Sunday, November 11, 2007

RIICO Signs MOA with IL&FS

Rajasthan State Industrial Development & Investment Corporation Ltd. (RIICO) today signed a Memorandum of Agreement with Infrastructure Leasing & Financial Services (IL&FS) to form a Special Purpose Vehicle company (SPV) to establish an integrated water supply project for supply of water to Textile Park in Soniyana village, in district Chittorgarh and existing industries in Bhilwara. The proposed integrated water supply project will be implemented on a Public Private Partnership (PPP) model.

The agreement was signed by Mr. Kuldeep Ranka, MD, RIICO and Mr. L. Krishnan, CEO, IL&FS and IL&FS Urban Infrastructure Managers Limited. The SPV will cater to the industrial requirements of the textile park being developed by RIICO at Soniyana village near Bhilwara-Chittorgarh border and also to existing industries in Bhilwara in Rajasthan. The project is being undertaken with two broad objectives: i.e. transmission of water to industrial customers and to establish a ‘Common Effluent Treatment Plant’.

Speaking on the occasion, Mr. Narpat Singh Rajvi, Industries Minister, Rajasthan said, “The proposed water supply project further strengthens Rajasthan’s image as a state with unique practices of water conservation and utilization. Bhilwara has emerged as one of the largest centres for manufacturing synthetic suitings and has around 13,000 looms. The poor availability of water in the Bhilwara–Chittorgarh area was a major hindrance to the growth of the textile sector in the region. This project will help the textile sector to grow in an eco-friendly way. Rajasthan is already doing many infrastructure projects in PPP mode and the existing project further strengthens our portfolio”.

Mr. Sunil Arora, Chairman, RIICO said “this project would further boost growth of textile sector in this part of Rajasthan and help in bringing new investment in the State”.

Mr. Ashok Sampatram, Principal Secretary Industries; Mr. S.N. Thanvi, Principal Secretary Water Resource and IGNP; Mr. Ashok Singhvi, Secretary Mines and Mr. Paritosh Gupta, CEO, PDCOR Limited were also present.

Mr. Sameer Vyas, MD, IL&FS Water Company Limited said, “We are delighted to partner with RIICO in developing, financing and implementing the project. The project will have a positive impact on the growth of various industries here. We have considerable experience in infrastructure-based PPP projects. IL&FS is well aware of the robust industrial development being undertaken by the Government of Rajasthan and its industrial wing RIICO. We look forward to a long and steady association with RIICO.”


Since its inception in 1969, RIICO has emerged as a multi-faceted and dynamic institution. It has kept pace with the industrialization process in providing complete and innovative means of financial and investment support services.

RIICO is also the sole government agency in the State involved in development of land for industrial enterprises. Large, medium and small scale projects get an easy access to a ready-to-use base with supportive infrastructure facilities in the industrial areas, developed and managed by RIICO. The financial and vital infrastructural facilities provided by RIICO have contributed towards accelerated growth of the industrial sector in the State.

About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) is one of India's leading infrastructure development and finance companies. IL&FS was promoted by the Central Bank of India (CBI), Housing Development Finance Corporation Limited (HDFC) and Unit Trust of India (UTI). Over the years, IL&FS has broad-based its shareholding and inducted institutional shareholders including State Bank of India, Life Insurance Corporation of India, ORIX Corporation - Japan, HSBC Group and Government of Singapore.

IL&FS has a distinct mandate -- catalysing the development of infrastructure in the country. The organisation has focused on the commercialisation and development of infrastructure projects and creation of value added financial services. From concept to execution, IL&FS houses the expertise to provide the complete array of services necessary for successful project completion: visioning, documentation, finance, development, management, technology and execution.

No comments:

Post a Comment

Related Posts with Thumbnails