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Approval of change in the equity structure of the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC)
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....pproval of change in the equity structure of the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) <br>News and Press Release<br>Dated:- 24-8-2012<br><BR>Press Information Bureau Government of India Ministry of Commerce & Industry 23-August-2012 19:32 IST The Union Cabinet has approved the following revised equity structure of Delhi Mumbai Industrial Corridor Development Corpor....
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....ation (DMICDC): • Share of Government of India : 49% or less; • Share of Government owned Financial Institution of Japan, the Japan Bank for International Cooperation (JBIG) : 26%; and • Share of Financial Institutions owned by the Government of India: 25% or more No financial implications will be involved after the revised equity structure on the part of Government of India. D....
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....MIC Project being a strategic partnership project between Government of India and Government of Japan, participation of the Government of Japan in DMICDC will enable the DMIC project to leverage the active assistance and cooperation of the Government of Japan. Subscription in the equity of DMICDC will increase the confidence of Japanese companies in the project and strengthen the ties with the Gov....
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....ernment of Japan. This may also enable the dispatch of Japanese experts to DMICDC. Long term financing institutions in Japan like pension funds have limited experience in India and 26% equity would give them comfort level and a feeling of participation in the project. This would open up possibilities for long term infrastructure lending at lower rates. Background: The Delhi Mumbai Industrial Cor....
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....ridor (DMIC) project was conceived as a symbol of Indo-Japan strategic partnership during the visit of the Hon'ble Prime Minister of India to Tokyo in December, 2006. The Delhi Mumbai Industrial Corridor (DMIC) is being developed as a global manufacturing and investment destination utilising the high capacity 1483 km long western Dedicated Railway Freight Corridor (DFC), as the backbone. As approv....
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....ed by the Cabinet on 16th August 2007, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) was incorporated on 7th January, 2008 with authorized equity base of Rs.10 Crore (49% equity participation by Gol, 41% by IL&FS and 10% by I DFC) for developing projects, coordinating the implementation of the numerous projects and also raising finances, wherever needed. Subsequently, in the m....
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....eeting held on 15th September, 2011, the Union Cabinet approved the restructuring of DMICDC with Government of India equity capped at 49% of the total equity and the Government owned Financial Institutions as majority shareholders. In pursuance of the above approval, India Infrastructure Finance Company Limited (IIFCL) and Life Insurance Corporation of India (LIC) took over the equity held by IL &....
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.... FS Ltd and IDFC respectively, at par, thereby substituting private Financial Institutions in DMICDC with Government owned Financial Institutions. In the meantime, a request was received from the Government of Japan for 26% participation in the equity of DMICDC. During the Japanese Prime Minister's visit to India in December, 2011, Japan offered to match Government of India's contribution to DMIC....
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.... Project by announcing a contribution of US$ 4.5 billion for projects with Japanese participation. The equity contribution to an extent of 26% would give them comfort level and a feeling of participation and involvement in the project. *** SC/SKS/SM<BR> News - Press release - PIB....