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.
Ceat, the tyre manufacturing company of the Rs 16,000-crore RPG Group, will double the capacity of the radial unit it has set up in Halol, Gujarat, with an additional investment of Rs 630 crore.
The Orissa government on Thursday pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
Transport Minister Kamal Nath on Thursday said the government may look at using cement for constructing over 18,000 km of expressways in the country.
The airport would comprise two runways and handle 70 million passengers and 3 million tonnes cargo annually when fully developed.
India pays a higher cost of poor customer service compared to New Zealand and Australia that were also part of the survey. The three countries put together lose Rs 28,000 crore ($5.6 billion) in revenue, the survey sponsored by GenesysTelecom Labs, part of Alcatel-Lucent company, said.
Speaking on the sidelines of an event organised by the Confederation of Indian Industry, ArcelorMittal Design & Engineering Centre CEO Pierre Jonette said: "Our main objective is to bring down the total project cost by 20-22 per cent across all the green projects. We have internally decided to increase sourcing from local low cost destinations for most of our greenfield projects."
Rough estimates show that at a rate of Rs 1 crore per hospital bed, the investment in India alone would be around Rs 2,000 crore
The proceeds of the IPO are expected to be ploughed into activities like expanding the fleet of the airline, which was earlier merged with its sister carrier Indian.
The new greenfield airports should not charge different user development fee from domestic and international travelers and such charges should be regulated by a regulatory authority, global airlines body International Air Transport Association said on Tuesday.
Reliance Industries, the largest Indian private company, is in talks with Brazilian energy giant Petroleo Brasileiro (Petrobras) to set up two petrochemical joint ventures, sources close to the development said. Both greenfield projects will require a total investment of around $6 billion (nearly Rs 25,800 crore).
The Pune plant will manufacture excavators up to 20 tonne and payloaders. Hyundai Korea already sold around 300 imported excavators in India in the last few years. Company managing director J S Kim said Hyundai is considering India as a strategic market where mining and construction sector is witnessing a boom.
Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenfield slag-based cement manufacturing units with a total capacity of 3 million tonnes through a joint venture.
It is looking to invest over Rs 20,000 crore (Rs 200 billion) for a greenfield project in Raigad or Ratnagiri districts of Maharashtra.
Indian cricket's Test captain Virat Kohli has congratulated the national football team and lavished praise on skipper Sunil Chhetri for leading the side to a record seventh SAFF Cup triumph. India exacted sweet revenge of their last edition defeat as they beat defending champions Afghanistan 2-1 in the summit clash in a dominating display to lift the South Asian Football Federation Cup in Thiruvananthapuram last night.
Captain Shubman Gill missed out on a century by 10 runs while Jalaj Saxena struck 61 not out as India 'A' dominated the proceedings on the second day of the first unofficial Test against South Africa 'A', in Thiruvananthapuram.
Civil aviation minister Praful Patel has directed Bangalore International Airport Limited, the Siemens-led private consortium developing the new greenfield airport, to increase its capacity to handle passengers.
The Cabinet Committee on Economic Affiars had approved the Rs 1,293 crore (Rs 12.93 billion) greenfield project spread across 450 hectares. British consultancy firm Mott Macdonald has been engaged to prepare bid documents for the procurement. As a special railway joint venture project, it envisages manufacturing locos with 12,000 HP to carry 5,000 tonnes of freight at 100 km per hour on all terrains.
The company was earlier hopeful of bringing the projects onstream by 2012. "Production will not start before 2014. The top reason is the economic downturn. The second reason is procedural delays," Vijay Kumar Bhatnagar, CEO, India operations, said. The ongoing economic slowdown has prompted steel producers worldwide to shelve new projects and scale down output as demand weakens from housing, automobiles and consumer durable sectors.
Tata Steel, Suzlon mop up $700 million; Tata Power to raise $250 million. Tata Power also joined the queue on Tuesday and launched its $250-million GDR issue, with an option to retain a higher amount.
This was decided after Bangalore International Airport Ltd, the private consortium developing the greenfield airport, rejected the civil aviation ministry's proposal of keeping both the airports operational. The Karnataka high court had recently advised the government to reconsider the concession agreement with the private developers, which says that the existing airport in Bangalore should be shut down after the new one starts functioning.
While a unique business model, growth opportunity and consistent track record are the positives for the issue, the pricing appears stiff.
The Tata Group has decided to defer its plan of setting up a rural business process outsourcing unit near the proposed steel plant at Kalinganagar in Orissa by two years.
The airport operations are likely to be disrupted as the employees have threatened to start an indefinite 'non-cooperation movement' from march 12 after the government today rejected their demands for continuing operations of Bangalore and Hyderabad airports. The existing airports in both the metros are to be closed down once the new greenfield airports launch their operations.
Demand in 2012 was anticipated as 89 million tonnes; the rest of the capacity would help make India a major exporter of steel, rather than being a major exporter of iron-ore without any value-addition. That was then.
Private corporate spending, which had touched 16 per cent of GDP in recent years, had played a key role in India posting 9 per cent growth in the last three years till March 2008. If there's a sharp decline in this, companies fear it will hurt demand. Indeed, some like JSW Steel joint MD Seshagiri Rao fear that things may worsen from here unless people are able to raise money and start investing again. Banks say both current accounts and credit off-take remains subdued.
The civil aviation ministry and Maharashtra have been planning an international airport near Pune for almost 10 years. The airport site would see construction from year 2011 onwards, if the land acquisition happens within a year.
Bengal Aerotropolis Projects, a special purpose vehicle, which is developing India's first airport city, or aerotropolis, in the Asansol-Durgapur region, today entered into a technical services arrangement with Singapore-based Changi Airports International.
According to GHIAL chief executive officer P S Nair, the company is also introducing austerity measures to reduce cost of operations by 15-20 per cent besides exploring other sources of revenue. During the first six months of the current financial year, domestic traffic from the new airport has declined by 7.7 per cent to 2.49 million from 2.7 million in the corresponding period last year (from Begumpet airport).
Apollo Tyre's vice-chairman and joint managing director Neeraj R S Kanwar speaks about the company's global foray and its plans to compete with global majors who're slowly increasing their share of the local market as well
The government decision to permit 100 per cent foreign direct investment in medical devices will take effect from January 21, the Commerce and Industry Ministry said on Tuesday.
ArcelorMittal announced on Wednesday a new leadership for India, where Vijay Bhatnagar will spearhead the company's operations and proposed steel projects in the country. Bhatnagar will take up the new position of Country CEO, India and will have ultimate responsibility for the company's operations and projects in the country, a statement from ArcelorMittal said.
Of the total project value of $5-billion, Suzlon Green Power will provide approximately $1.5 billion in equity. Suzlon Green Power will acquire existing green power assets and greenfield power projects. "Suzlon Green Power's business model will offer us an asset-based, long-term annuity income while mitigating the twin challenges of global warming and climate change.
According to the Securities and Exchange Board of India regulations, if the shareholding crosses 15 per cent, it would trigger an open offer. Bhubaneshwar-based Orissa Sponge is understood to have iron ore and coal reserves of around 120 million tonnes each along with sponge iron and billet making plants.
Vijay Bhatnagar, chief executive officer of ArcelorMittal India, said, "The move is aimed to ensure that these people, who have never handled large sums of money, do not get misguided by unscrupulous elements and end up losing their money. The objective is to figure out ways for these people, who have very little or no education and financial knowledge, to get the highest possible returns through the safest possible investments."
The South Korean steel major Posco, proposing a 12 million tonne greenfield steel plant near Paradip in Orissa, will announce an additional package for the project displaced families after the Supreme Court clears its forest diversion proposal. "Posco will announce an additional package for the families to be displaced after Supreme Court clears the forest diversion proposal," said Priyabrata Patnaik, the nodal officer, Posco India project.
"We are hopeful of taking physical possession of the land by the end of the current year to start construction for the greenfield steel project. The pre-land acquisition process has already been successfully initiated," ArcelorMittal CEO, India, Vijay Bhatnagar told PTI in Bhubaneswar. The response from local residents during the first Gram Sabha, held on August 6 as part of the pre-land acquisition process, was positive toward the Rs 40,000-crore (Rs 400 billion) project.
May opt for PE funds or debt to finance capital expenditure.
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