The government has notified the agreement between Air India and special purpose vehicle AIAHL for the transfer of non-core assets, ahead of the national airline's takeover by the Tata Group. The government had in October last year, inked the share purchase agreement with the Tata Group for the sale of national carrier Air India for Rs 18,000 crore. The Tata Group is expected to take full control of the airline, it founded in 1932, on Thursday. The cash component of the deal would come once the handover process is completed. The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
National Aluminium Company (Nalco) has chalked out plans to enter the power business through the special purpose vehicle (SPV) route. The company plans to produce over 2000 MW by 2016.
Unitech, the country's second-largest property developer, is planning to raise nearly $1 billion (Rs 4,200 crore) in the current financial year from private equity players for its hotel, commercial and retail projects across the country.
Citigroup Property Investors has invested Rs 640 crore (Rs 6.4 billion) in four special economic zones (SEZs) being developed by the Delhi-based property developer BPTP, picking up a 40 per cent stake in the special purpose vehicle. BPTP is developing a 25 acre SEZ in Noida, 100 acre SEZ in Greater Noida, 54 acre SEZ in Faridabad and 27 acre SEZ in Gurgaon, with a total saleable space of 20 million square feet. The company has 10 ongoing projects spread across 34.66 mn sq ft.
A consortium led by Delhi-based Vavasi group has sent feelers to China Mobile, the world's largest telecom company, for a possible joint bid for Zain Telecom, adding another element of complexity to the battle for the Kuwait-based company that involves India's two state-owned telecom service providers.
Strong margins remain the key upside for C&C Constructions.
Security forces on Tuesday morning gunned down two terrorists holed up in a forest area near a village in the Akhnoor sector in Jammu and Kashmir, taking the number of militants killed in the 27-hour-long gunfight near the Line of Control (LoC) to three, officials said.
The 300 mw Group Captive Power Project (GCPP) being set up by Vidarbha Industries Power (VIPL), a special purpose vehicle (SPV) formed by Reliance Power, at Butibori near Nagpur in Maharashtra, will soon enter the construction phase. Sources said the required land has been acquired and the Maharashtra Pollution Control Board (MPCB) has given the green signal for setting up the project. Reliance Power will soon award the EPC contract for the Rs 1500 crore project.
Changi saw attractive returns on investment in the medium and long term from the Andal airport-city project.
GTL has set up a special purpose vehicle -- GTL M&A Services -- through which it will provide services like engineering, operation and management, designing and building of network infrastructure. The company would provide remote network managed services from India.
Reliance Infratel, the tower business of Anil Ambani-controlled Reliance Communications, is learnt to be in talks with another tower firm GTL to part-sell its stake and also combine the businesses of both entities.
We will introduce the Airtel brand in Africa in all the markets
The government on Wednesday decided to put a 49 per cent cap on foreign direct investment in the modernisation of Mumbai and Delhi airports and extended the last date for putting in expression of interest to July 20.
Indications are that the demand for the passenger service will be met within a month or so, most probably by September-end.
The cabinet has already cleared the proposal and the inter-institutional group endorsed it last Friday.
Anil Dhirubhai Ambani Group company Reliance Infrastructure (R-Infra) will soon be the official owner of the second phase of the Mumbai Metro project. The state government and the company will sign a concession agreement for the Rs 11,000-crore (Rs 110 billion) project on Thursday, according to sources.
Rlys plan 50 garib raths, 450 AC trains; SPVs planned for wagon manufacture for freight corridors.
Last week, banks were asked to factor in the loans extended to a group -- comprising subsidiaries, special purpose vehicles and related parties of a real estate company -- 'as a matter of prudence'.
Banks told to assess the exposure of the whole group to the sector while lending.
In the event of a war with China, AMCA deep strikes would target China's rail and road links with Tibet, isolating PLA divisions there.
The 11.4-km Versova-Andheri-Ghatkopar corridor is set to be operational by 2010-end. Mumbai Metro One, the special purpose vehicle formed to undertake construction, has selected CSR Nanjing Puzhen Rolling Stock Company -- a 100-year-old subsidiary of the government-owned China South Locomotive and Rolling Stock Corporation.
Despite Dharavi being located in the Mumbai North Central constituency and Mahalaxmi Racecourse in South Mumbai, the issues have caught the attention of all parties and their candidates.
In Kerala's society, known for its high material standard of living, plunging into a state of having nothing overnight can be terrible for one's social standing and sense of self-esteem. Rehabilitation entails piecing a community back together after a disturbance and while its aim is noble, the act of reassembling will bring alive disparities and inequalities, explains Shyam G Menon.
A rail link is proposed to carry passengers from Bangalore's centre to the new international airport. The Karnataka govt. has formed a SPV for this project.
Tata Group's infrastructure and construction arm, Tata Projects, has bagged the contract to construct the upcoming Noida International Airport at Jewar, in Uttar Pradesh. As part of the contract, Tata Projects will construct the terminal, runway, airside infrastructure, roads, utilities, landside facilities and other ancillary buildings at the airport, Yamuna International Airport Private Limited (YIAPL) said in a statement on Friday. YIAPL is a 100 per cent subsidiary of Swiss developer Zurich Airport International AG and has been incorporated as a Special Purpose Vehicle to develop Noida International Airport. In 2019, Zurich Airport International AG won the bid to develop the airport.
ICICI Venture has tied up with a global healthcare investor to put in funds in India's healthcare sector.
The project, which is being implemented on build-operate-transfer basis by the concessionaire Jaiprakash Associates Ltd, is expected to be completed by February 2010, before the commencement of the Commonwealth Games. A special purpose vehicle by the name Jaypee Infratech Ltd has been incorporated recently to implement the project by the concessionaire.
Voltas has entered the water treatment business and undertaken a project at Salt Lake City in Kolkata.
The chargesheet submitted in a Raipur court on July 8 claimed the trio, who was in a truck, was chased by five accused in cars for 53km before they jumped off the bridge, the police sources said on Wednesday.
Oberoi Constructions, promoted by billionaire Vikas Oberoi, has tied up with the $10 billion Chinese real estate firm Shimao group to bid for the Rs 10,000-crore (Rs 100 billion) Dharavi Redevelopment Project.
Anil Dhirubhai Ambani Group company Reliance Energy Ltd on Thursday announced it has bagged three road projects valued at Rs 2,320 crore (Rs 23.2 billion) from National Highways Authority of India.
The much-awaited special purpose vehicle for funding infrastructure projects is all set to take off by next month with the Prime Minister's Committee on Infrastructure giving it a green signal.
BSNL, MTNL respond to Vavasi despite advice to the contrary
A provisional order has been issued under the Prevention of Money Laundering Act against the newspaper's publisher Associated Journals Ltd and its holding company Young Indian, the central probe agency said in a statement.
Global Steel owns 70 per cent stakes in iron ore mine in Brazil and two coal mines in Columbia and Mozambique. The company is setting up three special purpose vehicles for isolating financial and regulatory risks. Ispat will purchase the stakes in these SPVs, which are held by Global Steel. The iron ore mine has an estimated reserve of 500 million tonne while the coal mines hold reserves of 120 million tonne.
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