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FIRs have been registered against top officials of the aviation ministry, GVK Ltd and police department on a complaint that Mumbai International Airport Ltd (MIAL) received undue benefit to the tune of hundreds of crores of rupees from the government.
GVK's 65-year-old patriarch has shed some of his conservatism and is stepping on the gas.
The company's comments came a day after Gandhi alleged in Lok Sabha that 'Mumbai airport, was taken away from GVK using agencies such as the CBI and the ED, and was given to Adani by the Government of India'.
The Central Bureau of Investigation has booked Venkata Krishna Reddy Gunupati, chairman of the GVK group of companies, and his son G V Sanjay Reddy, managing director of Mumbai International Airport Ltd, among others for alleged irregularities to the tune of Rs 705 crore in running of the airport, officials said.
GVK Group that runs the swanky MIAL (Mumbai international airport) pipped rival GMR Group to bag the contract for the proposed facility in Navi Mumbai which will ease the severe congestion at the Chhatrapati Shivaji International Airport.
Real estate development on Mumbai airport land and the work on Navi Mumbai airport have been inordinately delayed, which have prompted rating downgrades and raised questions on its financial capabilities. It is also trying to stave off Adani group's entry as a shareholder in the Mumbai airport project.
Adani group is in talks to acquire a 50.5 per cent stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, two sources with knowledge of the matter said.
Hyderabad-based diversified infra group GVK is likely to finalise stake dilution in its airport business over the next couple of months and the proceeds will be used to clear Rs 2,500-crore (Rs 25 billion) non-operational debt.
Airport operator GVK on Thursday said that as of now they had not put Kingfisher Airlines on cash-and-carry mode as the airline has paid some of its dues.
Industry is of the view that rising interest rates is increasing the input cost as loans are getting costlier.
A look at pictures from the engagement.
Asks India Inc for a list of concerns in 4 weeks, to coordinate policy response within 60 days; FM says prevailing cynicism based on perception, not facts.
Offers 12.60% in revenue share to Cidco, while only other bidder GMR offered 10.44%.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
GVK group Vice-Chairman Sanjay Reddy said the launch of a new integrated terminal would not make flying out of Mumbai expensive.
British architecture firm Zaha Hadid Architects bagged the contract from Navi Mumbai International Airport Limited after a 12-week design competition, and will design the new airport's Terminal 1 and air traffic control tower.
Wishlist for new PM includes growth boosters, reining in inflation, faster project clearance and reversal of Land Acquisition Act
Asian markets were trading mixed with the Nikkei gaining after the US dollar strengthened against the yen.
The deal size and project completion deadline were not disclosed in the announcement, but people in the know have pegged the deal at over Rs 6,000 crore, reports Aneesh Phadnis.
G V Sanjay Reddy, vice chairman of the GVK Group, elaborates on his plans for the much-awaited Mumbai airport makeover.
Indian pharma firms under European drug regulator's scanner.
The groom's maternal grandad is T Subbirami Reddy, producer and politician.
Around 300 promoters serve their company boards for free.
Rajat Gupta, former director of Goldman Sachs and Mckinsey, has resigned from the board of the Hyderabad-based Emergency Management Research Institute (EMRI), a public-private-partnership initiative being run by the GVK group.
G V Krishna Reddy, Chairman, talks to Business Standard about his plans.
GVK Biosciences is the latest Indian firm to come under international scrutiny over quality issues.
The Tamil Nadu government on Friday signed a memorandum of understanding (MoU) with Hyderabad-based GVK Group to set up a Rs 1,500-crore (Rs 15 billion) multi-products special economic zone in 3,000 acres in Perambalur district.
The committee is considering 1,300 names for this year's awards from which it is likely to select 120.
Ajit Mishra answers reader queries on the stock market.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Rao exuded confidence that his party will win 90-plus seats in the 119-member assembly and will not take support from other parties.
'This is part of our efforts to make it easier to do business.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Among key stocks, Tata Motors, Hero MotoCorp, L&T, Wipro, ICICI Bank, Dr Reddy's Labs and ICICI Bank, all up between 1%-3%
Vistara starts flying in India.
Private airports are much better but because of poor regulation, the tariffs have shot up.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
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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.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' stock market queries. Ajit will offer his unbiased views on a weekly basis
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