JISCO Looking for Partners in Industrial Park and SEZ

first_img The Chinese company, Jiuquan Iron and Steel (Group) Company Limited (JISCO) is looking at possible joint venture Jamaican partners for Chinese companies that will be investing in the Industrial Park and Special Economic Zone (SEZ) in Nain, St. Elizabeth. “Here is an opportunity for (JISCO) to look at where we are as a country, where the opportunities exist and where we recognize that our market is the world. Come and look at what exists, come and meet the businesses that are here,” he said. Speaking with JIS News, at the 46th staging of Expo Jamaica at the National Indoor Sports Centre on April 20, Minister without Portfolio in the Office of the Prime Minister, the Hon. Michael Henry said the investment will present numerous opportunities for the local manufacturing sector. Story Highlights The Chinese company, Jiuquan Iron and Steel (Group) Company Limited (JISCO) is looking at possible joint venture Jamaican partners for Chinese companies that will be investing in the Industrial Park and Special Economic Zone (SEZ) in Nain, St. Elizabeth.The project comprises an already approved US$3 billion investment by JISCO in expanding their refinery and post operations and a projected US$3 billion dollar development in the Industrial Park and SEZ.Speaking with JIS News, at the 46th staging of Expo Jamaica at the National Indoor Sports Centre on April 20, Minister without Portfolio in the Office of the Prime Minister, the Hon. Michael Henry said the investment will present numerous opportunities for the local manufacturing sector.“Here is an opportunity for (JISCO) to look at where we are as a country, where the opportunities exist and where we recognize that our market is the world. Come and look at what exists, come and meet the businesses that are here,” he said.“It is also an opportunity to encourage Jamaican businesses to equally see what are the opportunities, and how you can expand and whether you want to relocate to an industrial park, an SEZ and how that…helps your growth and development,” he added.While at the Expo, Minister Henry, along with Chairman of JISCO, Chen Chunming; Project Manager, Li Fang; and Assistant Managing Director, Sun Jing, toured several booths.Expo Jamaica is being held at the National Arena and the National Indoor Sports Centre from April 19 to 22.Under the theme: ‘Advancing Breakthroughs’, the expo is being hosted by the newly formed Jamaica Manufacturers and Exporters Association, in collaboration with JAMPRO.last_img read more

NCLT asks Jet lenders to release lifeline funds within 15 days

first_imgMumbai: The National Company Law Tribunal (NCLT) Wednesday directed the financial creditors of the grounded Jet Airways to release some interim lifeline funds within 15 days. The lenders had in-principle sanctioned Rs 63 crore to the RP and SBI, the lead lender, had reportedly already disbursed its portion of Rs 10 crore. However, other lenders like Yes Bank, Punjab National Bank, IDBI Bank, Bank of India, Indian Overseas Bank and Axis Bank are yet to release their portion. Also Read – Commercial vehicle sales to remain subdued in current fiscal: IcraTherefore the tribunal has directed these lenders to release the amount within 15 days. The RP of Jet Airways had moved NCLT on September 20 seeking directions to the lenders, who own 51 percent in the airline since March, to release interim funds. The lenders had earlier approved to sanction Rs 63 crore in interim funding to meet the day to day needs and also the fees for the RP. The RP had informed the tribunal that if the interim financing is not done timely, the corporate insolvency resolution process would come to a halt. Following this the lenders, who own 51 percent in the bankrupt company with no business or revenue, had approved interim financing measures in its previous meetings.last_img read more