MC looks for ways and means to boost revenue

Cash-strapped Chd MC looks for ways and means to boost revenue

Time of India24-05-2025
Chandigarh: No other development agenda, except the laying of a pipeline to supply water to the newly built houses of judges in Sector 10, was taken up in UT MC's monthly finance and contract committee (F&CC) meeting here Friday.
With MC long facing an acute shortage of funds, F&CC members deliberated upon ways and means to boost revenue.
Among some of the committee's suggestions were promoting art and cultural activities at Sector 17 Plaza during the weekends. They suggested that the open space could be given on rent to event organisers for cultural programmes and exhibitions, thereby transforming the plaza into a vibrant community hub while generating additional revenue for the civic body.
The officers concerned were directed to explore and present actionable plans for the same.
The committee also reviewed smart solutions for managing paid parking lots across the city. Detailed discussions were held to enhance public convenience and streamline parking services.
The F&CC revised the professional fee structure for advocates handling legal matters related to the integrated command and control centre . The new fee has been fixed at Rs 3,000 per case to assist the nodal officer in the district & sessions court in the tricity.
Get the latest lifestyle updates on Times of India, along with
Brother's Day wishes
,
messages
and quotes !
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Local rare-earth production to take time, govt support needed for EV sector: Kinetic Green CEO
Local rare-earth production to take time, govt support needed for EV sector: Kinetic Green CEO

Time of India

time5 minutes ago

  • Time of India

Local rare-earth production to take time, govt support needed for EV sector: Kinetic Green CEO

Sulajja Firodia Motwani, Founder and CEO of Kinetic Green , has called for government intervention in the rare-earth materials issue, stating that while the Indian electric vehicle (EV) sector has managed to cope in the short term, it will face significant challenges ahead, as "it's not easy to change your product design and supply chain." Kinetic Green founder emphasised that it could take at least two to three years for the players in the automobile sector to localise the supply chain or adopt alternative technologies. "It will impact the industry if it's not solved because it's not easy to change your product design and supply chain. The EV sector is scrambling somehow to manage for the short run. But I think there has to be a government-to-government solution very soon in the medium term. Because it will take two to three years to try to localise the supply chain or change the technology altogether. So I think it's important that this is resolved," Sulajja Firodia Motwsaid during the unveiling event of the company's electric Luxury Golf & Lifestyle Cart in partnership with Tonino Lamborghini SpA of Italy. She further added, "We faced a similar situation in COVID on semiconductors; if you remember, the government did follow through and resolve it. I'm hopeful that something will emerge from this." She added that until the issue is solved, the company is working on developing alternative technologies to mitigate the adverse impact of such restrictions arising from global geopolitical moves. "But in the meantime, we are finding alternatives so that the business can continue, but it's not ideal to do that, and also maybe not everybody can. So it (restrictions on rare-earth material by China) will impact the sector," she added. The central government has earmarked ₹1,345 crore to incentivise rare earth magnets production in India. For context, early this April, China announced a decision to implement export controls on certain rare earth-related items, pushing a supply shortage across the world, including India. Meanwhile, India is in touch with the Chinese side, seeking predictability in the supply of rare earth metals -- which had been put under the export controls regime by the Xi administration. China's overwhelming control of global rare earth processing - commanding over 90 per cent of the world's magnet production capacity - has created significant vulnerabilities for industries worldwide. These materials are critical across multiple sectors, including automobiles, home appliances, and clean energy China, there are only a few alternative suppliers of critical minerals. The Union Cabinet in January 2025 approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings. Recently, Union Minister for Coal and Mines G Kishan Reddy said the central government is actively encouraging private companies to mine and explore critical minerals overseas and bring them back into the country to serve the needs of the domestic industry. Speaking on the incentives to the industry, Motwani said, "The government has to continue supporting the adoption of EVs. Once we come to, today we are at about 7-8 per cent EV. Once we come to 25-30 per cent EV, then we'll have critical mass on supply chain, on scale, and on ecosystem. "We have begun well, but we are far from done. The government must continue supporting the adoption of electric vehicles," she added. She further noted the resistance from traditional internal combustion engine (ICE) players who have vested interests in maintaining the status quo. "There is a large counterforce from existing ICE manufacturers who naturally want to protect their investments and may not wish to see EVs succeed. However, it's encouraging that the government remains focused. Schemes like EMPS and the PM-eBus Sewa, lower GST rates, ecosystem support, and a strong Make-in-India push should continue to drive demand and adoption," Kinetic Green founder asserted.

THDC India raises Rs 600 cr via NCDs
THDC India raises Rs 600 cr via NCDs

News18

time14 minutes ago

  • News18

THDC India raises Rs 600 cr via NCDs

Agency: PTI New Delhi, Jul 20 (PTI) State-owned THDC India raised Rs 600 crore through issuance of non-convertible debentures on private placement basis on July 18, a statement said. The issuance was at a coupon rate of 7.45 per cent with maturity of 10 years. Proceeds of the bonds will be utilized to partly meet debt requirements of ongoing and under construction projects including recoupment of expenditure already incurred and to refinance the existing loans. Sipan Kumar Garg, Director (Finance) and CFO said the bond issue had a base size of Rs 200 crore and a green shoe option of Rs 400 crore, aggregating to a total issue size of Rs 600 crore. THDC India is steadily expanding its portfolio across diverse energy portfolios, and the funds mobilized through this issuance will further strengthen the company's financial position and support its ongoing strategic projects, the statement said. The debt securities will be listed on the Wholesale Debt Market (WDM) Segment of BSE and NSE on July 23, it said. The company has so far issued a total of 13 series of bonds and has successfully raised Rs 10,442 crore from the corporate debt market. PTI ABI ANU Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

IDFC First Bank In Focus As RBI Clears Warburg's 9.99% Stake Investment
IDFC First Bank In Focus As RBI Clears Warburg's 9.99% Stake Investment

News18

time16 minutes ago

  • News18

IDFC First Bank In Focus As RBI Clears Warburg's 9.99% Stake Investment

This development follows a similar clearance granted by the Competition Commission of India (CCI) on June 3 for the proposed investment. Currant Sea had sought the CCI's approval in April for the stake acquisition. The regulatory approvals come shortly after IDFC First Bank's shareholders voted against appointing a non-retiring board member from Currant Sea Investments. The proposal received only 64.1 percent support, falling short of the 75 percent approval required under corporate governance norms. Previously, Warburg Pincus and the Abu Dhabi Investment Authority (ADIA) had announced a joint investment commitment of Rs 7,500 crore in IDFC First Bank through compulsorily convertible preference shares. As part of this plan, IDFC First Bank will issue 81.26 crore preference shares to Currant Sea Investments and 43.71 crore shares to ADIA-backed Platinum Invictus, both priced at Rs 60 per share. The last trading price of IDFC First Bank is at Rs 73.07 as of July 18 on BSE. The stock's 52-week movement indicates a high of Rs 78.50 and a low of Rs 52.50. As of July 18, the m-cap of IDFC First Bank stood at Rs 53,596 crore. It is a constituent of BSE 200. The Board at its meeting held on April 26, 2025 had considered and recommended dividend for the Financial Year 2024-25. In this regard, kindly note that the record date for determining the eligibility of members entitled to receive the said dividend is Friday, July 11, 2025.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store