In the upcoming round of privatisation, unviable airports are likely to be clubbed with six main airports and a prospective bidder may be restricted to bid for two airports.
A ministry spokesperson said he wasn't aware of the development.
Mumbai Airport plans to invest Rs 22.8 billion (Rs 2,280 crore) this fiscal year as against the Rs 13.06 billion (Rs 1,306 crore) spent in FY10 on modernisation and development work.
The airport, which will now be built to handle 20 million passengers, will likely start operations by mid-2020. However, rating agency CRISIL in its report in May-end had said operations are expected to start in 2023.
An 18-month to two-year delay is expected in the Mumbai airport slum rehabilitation programme to find alternative land to relocate and resettle approximately 80,000 slum-dwellers, who have encroached on 276 acres of airport land.
In a departure from its stand, the government has decided to go ahead with the privatisation of the four airports.
With six airports handed over to the Adani group for 50 years, the government is now all set to hand over another 25 airports to private players in a bid to 'monetise' them. Official figures reveal that since 2017-18, the government has spent and will be spending Rs 14,500 crore on significantly revamping infrastructure at most of these airports before handing them over to private players. The Airports Authority of India (AAI), which operates these airports for the government, has spent billions of rupees in building new terminal buildings, runways, reinforcing taxiways, upgrading aircraft landing systems, radars and a host of other heavy duty and capital intensive infrastructure works.
The project cost was pegged at Rs 4,766 crore (Rs 47.66 billion).
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The state government's notification, which was issued earlier in the week, quoted the civil aviation ministry's letter urging quick rehabilitation of slum dwellers due to security threat.
Domestic airports across the country are bursting at the seams. And new ones are stuck.
Inter-ministerial group to meet on Thursday to finalise model concession pact.
This is the second extension for the bids since June 18.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
GVK Skycity's 20-million sq ft commercial space will be bigger than that in BKC; bids invited for first phase.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
Stock falls 6.8% on BSE after developer writes off Rs 442 crore on project.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
The Chhatrapati Shivaji International Airport (CSIA) has launched India's first ever indoor navigation app.
The airport operator currently levies a development fee of Rs 600 from an international passenger and Rs 100 from a domestic traveller.
Projects having loans with floating interest to take the hit. Hindustan Construction Company, GVK Group and other construction firms may have to settle for lower returns from their projects as rising interest rates are expected to hurt profitability of roads, power, ports and airports.
Even as the cloud of uncertainty hangs over Jet Airways' Executive Director Saroj Datta's future in the airline, the company announced on Tuesday the resignation of its Senior Vice-President N Hariharan and Vice-President (flight operations) Ritzerwan Bin Rashid. Rashid's resignation came into effect on May 15 2008. Rashid has been replaced by Declan Connolly.
Union says move to privatise four more airports violates Tripartite Panel recommendations that govt accepted long back
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.
Samridhi Bhardwaj analyses the dynamics of duty-free liquor allowance in India.
Pawan Hans could command a valuation of 8-10 times earnings.
Urban planners and real estate experts say bad town planning in Mumbai and rising deaths during the ongoing pandemic are a "sad reality". Dev Chatterjee and Raghavendra Kamath report.
Fix India's real estate sector. Fix India's public sector banks, advises Tamal Bandyopadhyay.
City police, metros, airports, even power utilities are using pop culture and social media to reach the young and encourage public ownership of public services. Amritha Pillay reports.
The immediate denial of any issues with approvals by the Queensland government raises questions as to what Adani is trying to accomplish
The future certainly looks good for Bangalore.
A stable government at the Centre and its plans to set up smart cities has revived investors' interest in the country with Mumbai, Delhi and Bangalore set to emerge as hot investment destinations in 2015.
Stressful work schedules and limited growth opportunities are taking a toll on a large number of senior professionals in airlines.
Acquisition of stressed infrastructure assets has pushed its debt to over Rs 1 lakh crore, highlighting concerns about its growth strategy.
The assumption clearly was that project execution timelines would be adhered to and revenues would flow in as scheduled.
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India's fear of small states derives from memories of Partition and the paranoid view that it will break up under 'too many' states. It's time to shed such fears and bite the 'states' reorganisation' bullet. India won't crumble under a few more Telanganas, Vidarbhas or Gorkhalands, says Praful Bidwai.
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