A senior executive of GMR group confirmed that both the companies were keen to get out of the venture. Fraport has already closed its development office in India.
Such a disruption will take the clock back by many years - in terms of passengers handled - for these airports, thus raising questions among some of the airport operators over a delay in expansion plans.
Bengaluru-based GMR Infrastructure bought 50 per cent of InterGen in 2008 for USD 1.1 billion from a fund owned by American International Group Inc.
In a development that could speed up the about Rs 9,000 crore (Rs 90 billion) Delhi Airport modernisation work, the Attorney General has supported project promoter GMR Group's plan to take advances from commercial developers. The report may help Delhi International Airport Ltd) achieve financial closure for the Rs 8,900 crore (Rs 89 billion) project for which the company has proposed to raise Rs 3,144 crore (Rs 31.44 billion) by way of trade advances and deposits.
GMR Infrastructure is part of a consortium led by Philippines-based construction company Megawide Construction which submitted a bid of 14.4 billion Philippine pesos or around $326 million.
GMR Energy, the holding company of GMR group's power business, said on Tuesday it will set up a 1,000 MW coal-based power project in Chhattisgarh.
Kiran Kumar Grandhi, 38, was earlier in charge of the urban infrastructure and highways business, which contributes five per cent of the Rs 10,000-crore revenue of GMR Infra.
Airports hold pride of place in the government's National Monetisation Pipeline (NMP) programme to monetise public assets. Private airport operators, including the Adani group, Fairfax, GMR and Zurich Airport, are expected to evince interest in the next round of public private partnership (PPP) development of state-owned Airport Authority of India (AAI) airports. Industry analysts, however, do not expect bids to be as high as the last round, which saw Adani group gain control of six airports.
The Bangalore-based GMR group has bought out the stakes of US power majors CMS Energy and Public Service Enterprise Group in Tanir Bhavi and Basin Bridge power plants in Karnataka and Tamil Nadu, respectively.
Wipro Group chairman Azim Premji, who attended an event organised by an Rashtriya Swayamsevak Sangh body near Delhi on Sunday, said his presence did not mean that he endorsed the view of the forum.
Adani Airports is planning to centre its airport business around Mumbai and Ahmedabad by developing them as gateway airports, feeding them with traffic from other airports in the company's portfolio. The Ahmedabad-based conglomerate - with investments in logistics, transportation, utilities and energy - intends to spend Rs 35,000 crore in the airport business in the next five years. This forms the bulk of the conglomerate's total capex of Rs 50,000 crore. According to a presentation given by the company in an investor call with Bank of America, gateway airports of Mumbai and Ahmedabad will be connected with the feeder airports of Lucknow, Guwahati, Trivandrum, Jaipur and Mangalore.
Adani said he expected the number of flyers in the country to grow five-fold, which means India would require 200 additional airports to handle over 1 billion domestic and international passengers across the tier-1, -2 and -3 cities.
The GMR group-run Delhi and Hyderabad airports have not only been gleaming examples of successful public-private partnerships, but they are also among the country's favourites.
A colourful skyline and hundreds of kites soaring across various parts of the city marked an innovative launch of Delhi Daredevils' new look and new journey ahead of the seventh edition of the Indian Premier League.
Visitors from 11 countries will be eligible to get a VoA from May 31 at Rajiv Gandhi International Airport, GMR said.
GMR was misled by the (predecessor) Nasheed administration to signing a legally unsustainable agreement, says Maldives president, Mohamed Waheed.
Bilateral investment treaties can adversely impact policy space for governments
It is business as usual at Ibrahim Nasir airport; Maldives to retain staff hired by GMR.
Maldives Attorney-General Ahmed Ali Sawad's legal opinion, dated December 28, 2010, was shared by GMR sources on Tuesday.
According to the agreement, RuralShores, one of the largest rural BPO organisations in the country, would be establishing GMR's BPO at Kakinada SEZ in the East Godavari district of Andhra Pradesh.
I-T teams have scanned documents and payment details related to TDS.
The German company presently holds 10 per cent in the joint venture
Infra major's entry could queer the pitch for Jaypee and Hindustan Semiconductor.
Considers bidding for Barcelona, Madrid airports; may rope in local partner.
Anti-Corruption Commission rules out graft.
GMR Hyderabad International Airport Limited (GHIAL), promoted by the GMR Group, has devised a three-pronged strategy to improve its revenues in the wake of a dip in the real estate market here, sources close to the development said.
GM Rao has been quite active in philanthropic activities for quite some time through GMR Varalakshmi Foundation.
The board of directors of Jet Airways has given its in-principle approval to acquire 26 per cent stake in MAS GMR Aerospace Engineering Company for an unspecified amount.
To this end, the group is consolidating its global assets under GMR Infrastructure International (registered in the Isle of Man) for a public issue in London, according to an executive who did not wish to be identified, in a move that largely replicates what metals behemoth Vedanta did six years ago.
Malaysia Airports Holdings Berhad is the minority partner with 11 per cent and 10 per cent stakes in the Hyderabad airport and the New Delhi airport respectively.
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
'GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power,' GMR Infra said in a filing to the Bombay Stock Exchange. Island Power is currently developing an 800 MW power facility in Singapore. The project would bring in about $1.5 billion (Rs 72 billion) foreign direct investment in the country.
The likes of SRK, Nirula and Mallya are in the race to own an IPL team for the upcoming Twenty20 series.
Delhi International Airport Ltd, the five-company consortium led by Bangalore-based infrastructure conglomerate GMR Group that is upgrading Delhi airport, has managed to raise over Rs 1,000 crore (10 billion) to meet its financial obligations for the Rs 8,890-crore (80 billion) project.
Jet Airways Executive Director Saroj K Datta declined to comment, stating he has not got any circular from DIAL.
Risk perceptions will impact India's risk-rating, say experts.
Aviation Minister Praful Patel's outburst against Planning Commission Deputy Chairman Montek Singh Ahluwalia is perhaps not difficult to understand since most people think it was actually Patel who should have been keeping an eye on the delays at the Delhi airport.
After losing out to Bangalore-based GMR group for the controversial Delhi airport modernisation contract, Anil Dhirubhai Ambani group is now set to battle it in Prague, the capital of the Czech Republic, for which bids are shortly to be invited. Late last week, ADAG company Reliance Airport Developers Private Limited submitted an expression of interest to the Prague airport authorities. the ADAG company is willing to take a 100 per cent stake in the airport.
Even after getting the civil aviation ministry's nod to levy user development fee on international passengers, the GMR group-promoted Hyderabad airport has decided not to impose the levy for at least a month. GMR has already decided to exempt domestic passengers for the time being. "We have decided to let issues like groundhandling charges stabilise before taking a call," said a Hyderabad airport executive.
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