According to senior officials of the National Highways Authority of India, this project is part of a larger 245-km highway development project connecting Hyderabad and Solapur.
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.
Kiran Kumar Grandhi, 38, was earlier in charge of the urban infrastructure and highways business, which contributes five per cent of the Rs 10,000-crore revenue of GMR Infra.
In the largest acquisition of a global energy utility by an Indian company, GMR Infrastructure has bought 50 per cent in the Netherlands-based power generation company, InterGen NV for $1.1 billion (approximately Rs 4,694 crore).
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.
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.
GMR Group is currently investing Rs 20,000 crore to expand the existing airports and developing new aerodromes, GM Rao, chairman of the infra major has said. "Airport Development and Construction: GMR Group has set benchmarks for development of world class Airport infrastructure... Your company is currently investing approximately Rs 20,000 crore to expand the existing airports and develop new Aairports," he said in the group's latest annual report. GMR's airport business comprises four operating airports - Indira Gandhi International Airport, Delhi, Rajiv Gandhi International Airport, Hyderabad, Bidar Airport at Karnataka and Mactan Cebu International Airport in the Philippines.
Power generation and distribution is the most indebted sector
Nimesh Kampani of JM Morgan Stanley believes that a good quality IPO would always get a response from investors.
The debt-laden company, which recently won its first railway construction project, is looking at a four-fold increase in its order book next year.
Maldives has refused to abide by a Singapore court decision that stayed the termination of GMR contract, and has said it will go ahead with its decision to takeover the airport by Friday.
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 Maldives inland revenue authority is known to be working on the documents after the income to the tax department received was less than expected.
GMR Infrastructure has awarded the contract for managing the automated parking management system at Hyderabad Airport to Malaysia-based Tenaga Group.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
Following Hyderabad-based GMR Infrastructure's successful bid for the new Istanbul airport and DS Construction's acquisition of energy company Globeleq's US assets, many mid-size infrastructure companies are planning to venture overseas.
GM Rao has been quite active in philanthropic activities for quite some time through GMR Varalakshmi Foundation.
After GMR Infrastructure pulled out of the Ahmedabad-Kishangarh highway project, there were reports that delays in getting green clearance was one of the reasons behind the infrastructure firm's decision.
India story, pressure to invest are driving spurt in PE activity.
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.
UK-based Alpha Airports and Future Group's Pantaloon Retail have won a contract valued at Rs 500 crore (Rs 5 billion) to set up duty-free shops at Indira Gandhi International Airport in New Delhi.
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.
Norms limiting airlines' stake in SPVs managing airports to hurt Tatas.
Infra major's entry could queer the pitch for Jaypee and Hindustan Semiconductor.
A court warrant in India against billionaire Vijay Mallya over his airline business has no repercussions for his Force India Formula One team, deputy principal Bob Fernley said on Sunday.
The company will continue to operate the airport and the arbitration process will continue on the side.
The realist school of thought currently employed by Delhi, that friendships don't matter as long as national interest is taken care of, is all very well to pursue, except in this case Nasheed exemplified both friendship and national interest. After its errors of judgement on the Maldives, India's next opportunity will come only when elections are held.
Anti-corruption-activist-turned -politician Arvind Kejriwal has emerged as the 'new theme' for stock market traders.
This is the first time that the Maldives government has acknowledged that compensation has to be paid to GMR.
GMR Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
Infrastructure developer GMR Group plans to set up an airport-based special economic zone near the new Hyderabad International Airport, which it has the mandate to develop.
The Maldives has an open economy with a narrow export base but high dependence on imports for most of its economic activities. As a result, foreign merchandise trade normally records a large deficit.
With passenger growth pegged at 14 to 15 per cent, airport infrastructure could be a make or break business for both new players and incumbents.
The DGCA's unprecedented move came after the regulator's team found that several flights operated by GMR Aviation in the last month, including one on Monday when an aircraft flew Congress Vice President Rahul Gandhi to Bhubaneshwar, had skipped some mandatory tests, DGCA sources said.
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.
More than 50 companies had rushed to make qualified institutional placements after real estate firms like Unitech and Indiabulls raised money through this route. Now it appears that only some of these companies may be able to raise equity through this route, on rising concerns over valuations and over-supply.
Delhi International Airport (P) Ltd will appoint US-based Parsons Brinkerhoff International Inc as project management consultant for the Delhi Airport Modernisation Project.
Indian infrastructure group GMR on Wednesday agreed to buy half of US power producer InterGen for about $1.1bn from an investment firm backed by American International Group and Highstar Capital.
The Rail Land Development Authority has invited online bids from private players to redevelop the station into an integrated commercial, retail, and hospitality hub.
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.
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