Decision comes weeks after the company pulls out of a joint venture with Renault and Nissan for a facility there. Commercial production at Chakan is expected to start in two years, about the same time Renault and Nissan will launch production at the Chennai unit. Pawan Goenka, president (automotive sector), M&M, told Business Standard that the company is committed to invest in the south, where a new plant will be set up near Chennai.
The new company would be named Videocon Aviation Limited and the parent firm would make an investment of Rs 100 crore (Rs 1 billion) in the Special Purpose Vehicle and rest of the funds would be generated from FIIs, public and foreign collaborators. Videocon had made a bid for the Delhi Airport as well, but it was rejected by the government as there was no airport operator in the consortium.
The long-delayed Bhatinda refinery project of Hindustan Petroleum Corporation Limited crossed another significant milestone on Wednesday, with the award of the project management consultancy contract to Engineers India Ltd.
Sunil Pahilajani, managing director and CEO, Caparo India, said that the plant, which will operate as a wholly-owned subsidiary of Caparo India, under its division Caparo Vehicle Products India, will commence production in the final quarter of 2008-09. Caparo signed the technical support agreement with Hyundai Motor on Monday evening. The facility to be set on 20 acres will employ 200 people to start off with.
The government is looking at various ways of reducing the user development fees (UDF), to be charged by the developers of greenfield airports in Bangalore and Hyderabad, even after the ad hoc period when the Ministry of Civil Aviation is expected to decide on the charges. According to the current concession agreement, both the airports will charge user fees on their own for an ad hoc period of 120 days from the start of commercial operations.
The Centre has put the proposed Rs 3,500-crore global airport hub at Noida in Uttar Pradesh into cold storage and the ambitious project would not be able to keep its date with the 2010 Commonwealth Games in New Delhi.
Major global aviation and defence consortium, European Aviation, Defence and Space company will invest in an engineering centre in India to develop aviation software and aircraft designs for its planes and other systems.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
American car maker Chrysler is in talks with the Tamil Nadu government to set up a greenfield facility in the state. The company has agreed to send a team to Tamil Nadu to study the feasibility of the project in the state. While the discussion with the Tamil Nadu government is at very early stage, a senior official in the government said that Chrysler was looking at expanding its operations in Asia and India is one market the car maker is keen to enter.
Tata Steel's greenfield projects -- in Orissa, Chhattisgarh and Jharkhand -- were significant for Corus, which incurred high cost on raw materials, said sources close to Tata Steel.
SAPL intends to start a new manufacturing facility in Damietta in Egypt with an installed capacity of 315,000 tonnes a year.
New York-based Berggruen Holdings' Indian hospitality venture Berggruen Hotels on Monday announced plans to set up 38 budget hotels over the next five years at an investment of $100 million.
Mega greenfield steel projects announced in the country are set to add more than 100 million ton of capacity, but land acquisition activity for only 16 million ton has begun.
The country needs a whopping Rs 36,000 crore (Rs 360 billion) investment for developing airports, two-third of which is expected to come from private players, a senior civil aviation ministry official said on Wednesday.
A proposed Rs 9,000 crore (Rs 90 billion) greenfield modernisation and expansion programme is expected to give a fresh lease of life to Iisco Steel Plant, a unit of Steel Authority of India.
GMR evinces interest in the project.
Ranbaxy Group company Fortis Healthcare is targeting a pan-India presence with plans to set up 40 super-speciality hospitals by 2010.
The Ambani brothers, Tata group, GVK Group, GMR Group and Larsen & Toubro are among the top players bidding for the greenfield Navi Mumbai airport, the second airport project in Mumbai.
Months after Mahindra & Mahindra (M&M) exited a joint venture with Renault and Nissan Motor, the French and Japanese auto firms have got their car project back on the road, signing an MoU today with the Tamil Nadu government for a greenfield facility near Chennai.
The company was also in the process of preparing the vision document for the year 2015.
Korean major considers offering locals an export market in addition to compensation.
Workhardt Hospitals is planning to enter the capital market soon. Its first IPO will open on Jan 31.
Italian govt chips in to help Indian company.
MADC is a special purpose vehicle set up by Maharashtra to execute the multi-modal hub project at Nagpur, which includes an airport and a special economic zone.
It would be good if all political parties understood the advantages, he said.
Well, after the government handed over the modernisation of New Delhi and Mumbai airports to two private consortium, it is all set to allow private airports to be built across India.
Tata Motors went ahead with mobilisation of construction equipment at Singur on Monday and enrolment of locals for work on the Rs 1,000 crore (Rs 10 billion) greenfield plant amid heavy security.
Domestic oil companies have been invited by countries like Yemen, Nigeria and Saudi Arabia to pick up stake in existing refineries and also set up greenfield units.
Indian Oil Corporation, the country's largest downstream company, has major plans for Nigeria, the world's eighth largest exporter of crude oil.
The company is on the lookout for the possible locations for setting up the greenfield plant.
Cement-maker to increase capacity to 20 MT with three new units. After acquiring L&T Concrete and capturing over 25 per cent of the market share in ready-mix concrete space in the country, the cement major is set to establish a pan-India presence. The company has plans to set up at least three greenfield units with a capacity of 2.5 MT each. According to sources, the company has zeroed in on Rajasthan, Karnataka and Meghalaya for the facilities.
The carmaker has sought 1,292 acres at Industrial Model Township, Sohna, 25km from Gurugram.
Although Gorakhpur is the largest urban centre and trading hub in Eastern UP, catering not only to the neighbouring district but also the adjoining Bihar and Nepal, it had been lacking in proper infrastructure of road and air connectivity, impeding the harnessing of its socioeconomic potential.
The stalemate on Mittal Steel's proposed 12-million tonne Jharkhand project is likely to be sorted out at the meeting between the Jharkhand chief minister and the select board members of Mittal Steel.
Mittal Steel on Friday said it was serious about setting up greenfield projects both in Orissa as well as Jharkhand and has shortlisted three probable sites for its 12 million tonne plant in Jharkhand.
RIL promoter Mukesh Ambani, who is currently in the US, has already held meetings with the top brass of Chevron, ExxonMobil and Texmaco.
