The Sports Ministry is keen to bring Formula 1 back to the Buddh International Circuit in Noida in the near future.
The Adani Group is exploring strategies to revive Formula 1 racing at the Buddh International Circuit in Greater Noida, with Karan Adani expressing strong interest in bringing the sport back to India.
Five companies have submitted resolution plans for Jaiprakash Associates Ltd (JAL), the flagship company of the beleaguered Jaypee group, the company has said in a stock exchange filing. The Adani group, Vedanta, Jindal Steel & Power, Dalmia Bharat, and PSP Projects are the final bidders and the offers range from Rs 10,000 crore to Rs 11,000 crore, said a source close to the development.
The Enforcement Directorate has said it seized cash of Rs 1.70 crore and documents related to immovable assets during searches conducted against Jaypee Infratech Ltd (JIL), Jaiprakash Associates Ltd (JAL) and other entities in an alleged homebuyers' fraud case linked money laundering investigation. The raids were carried out at 15 premises in Delhi, Noida, Ghaziabad and Mumbai on May 23 under the Prevention of Money Laundering Act (PMLA).
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
As sludge started solidifying inside the Srisailam Left Bank Canal tunnel in Telangana, rescuers are planning to use sniffer dogs to locate those got trapped, District Collector B Santhosh said on Wednesday.
A team of experts involved in rescuing eight people trapped in a partially collapsed tunnel in Telangana have reached the end of the tunnel, but debris is hindering further progress. The rescue operation, described as one of the most complex in the world, continues with experts from the Indian Army, Navy, NDRF, and GSI working tirelessly to find a breakthrough. Despite continuous efforts and oxygen pumping, there has been no contact with the trapped individuals.
Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore (Rs 44.60 billion).
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has signed a Rs 4,000-crore agreement with Larsen & Toubro Ltd, the engineering and construction major, for supply of equipment for its Nigrie Super Thermal Power Project in Madhya Pradesh.
Dalmia Bharat Ltd on Monday announced the acquisition of the cement assets of Jaypee Group's flagship company Jaiprakash Associates Ltd and its associate firms at an enterprise value of Rs 5,666 crore. In a regulatory filing, Dalmia Bharat informed that its wholly-owned subsidiary Dalmia Cement Bharat Limited (DCBL) has entered into a "binding framework agreement for the acquisition of clinker, cement and power plants from Jaiprakash Associates Limited and its associate company." The deal includes a total cement capacity of 9.4 Million tones (MnT) per annum, along with clinker capacity of 6.7 MnT and thermal power plants of 280MW at an enterprise value of Rs 5,666 crore, it added.
It pains former F1 driver Karun Chandhok to see that interest in motorsport in India has declined drastically.
The inaugural Formula E race in Hyderabad is scheduled for February 11 next year, joining the likes of New York, London and Rome on the calendar.
MotoGP, the pinnacle of two-wheel racing, could come to India in the winter of 2023 if all goes ahead as planned, providing a massive boost to the stagnant motorsport scene in the country.
Getting Formula 1 back to the Buddh International Circuit (BIC) is not on the priority list for the debt-ridden Jaypee Group but at the same time, it has no plans to sell the USD 400 million facility that put India on the world motorsport map, said track chief Sameer Gaur. "Yes, we are not thinking of hosting any big race including F1 in the near future because of reasons well known but it doesn't mean we are open to selling the circuit. The thought has not even crossed our mind," Gaur, who is Jaypee Sports International MD and CEO, told PTI. The BIC has been away from the limelight ever since the race was dropped from the F1 calendar following three editions from 2011 to 2013. The maintenance cost of the circuit remains high and with no major international race being organised, a handful of domestic events besides vehicle testing days contribute to its running cost.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
Promoters of companies who have pledged their shares to raise funds from banks will be asked to top up with more shares if the carnage in the market continues.
A masterstroke by Uttar Pradesh chief minister Mayawati has paved the way for fulfillment of Jaypee Group's dream to develop a hi-tech township along the much sought after Yamuna Expressway connecting Delhi to Agra on the fast track.
Two days ahead of the Formula 1 race in Greater Noida, a petition seeking to stay the mega event was filed before the Supreme Court on Tuesday which agreed to hear it on Friday.
The Indian Grand Prix trophy was unveiled at Buddh International Circuit on Friday.
London Olympics bronze medal winning shooter Gagan Narang will flag off the second Formula One Indian Grand Prix in Greater Noida.
The joint venture of Patel-Uniexcel Group has taken up the Ranchi franchise in the much-hyped Hockey India League, making it the third of the six teams which will compete in the event starting in January next year.
A day after Formula One head honcho Bernie Ecclestone addressed the press in New Delhi singing praises about the Buddh International Circuit in Greater Noida, circuit developers the Jaypee Group finally made way for the fans.
The Supreme Court on Tuesday sought explanation from the Uttar Pradesh government for granting tax exemption to the company organising the India Formula 1 Grand Prix in Greater Noida.
Indian Grand Prix organisers have promised affordable tickets and tight security to deal with anything from terror threats to stray dogs when the Formula One race makes its debut next year. The circuit is being built 35 km outside New Delhi by industrial conglomerate the Jaypee Group, with a race pencilled in for October 2011.
Infrastructure company Jaypee Infratech Ltd, a part of Jaypee Group, has planned to go public with a Rs 2,600-crore IPO in the next two months. The company has filed the Draft Red Herring Prospectus with the Security Exchange Board of India. Confirming the development, sources close to the development said, "While the price band is yet to be decided, the IPO size is estimated to be around Rs 2,600 crore."
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
After the euphoria, "affordable" realty developers are faced with the reality of excesses.
The deal, part of the Jaypee Group's plan to cut Rs 60,000-crore debt, follows months of negotiations.
Real estate companies are now going to the other extreme and falling over each other to offer affordable housing at a price range of Rs 500,000 to Rs 50 lakhs (Rs 5 million). The varied pricing is a function of affordability being a relative term, depending on the location. For instance, a Rs 50- lakh (Rs 5-million) apartment in Mumbai is considered affordable housing. In a city like Nagpur, the same price will qualify for premium housing.
Apartment prices at Planet Godrej, a premium residential property developed by Godrej Properties in the tony Mahalaxmi area of Mumbai, had come down to as low as Rs 17,000 to Rs 18,000 a sq ft in the property market slowdown last year.
In the largest private equity deal in the country ICICI Venture Funds Management Co has concluded a $800 million (Rs 3,200 crore) deal to buy a minority stake in Delhi-based Jaypee Infratech, a subsidiary of the infrastructure-to-hotels Jaypee Group.
Deal comes within days of Abu Dhabi's TAQA pulling out of agreement.
The Madhya Pradesh government on Tuesday tabled a bill that would make it difficult to file "irritating" litigation against a single person.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
His comment on India did not go down well with some of his fans and he took to social media to justify what he said.
Formula One boss Bernie Ecclestone on Thursday asserted that the troubled Indian Grand Prix has run out of time for a 2015 return and its organisers must settle the contractual obligations for a possible comeback in 2016.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
NHAI to pay only Rs 175-200 cr as it takes over from concessionaire
N Sundaresha Subramanian, Karan Choudhury and Shreya Jai report on the sorry condition of homebuyers who invested in Jaypee Infratech and the Amrapali group's Noida-based projects.
Its proximity to popular tourist destinations like Agra, which attracts 45 per cent of the international passenger traffic at IGI, could be diverted to Jewar.
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