UP Govt appoints IDFC & Feedback Ventures to identify PPP projects in Lucknow & Kanpur

UP Govt appoints IDFC & Feedback Ventures to identify PPP projects in Lucknow & Kanpur

Mumbai, August 13, 2007: The Government of Uttar Pradesh has commissioned IDFC and Feedback Ventures through their India Infrastructure Initiative (Triple-I) facility, to identify suitable urban transport solutions and other urban development projects for the development of Lucknow and Kanpur. This Project Identification stage will be carried out in 100 days’ time. Subsequent stages will be the Project Preparation stage, Private Partner Selection Stage, and the Project Implementation Stage for selected projects that will all be executed through Public Private Partnership.

This is the first time that the new Government in Uttar Pradesh is looking for outside expertise in preparing a bank of urban development projects to be developed through PPP. These projects in turn have been classified into three categories: immediate projects that can be awarded to the private sector and where work can start in 120 days; short-term projects where work can start in 240 days; and, medium-term projects, where work can start in 400 days. Some of the possible projects include improvement of transport network within the city; new parking lots; improvement of stadiums; redevelopment of jail lands, bus terminals, and railway stations; and some form of MRTS / BRTS within and between the two cities.

“The urban rejuvenation initiatives in Lucknow and Kanpur, which together have a population of more than five million, are also expected to serve as a “demonstration effect” for the “art of the possible” for other cities of Uttar Pradesh,” said Mr. Suresh Kumar, Chief Operating Officer of the India Infrastructure Initiative.

Mr. Vinayak Chatterjee, Chairman of Feedback Ventures, stated, “The UP Government wants to quickly develop the state’s infrastructure through PPP. This was made clear to us by the Cabinet Secretary, Mr. Shashank Shekhar Singh. I am confident that Triple-I, which is backed by IDFC and Feedback Ventures, will help deliver world-class infrastructure to Uttar Pradesh.”

“Triple-I is already catalyzing PPP projects worth Rs. 6,400 crore across the three states of Maharashtra Gujarat, and Madhya Pradesh in sectors like power, water, airports, SEZs, and urban development. I’m pleased to see that Triple-I is now starting work in the heartland of India, Uttar Pradesh. I’m sure that it will soon reach out to other states,” added Mr. Shailesh Pathak, Head PPP Initiative, IDFC.

About Triple-I

The India Infrastructure Initiative offers a “no-cost” solution to the Governments or Government Undertakings to hand-hold them through the process of project preparation and partner selection for the identified infrastructure projects. For its services to create a pool of bankable infrastructure projects, III does not charge the Government or Government agencies and instead recovers its costs from the selected private sector partners for the projects, thus creating a win-win situation for all concerned. III is a facility created by IDFC and Feedback Ventures.

About IDFC: IDFC provides a wide range of financing products and fee-based services to Infrastructure projects and their sponsors. The main focus has been on the energy, transportation and telecommunications and IT sectors, while the industrial and commercial Infrastructure sector is a new area of business growth.

About Feedback Ventures: Feedback Ventures is India’s leading integrated infrastructure services company, with a mission of “Making Infrastructure Happen”. Totally focused on infrastructure development, Feedback Ventures offers an integrated suite of services that covers all the steps from “concept to commissioning”. Over the years, Feedback has become known both for its innovative work as well as for its ability to ensure successful implementation of infrastructure projects.

For further information, please contact:

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