MARG BAGS 2 PURA PILOT PROJECTS
~ Company to work closely with Ministry of Rural Development to improve the rural areas ~
Chennai, December 3, 2010: MARG Limited, India's fastest growing integrated infrastructure company, today announced that it will work actively with Ministry of Rural Development (MoRD), Government of India for implementing 2 PURA Pilot projects, designed under Public Private Partnership (PPP) framework, with active support of the Tamil Nadu & Puducherry Governments. The projects are being implemented with support from Department of Economic Affairs and the technical assistance of Asian Development Bank. This is a positive outcome of a stiff competitive bidding process lasting over 5 months. Out of initial 95 corporate bidders for 9 pilot projects across India, MARG Limited has bagged 2 pilot projects and is the only integrated city developer among the chosen companies.
PURA (an acronym for Provision of Urban Amenities in Rural Areas) was envisaged by former President Dr. A.P.J. Abdul Kalam as a sustainable and viable model for the delivery of basic urban services and facilities in rural areas to be managed through an implementation framework forged between local people, public authorities and the private sector. The scheme was re-configured after extensive consultation and research with state governments, private sector and multi-lateral development organizations. PURA is a flagship program of the Ministry of Rural Development (MoRD), Government of India.
Among its many objectives, PURA would endeavor to bridge the rural-urban divide by providing and upgrading basic infrastructure & urban amenities in the rural areas and to exploit private sector efficiencies to leverage growth in these districts.
Speaking on the occasion Mr. GRK Reddy, Chairman & Managing Director, MARG Group said, "It's a great pleasure to partner with the Government of India to develop the rural areas of our country. At MARG, we believe that by providing a good infrastructure and better amenities to the rural areas, the country is poised to herald a paradigm shift in rural development, reverse urban migration and can go a long way in sustainable development of its own cities ."
Of the 2 projects sanctioned, MARG would be working towards the development of Lathur block, Kancheepuram District, Tamil Nadu and Karaikal district, Puducherry UT. In total, 18 villages would be covered in these 2 projects benefitting close to a lakh of population. The total cost is expected to be around Rs. 170 crores, with the viability gap funding of about Rs. 58 crores, leaving MARG to fund for almost 65% of the project cost. As per the guidelines, MARG will develop these projects over 3 years and thereafter operate & maintain the infrastructure/amenities for 10 years.
MARG is committed towards inclusive development of these project areas. Infrastructure services such as clean water distribution, drainage, sewerage, village roads etc. will be improved to specified standards. Further MARG would be focusing on skill development linked to guaranteed jobs, improvement of health & sanitation, education, women empowerment, improvement in per capita income and ultimately a higher quality of life to all households in the targeted villages. .
ABOUT MARG LIMITED
MARG Limited (BSE: 530543), incorporated in 1994 and headquartered in Chennai, is an infrastructure, real estate development and services company. The Company is listed on the Bombay Stock Exchange and its shares are traded on the NSE under the category of 'Permitted Security'. MARG's businesses are organized under 4 distinct business verticals – Marine Infrastructure & Services, Urban & Industrial Infrastructure, EPC and Real Estate. MARG is strategically developing greenfield ports on the Eastern Coast of India. The Karaikal Port is currently operational with a capacity of 5.2 MMTPA (Million Metric Tonnes Per Annum) and phased expansion is underway to eventually scale up to 47 MMTPA. The Company has also been awarded a contract to develop a Minor Port cum Ship Repair Yard at Mugaiyur. In addition to marine infrastructure, MARG also offers related services such as dredging and logistics. MARG Swarnabhoomi, the Company's flagship project in Urban & Industrial Infrastructure, is being developed as an inclusive city based on the principles of New Urbanism, with unique offerings for Business, Living & Learning. The Company's EPC division provides integrated turnkey solutions for Greenfield and Brownfield projects pan-India serving clients such as L&T, BHEL, Indian Oil, HP among others. MARG's Residential Real Estate business, under the umbrella brand MARG ProperTies, offers homes across multiple segments with focus on affordable housing. Malls, IT Parks and Office Spaces constitute the Company's Commercial Real Estate business. MARG is also expanding its sectoral presence with Airport projects in Bellary and Bijapur and a Multi-Level Car Park (MLCP) in Chennai.
The Company, currently employing over 1000 people, is ISO 9001: 2008 certified for carrying out activities in planning and development of commercial, residential and turnkey projects. MARG Ltd. and/or its subsidiaries have offices in India, China and Singapore.
More information on MARG is available on http://www.marggroup.com