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).
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.
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.
It is looking to invest over Rs 20,000 crore (Rs 200 billion) for a greenfield project in Raigad or Ratnagiri districts of Maharashtra.
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 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.
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.
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 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.
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 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.
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
It would be good if all political parties understood the advantages, he said.
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.
The carmaker has sought 1,292 acres at Industrial Model Township, Sohna, 25km from Gurugram.
"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.
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.
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.
Israel's pharma firm, Teva, is planning to invest Rs. 4000 crores in India.
Both partners would inject $200 million each in the form of equity and hold 50 per cent stake each. They plan to raise another $600 million in the form of debt to create a corpus of $1 billion to develop malls across tier-I, II and III cities.
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.
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.
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