Amid stiff global competition from major airport construction companies, a consortium led by Indian developer GMR has bagged an about Rs 11,000-crore (two-billion-euro) project to modernise Istanbul's second airport.
GMR Male' International Airport Private Limited (GMIAL), a subsidiary of GMR Infrastructure Limited (GMR), has claimed $803 million (around Rs 4,987 crore) from the Maldivian government for 'wrongfully' terminating the international airport contract in that country's capital.
Delhi International Airport Ltd move likely to impact revenue flow to government kitty.
Anti-Corruption Commission rules out graft.
R-Infra quoted Rs 42-crore (Rs 420-million) premium over the bids of rival companies such as GVK Power and Infrastructure Limited, GMR Infrastructure, B Sennaih and C&C, JMC Srei and Sadhbhav, sources told Business Standard.
This move to sell a part of its land holding in one of its SEZ is part of an overall move by GMR to exit some of its assets as part of its 'asset light -- asset right' strategy.
Maldives' state-run MACL on Friday night took over the operations of the Male international airport from GMR after the Indian infrastructure major lost a week-long legal battle over the "unilateral" termination of its $511 million airport modernisation contract.
The Delhi Police on Friday filed a first information report (FIR) under sections related to death by negligence after the collapse of the roof of Delhi airport's Terminal-1 killed one person and injured six others.
After over a week-long legal battle, Indian infrastructure major GMR will hand over the operations of the Male International Airport to Maldives's state-run MACL midnight tonight meeting the deadline set for the same.
The company will continue to operate the airport and the arbitration process will continue on the side.
GMR Group-led DIAL, which manages and operates India's largest airport, recently requested the AERA to double the user development fee (UDF) for international business and first-class travellers compared to economy and premium economy over the next four years. It has also sought higher UDF for all domestic passengers flying during peak hours -- 5 am-8:55 am and 5 pm-8:55 pm.
The claim was filed on Friday before an Arbitration Court in Singapore and a final order in the matter is likely to come out by end of March next year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Samridhi Bhardwaj analyses the dynamics of duty-free liquor allowance in India.
Two years after it handed over the Male International Airport's operations to Indian infrastructure major GMR, the Maldives' state-run MACL was back at the helm on Saturday.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'This kind of a last minute order creates immense problems for airlines.'
The minister tells Subhomoy Bhattacharjee that he wants to set up a financing corporation for the road and shipping sectors, which will throw up a business opportunity of Rs 25 lakh crore!
Analysts attribute this outperformance to the government's proactive economic reform measures
The Adanis were the highest bidder for the Ahmedabad, Thiruvananthapuram, Lucknow, Mangaluru and Jaipur airports.
The Sensex ended above 27,000 for the first time while the Nifty topped 8,100.
Under the hybrid-till model, a portion of non-aeronautical revenue (commercial revenue) at the airport is taken into consideration while fixing the landing and parking charges, user fees and other aeronautical charges.
Firms are still barred from holding board positions in the special purpose vehicle that will develop the airport.
Strangely, a few days after filing the charges, the CBI teams arrived in Hyderabad and Mumbai to raid GVK's offices and found incriminating evidence, a reversal of the normal course of events.
Court documents show that the Kerala government, whose case was treated as the 'lead case' among all the petitions filed against Adani, made four allegations to convince the court to cancel the contract for the Thiruvanathapuram airport. The state's legal team couldn't substantiate most of these allegations with documentary proof and its self-defeating arguments in court failed to convince the judges to cancel the contract given to Adani. The battle for the Thiruvananthapuram airport between the Communist-led Kerala government, the Adani group and the Modi government over the past year hasn't had a dull moment since the proceedings began. Claims of a smoking gun turned out to be a damp squib, says Sai Manish.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
The 30-share Sensex ended up 142 points at 29,462 and the 50-share Nifty gained 26 points to end at 8,895.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Bengaluru and Delhi airports had the fastest growth in passenger traffic in 2016 among global peers.
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
With buyers playing safe, projects such as Delhi-Gurgaon Expressway find it difficult to get new concessionaires
An exercise to rationalise coal linkages which will optimize transport of coal and reduce cost of power is underway.
Together, they controlled nearly Rs 26 lakh crore of assets at the end of FY16.
'As of now, it may be best for India to insist that Yameen honours the supreme court rulings and ensures that the next election is free and fair,' says Brigadier S K Chatterji (retd).
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Russian firms expand their footprint in India. And take bigger steps to do business with India's private sector.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Inter-ministerial group to meet on Thursday to finalise model concession pact.
Stressful work schedules and limited growth opportunities are taking a toll on a large number of senior professionals in airlines.
