It is business as usual at Ibrahim Nasir airport; Maldives to retain staff hired by GMR.
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.
GMR Infrastructure is part of a consortium led by Philippines-based construction company Megawide Construction which submitted a bid of 14.4 billion Philippine pesos or around $326 million.
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.
Anti-Corruption Commission rules out graft.
Nimesh Kampani of JM Morgan Stanley believes that a good quality IPO would always get a response from investors.
GMR Infrastructure, the Bangalore-based developer of power plant, airports, roads and urban infrastructure, is understood to be closing in on its second coal mine acquisition in Indonesia. The mine is expected to cost close to $150 million and has reserves of close to 200 million tonne.
According to the agreement, RuralShores, one of the largest rural BPO organisations in the country, would be establishing GMR's BPO at Kakinada SEZ in the East Godavari district of Andhra Pradesh.
Sources said GMR could be the first major Indian corporate to engage multiple auditors. GMR will also rotate the auditors at periodic intervals. The length of the rotation period shall be decided by the company board, based on the recommendation of the audit committee. GMR will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company's board from time to time on the recommendation of the audit committee.
At present, the Mactan Cebu International Airport can handle seven million passengers a year
Infra major GMR is hopeful of maintaining strong order book.
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.
GMR was misled by the (predecessor) Nasheed administration to signing a legally unsustainable agreement, says Maldives president, Mohamed Waheed.
The company has already done the due diligence of the project to upgrade the Hanimaadhoo airport at Upper North Province of Maldives which is nearly 300 kilometres from the national capital Male.
Asset sales have helped ease investors' worry but debt remains at alarming levels
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 irate villagers of Kamalanga and Mangalpur, who are among the affected persons of GMR's proposed 1800 Mw power plant in the area, had ransacked the company office on Monday protesting low compensation for land, lack of peripheral developmental work and denial of employment by the company.
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.
In the 82 matches he has donned the red and blue of the Capitals, Patel scored 967 runs and picked up 62 wickets, at an impressive economy of 7.09.
'GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power,' GMR Infra said in a filing to the Bombay Stock Exchange. Island Power is currently developing an 800 MW power facility in Singapore. The project would bring in about $1.5 billion (Rs 72 billion) foreign direct investment in the country.
Infra major's entry could queer the pitch for Jaypee and Hindustan Semiconductor.
Rishabh Pant released by DC, Heinrich Klaasen pips Virat Kohli in retention price
A senior executive of GMR group confirmed that both the companies were keen to get out of the venture. Fraport has already closed its development office in India.
The transaction was concluded on March 28 after getting all the necessary approvals, the company said in a statement.
Delhi Capitals head coach Hemang Badani opened up on how his franchise scouted young uncapped all-rounder Vipraj Nigam, who bowled exceptionally well in the team's 25 runs victory over Chennai Super Kings in the Indian Premier League match in Chennai on Saturday.
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 Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
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.
Pietersen gives thumbs up to IPL owners' investment in English teams
Large proportion of the international traffic is also diverted through other airports due to lack of operational facilities for convenient links through Hyderabad.
An out of sorts Rohit Sharma will strive to keep himself relevant going forward in the Indian Premier League when he is challenged by Delhi Capitals' effective troika of spinners in Mumbai Indians' next match in Delhi on Sunday.
Considers bidding for Barcelona, Madrid airports; may rope in local partner.
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.
It claims that the Male Airport contract is "non-reversible and non-negotiable".
Norms limiting airlines' stake in SPVs managing airports to hurt Tatas.
Last year, the Philippine government had invited bids to upgrade the Mactan-Cebu International Airport, the country's second busiest airport.
Spanning 555 km, the project was to cost Rs 7,500 crore.
