New Delhi, Feb 14 (IANS) The government on Friday said it has cleared investments of over Rs 540 crore in stalled residential properties that will benefit 1,800 homebuyers.
"Special Window clears projects with capital commitment of more than Rs 540 Crores. Disbursements started which will provide relief to 1800 home buyers and unlock Rs 3000 Crores of invested capital," the Finance Ministry said in a tweet.
Further, preliminary clearance has been given for due diligence to 14 projects with capital commitment of Rs 2,500 crore that will provide relief to 10,000 home buyers and release Rs 12,500 crore of invested capital, it said, adding that around 40 more deals under active consideration for investment.
The Central government last year announced a Rs 25,000 crore fund to help complete over 1,500 stalled housing projects, including even those that have been declared NPAs (non-performing assets) or admitted for insolvency proceedings. The move is likely to help 4.58 lakh housing units across the country with only RERA-registered projects with positive net worth will be provided funds.
The Rs 25,000 crore fund is in form of alternative investment fund (AIF). The Centre is infusing Rs 10,000 crore into this stress fund, while the remaining being provided by state insurer LIC and SBI. The AIF is being managed by SBI Caps.
Chicago, Feb 21 (IANS) General Motors (GM) on Thursday launched the Chevrolet Menlo sedan in China, the brand's first fully electric vehicle in the world's largest EV market.
The sporty-looking hatchback was also the third EV that GM rolled out in China, following the Buick Velite 6 EV and Baojun E-series, all produced by joint-venture partnerships in China, the Xinhua news agency reported.
According to GM, the Chevrolet Menlo will be initially offered in Beijing, available in four variants priced from 1,59,900 yuan to 1,79,900 yuan ($22,800 to $25,700) after national subsidies for new energy vehicles.
"Along with being a new energy vehicle, the Chevrolet Menlo inherits Chevrolet's sporty DNA that dates back to its founding by race car drivers," said Scott Lawson, general director of Chevrolet for SAIC-GM, a Shanghai-based joint venture.
"It will meet the performance and styling demands of our customers and at the same time provide the efficiency that new energy vehicle owners expect," he added.
Based on the concept vehicle of Chevrolet FNR-X, Chevrolet Menlo has a constant-speed range of up to 410 km under New European Driving Cycle (NEDC) conditions on a single charge.
GM outlined its "All-Electric Path to Zero Emissions" in October 2017, and announced a new electric offensive with 20 new all-electric vehicles to launch by 2023.
In the rapidly expanding Chinese EV market, which saw half of the world's total sales, GM now faces fierce competition not only from local brands and European automakers, but also the American EV giant Tesla.
Tesla started delivering Model 3s made in its Shanghai Gigafactory at the end of last year.