The Tamil Nadu government on Monday entered into a joint venture with Hyderabad-based GMR Infrastructure Ltd to set up a multi-product Special Economic Zone in the state's Krishnagiri district at a cost of Rs 2,300 crore (Rs 23 billion).
GMR Group on Friday said it will divest its entire 40 per cent stake in Cebu international airport in Philippines for an upfront payment of Rs 1,330 crore as well as earnouts to be received over a period of more than four years. The airport is being operated by GMR-Megawide Cebu Airport Corporation (GMCAC) and GMR Airports International BV (GAIBV) holds a 40 per cent stake in the venture. A definitive agreement has been signed between GMR Airports International BV (GAIBV) and Aboitiz InfraCapital Inc (AIC) for the divestment of stake in Cebu airport.
Bangalore-based infra major GMR Infrastructure Ltd has completed divestment of 50 per cent stake in global power generation company InterGen to China Huaneng Group (CHG), said the company.
The company, which is bidding for 16 road projects worth Rs 10,000 crore (Rs 100 billion) this year from the National Highways Authority of India under the public-private-partnership model, intends to invest the money in the form of equity to set up special purpose vehicles to execute new road projects.
"We have held talks with equipment as well as fuel suppliers and will firm up a plan in the next one years time," GMR Energy Executive Vice-President Avinash R Shah told reporters. GMR Energy is a unit of GMR Infrastructure Ltd. Shah said the company has hired very experienced people from state-owned Nuclear Power Corporation, including former Chairman and Managing Director M R Srinivasan, for its nuclear foray.
The consortium beat six others at an auction on Thursday
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Out of the total amount, Rs 9,780 crore would be towards secondary sale of shares by GMR group and Rs 1,000 crore would be equity infusion in GAL.
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.
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GMR Infrastructure has awarded the contract for managing the automated parking management system at Hyderabad Airport to Malaysia-based Tenaga Group.
Mihir Tanna, Associate Director, S K Patodia & Associates, a chartered accountants firm that offers consultancy, audit and tax services, will answer your queries.
Delhi International Airport (P) Ltd will appoint US-based Parsons Brinkerhoff International Inc as project management consultant for the Delhi Airport Modernisation Project.
DIAL, at its board meeting, decided to extend the offer of employment to all 100 per cent employees of AAI based at IGI Airport, New Delhi, instead of only 60 per cent, GMR Infrastructure informed the Bombay Stock Exchange.
Over a dozen private players, including Anil Ambani-promoted Reliance Energy Ltd (REL), real estate giant DLF and infrastructure majors GMR and L&T, are understood to have bid for modernisation of Udaipur airport.Other bidders in race for the project include Soma Constructions, L&T and Gammon India, besides Dubai-based ETA, the sources added.
The Rajiv Gandhi International Airport, which is being developed by GMR on the outskirts of Hyderabad, will be the first greenfield public-private partnership (PPP) airport to be operational in March 16.
A sluggish economy and stalled bureaucratic decision-making for the past two years thwarted capital investment and dented earnings, making it tough for the companies to raise funds.
The government has a two-pronged strategy for e-auction of cancelled coal blocks.
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A ministry spokesperson said he wasn't aware of the development.
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Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Airports hold pride of place in the government's National Monetisation Pipeline (NMP) programme to monetise public assets. Private airport operators, including the Adani group, Fairfax, GMR and Zurich Airport, are expected to evince interest in the next round of public private partnership (PPP) development of state-owned Airport Authority of India (AAI) airports. Industry analysts, however, do not expect bids to be as high as the last round, which saw Adani group gain control of six airports.
The Adanis were the highest bidder for the Ahmedabad, Thiruvananthapuram, Lucknow, Mangaluru and Jaipur airports.
Around 300 promoters serve their company boards for free.
Delhi International Airport Ltd, the five-company consortium led by Bangalore-based infrastructure conglomerate GMR Group that is upgrading Delhi airport, has managed to raise over Rs 1,000 crore (10 billion) to meet its financial obligations for the Rs 8,890-crore (80 billion) project.
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The project cost was pegged at Rs 4,766 crore (Rs 47.66 billion).
Adani Power bagged Jitpur mine in Jharkhand.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
Union ministry of home affairs changed its mind and gave bid clearance for Hiranandani Developers and its consortium partner, Zurich Airport
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