The Hindu Business Line : Hudco partners PGDL for infrastructure growth

HOUSING and Urban Development Corporation Ltd (HUDCO), a Central PSU, has formally launched its first joint venture company partnering with the city-based Pragati Growth & Development Ltd (PGDL).

In the joint venture, named Pragati Social Infrastructure & Development Ltd (PSIDL), HUDCO will have 26 per cent equity stake, leaving 74 per cent equity to PGDL.

The joint venture will act as a vehicle for entering into understandings and setting up more ventures with various State Governments, their corporations, technology and domain experts and private and institutional investors for promoting "public-private partnership" for infrastructure development.

Although PSIDL aims to work all over the country, it will currently pursue the ongoing projects in West Bengal.

Announcing the formation of the joint venture in the presence of the Union Minister of State for Urban Employment and Poverty Alleviation, Kumari Selja, the HUDCO Chairman and Managing Director, Dr P. S. Rana, said the corporation was determined to implement its Vision-2010 by establishing itself as the market leader in the area of housing and urban infrastructure finance through market orientation involving public-private and people's participation.

The corporation would provide funds of about Rs 12,000 crore in 2005-06 to various projects, and the funds would be raised by it from commercial banks, FIs and through bond issues.

A 20-member task force having representation from all quarters including the FIs, industry associations, NGOs and real-estate development agencies had been formed in February to review the National Housing policy, the Minister said.

The task force would submit its report by May 2005. The Ministry would promptly act on the basis of the task force's recommendation.

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