On Tuesday (May 14, 2019), the Indian rupee gained 7 paise to close at 70.44 against US dollar on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment.
Adani Group has received in-principle approval from the Myanmar government to invest $290 million to build and run a container terminal along the Yangon river for 50-years.
This is the second overseas venture after the Abbot Point terminal in Queensland, Australia.
Adani’s investment in Myanmar gives India a geopolitical counter to Chinese investments in Sri Lanka’s Hambantota port and Pakistan’s Gwadar port as the Dragon encircles the region with its Belt and Road initiative.
The first phase of the new terminal is expected to start operations by 2020-end
The day-to-day working of the new terminal will be with the civilian government and the revenue generated will be shared with the Myanmar Port Authority, the terms of which will be decided shortly.
Adani’s proposed investment in the Myanmar port is held through Singapore-based entities and follows the regulations of the Singapore government, as Singapore has a memorandum of understanding with Myanmar to boost partnerships in transport and logistics, including port planning.
Adani’s entry will add to the growing list of multi-national corporations that are contributing to the growth of Myanmar’s economy including Total, Unilever, Mitsubishi, Posco, Daewoo, Samsung, Siemens and GE.
Container Corporation of India (Concor) plans to invest ₹4,500 crore in the next four years to add 270 rakes to its existing fleet of 343 rakes
The State-owned company intends to serve the increasing domestic demand for cargo movement by containers using rail and coastal routes.
The organisation is exploring the use of containers to transport break-bulk cargoes like cement and foodgrains.
This year, Concor plans to invest ₹1,000 crore on infrastructure, dry ports and IT systems. It also plan to add 10,000 containers with an investment of around ₹300 crore.
After testing coastal shipping from Kandla to Thoothukudi via New Mangalore and Kochi, Concor wants to extend this up to Bangladesh port, which can be also be serviced under coastal shipping. There is a huge demand in Bangladesh with India supplying materials like clinker and cement.
In a bid to retain customers, Concor has introduced the ‘one year-one tariff’ scheme under which customers are offered a single tariff for the whole year, irrespective of any cost escalation. This will ensure price stability throughout the year.
For the year ended March 31, 2019, Concor reported net profit of ₹1,200 crore on revenue of ₹7,200 crore.
• The rupee on May 13, 2019 fell sharply by 59 paise to close at nearly two-and-a-half-month-low of 70.51 against the US dollar due to persistent foreign fund outflows and renewed worries over rising crude oil prices. An unabated sell-off in domestic equity markets also weighed on the domestic currency.
Energy investment has risen most rapidly in India in three years till 2018, up 12% to around $85 billion, the International Energy Agency (IEA) said.
While global energy investment stabilised at near $1.85 trillion in 2018 after three years of decline, the US and India were the only two countries where investment in energy recorded a growth in 2018 from 2015-levels.
The country was also the fourth-largest destination for power sector investment in 2018, trailing behind China, the US and the European Union.
In a relief to the Andhra Pradesh government, the Supreme Court has suspended the NGT order directing the state to deposit Rs 100 crores with the Central Pollution Control Board (CPCB) for inaction to prevent illegal sand mining.