Late Payments For Cybertour 1: BPML Must More Than Rs 300 Million To The Indian Government

9 years, 3 months ago - October 20, 2013
Late Payments For Cybertour 1...
Although it was officially opened on April 1, 2005, I Cybertour has not yet been repaid. Far from it. Its owner, Business Parks of Mauritius Ltd (BPML) is more than Rs 300 million, of which Rs 88 million in terms of interest on arrears to the Indian state. A sum that the state-owned company is committed to pay by 2019.

In 2002, the adventure begins . The government of the opinion that the area of Business Process Outsourcing and call centers have great potential for Mauritius. But to attract foreign and prove its credibility in this area investors, it was necessary to show something. Thus, in the minds of leaders to build a Cybercity Ebene , with a solid symbol, Cybertour I, is ideal.
It was then that the Indian state has a credit line of Rs 600 million to support the Government of Mauritius . BPML is who will inherit the strongest part of the sum . The money used to build this Cybertour .
But when it comes to repay India, things get tough . It was not until last year , ten years after the granting of the credit line that BPML began to pay off. In 2007, the Mauritian government decides to capitalize 50% of the debt is Rs 257 million (U.S. $ 8,276,694 ) . This makes BPML will pay back half of that amount.
But the problem seems to remain whole . A year later , following discussions between the Ministry of Finance and BPML , it is expected that the latter's debt is rescheduled . It was then decided that the repayment of principal and interest to be spread over a period of seven years from 2012. Arrears of interest are Rs 88 million (U.S. $ 2,838,915 ) . BPML repay it over a period of four years and it started this year.
The Ministry of Finance , it ensures that repayments are made on schedule . Moreover, in 2012 , two payments were made. The first on October 3, 2012 with a return of Rs 18,436,487 on capital andRs 8,030,410 in terms of interest. The second , on December 26 with Rs 18,355,880 and Rs 2,512,422 on interest. 

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