Economy News-Daily Digest: 2 Key Updates
1. Tata arm bags Bharat Net’s ₹3,057 cr. project
Tata Projects bagged a ₹3,057 crore optical fibre cable network project in Chhattisgarh from Bharat Net. The project, which will benefit about 2.6 crore people of the state, involves the laying of optical fibre network that follows ring architecture with Internet Protocol-Multi Protocol Label Switching (IP-MPLS) technology. Bharat Net was conceived under the Digital India initiative of the Centre. Through this project, important services, including public distribution system (PDS), 102 (free ambulance service) and 108 (emergency service) would be effectively executed at gram panchayat level. Tata Projects would lay 48 core OFC network across the state covering 32,466 kms. After which high speed broadband between 1 to 10 Gbps would be provided free-of-cost through wi-fi spots at each gram panchayat. The project is expected to take 12 months for completion.
ChiPS (Chhattisgarh Infotech Promotion Society) will be the primary body for the implementation of this Chhattisgarh BharatNet Phase II Project. The proposed optical fibre network is to leveraged to deliver scalable bandwidth to households, institutions and enterprises. Besides laying the underground OFC, the company would build IP-MPLS core network, radio network and set up State Network Operations Centre (S-NOC), including operations and maintenance and service provisioning on the created network for next 8 years.
2. Yes Bank gets SEBI approval for the launch of its mutual fund business
Yes bank received approval from capital market regulator SEBI to launch mutual fund business. This approval is subsequent to the Reserve Bank of India’s approval granted to the bank to sponsor a mutual fund followed by SEBI’s in-principle approval received subsequently. YES bank also recently received the final license from SEBI to launch its custodian of securities business. The bank will also be opening representative offices in London and Singapore as per recent approval from RBI, in addition to its presence in UAE through its representative office in Abu Dhabi.