Indian firm skips midnight ceremony Maldives terms takeover a victory for its people.
The ongoing dispute between the Indian company GMR Infrastructure and the Maldives government over the former's contract to build an airport for the Maldives' capital, Male, throws up some knotty questions.
The company also needs to get its power plants going if it wants to reduce its debt burden.
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.
Singapore High Court has stayed the unilateral termination of GMR's $500 million Male airport project.
Did GMR Infra get a sweet deal from former Maldivian president that turned sour as a new government came to power?
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.
K V K Seshavataram has been elected as the chairman of the board of directors of GMR Tech.\n\n
The Singapore government-controlled Temasek Holdings, which controls over 90 per cent of power generation and distribution in Singapore, will soon call for bids to privatise the two companies. The Indian companies are exploring various options to bid for these assets, said sources familar with the developments. Spokespersons of both Reliance Power and GMR Infrastructure declined to comment.
At the start of the auction on Sunday, Punjab Kings had the highest funds at Rs 110.5 crore, which decreased to Rs 10.9 crore before Day 2 on Monday.
"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.
If the deal comes to fruition, it will make Hampshire the first county side to be owned by an overseas franchise.
After a year of taking over the airport, the GMR-led Delhi International Airport consortium has initiated the process of commercial property development by inviting bids for building hotels on nearly 40 acres.
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.
GMR-Fraport consortium has hired two international consultants for planning and architecture and is roping in a Tata group company for training employees in housekeeping functions.
The Bangalore-based GMR group has bought out the stakes of US power majors CMS Energy and Public Service Enterprise Group in Tanir Bhavi and Basin Bridge power plants in Karnataka and Tamil Nadu, respectively.
GMR Infrastructure, which owns more than 900 acres in Delhi and Hyderabad airports, is planning to raise Rs 3,000 crore (Rs 30 billion) through land securitisation.
GMR Hyderabad International Airport Limited (GHIAL) is unlikely to post profit in the near future even after the proposed hike in the user development fee (UDF) from Rs 340 to Rs 420 for domestic passengers and from Rs 907 to Rs 1,656 for international passengers, effective November 1.
Private players GMR and GVK groups formally took charge of the managements of the Delhi, Mumbai airports with a view to make them world-class airports.
The reasons for non-payment remain unknown. GHIAL spokesperson, Arun Bhagat, refused to comment.
Malaysia Airports Holdings Berhad is the minority partner with 11 per cent and 10 per cent stakes in the Hyderabad airport and the New Delhi airport respectively.
While Air India owes Rs 450 crore (Rs 4.5 billion), beleaguered Kingfisher Airlines has unpaid dues of Rs 75 crore (Rs 750 million) and both carriers have been put on the cash-and-carry mode of payment.
From handling a jute mill to doing global infrastructure projects, Rao has come a long way.
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 consortium beat six others at an auction on Thursday
The Delhi airport, the country's busiest airport, on Friday early morning witnessed the collapse of a roof at Terminal 1 amid heavy rains that killed one person, prompting the government to order a detailed probe and an inspection of the structural strength of all airports.
Narayana Murthy said reality is 'what you make.'
Delhi Capitals remove Ponting from head coach's post, Ganguly could assume new role
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.
The Rail Land Development Authority has invited online bids from private players to redevelop the station into an integrated commercial, retail, and hospitality hub.
Delhi Capitals join hands with Satya Nadella to own MLC team in US
Being touted as a competitor to the country's busiest Delhi airport -- which handles approximately 1,200 flights a day -- the Noida airport was expected to start flight operations by the end of this year. But supply-chain disruption, caused by pandemic and subsequent global upheaval, has hit the pace of construction at the airport which is coming up in the Jewar area of UP's Gautam Budh Nagar, some 75-km from the Delhi airport.
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.
It has been lowered to 'IND BBB+' from 'IND A-', besides placing the rating on 'Rating Watch Negative' (RWN).
