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.
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.
Civil Aviation Minister Suresh Prabhu and Chief Minister Pinarayi Vijayan jointly flagged off the inaugural Air India Express flight, carrying 186 passengers to Abu Dhabi.
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.
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.
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.
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
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.
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
"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.
The airport would comprise two runways and handle 70 million passengers and 3 million tonnes cargo annually when fully developed.
May opt for PE funds or debt to finance capital expenditure.
The ministry should, however, ensure that at least the farmers, landless labourers, etc. affected by greenfield projects are given access to potential wealth to be generated by projects.
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.
Israel's pharma firm, Teva, is planning to invest Rs. 4000 crores in India.
The Rajiv Gandhi International Airport, which is being developed by GMR on the outskirts of Hyderabad, will be the first greenfield public-private partnership (PPP) airport to be operational in March 16.
The international airport will initially focus on cargo exports as the passenger needs would be extensively served by the upcoming international airport near Panvel in Navi Mumbai, which is just 90 minutes' drive from Pune. The Maharashtra Industrial Development Corporation has issued a notice to begin the land acquisition procedure.
The investments would be made in the company's acquired companies, Algoma in Canada and Minnesota Steel in the US, as well as greenfield plants in Trinidad and Tobago. The groundbreaking ceremony for the first steelmaking facility in Minnesota's Iron Range was held on Sunday.
"It is very unlikely that we get an M&A opportunity in India as Indian entrepreneurs are doing very well and whatever expansion we are planning in India would be through greenfield projects," Lakshmi Mittal told journalists.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
The Indian Hotels Company, the Tata Group firm which runs the Taj Group of Hotels in the country, is set to expand its offerings by getting into serviced apartments business and by widening the portfolio of its wildlife resorts.
Bike maker Hero Electric has decided to foray into overseas market starting with exports of e-bikes to SAARC countries this year and also plans to set up a new greenfield assembly unit.
Tata Steel's greenfield projects in Jharkhand, Orissa and Chhattisgarh have been delayed by about 12 to 16 months due to issues over land acquisition and resettlement, the company's executives said.
NRI steel tycoon L N Mittal on Wednesday said valuation of steel companies in India had come down significantly but there were no sellers.
International brands like Roca, Kohler and H&R Johnson plan to expand their scale of operations in India. The expansion will be either through brownfield expansion of their joint venture partners or through setting up greenfield ventures.
To overcome hurdles in land acquisition for airport projects, the government is planning to allow private players to build airports on their own land.
Of the seven proposed airports, the one at Shirdi will be greenfield whereas in case of other six cities, airstrips exist already but there is no airport infrastructure, Sinha told PTI in an interview.
Under the plan, the Railways would acquire and lease out the land to the private concessionaire.
ArcelorMittal's Orissa R&R package is significant because South Korean steel major Posco, which had signed an MoU with the state government to establish a 12 million tonne plant at Paradip 18 months before the Mittals came up with their Orissa proposal, is yet to finalise its R&R package. Meanwhile, ArcelorMittal has presented its R&R plan to the Keonjhar district administration. It plans to spend the earmarked amount over a period of more than five years.
BJP leader Subramanian Swamy on Friday moved the Delhi High Court seeking an order restraining the Centre from granting any approval to AirAsia for its operations in India.
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.
The central government has set itself a tight deadline of July this year for completing a series of reforms in the civil aviation sector.
