Australian government approved, with strict conditions, a coal terminal at a port by GVK group that forms part of the $10 billion Alpha Coal project in central Queensland.
The Airports Economic Regulatory Authority has turned down Bengaluru International Airport Ltd's (BIAL) proposal to increase User Development Fee (UDF) by 239 per cent for domestic and 79 per cent for international departing passengers from the airport.
The Anil Ambani group's Reliance Infrastructure and Hyderabad-based Lanco Infratech have so far purchased the Request for Qualification applications for taking up the Rs 12,132-crore (Rs 121.32 billion) Hyderabad Metro Rail project.
While sale of stake in airport business and adjacent land will help lower debt, improvement in power business is crucial.
The outer structure of Navi Mumbai International Airport's first terminal building is almost ready. Exactly behind the under-construction building, stands a partially demolished hill. Executives from the airport company are now hopeful the hill will be flattened by mid-January, paving the way for the first commercial take-off by December next year.
Realty plans hit roadblock; delay could hit modernisation
Navi Mumbai airport's construction is facing delays, and is likely to commence commercial operations in 2025 instead of 2024, aviation consultancy firm CAPA has said in a report. When asked about this matter, the Adani Group told Business Standard that the Navi Mumbai airport project is "being executed as per scheduled implementation plan and will be operational by the original target date of December, 2024, without any delay". Navi Mumbai International Airport Limited (NMIAL), responsible for both the construction and operation of the airport, is a subsidiary of the Adani Group.
What made the tide turn in favour of the Adani group was the Covid-19 pandemic, which shut down airports the world over, including Mumbai. There was no cash flow and the firm started defaulting on salaries July onwards.
The Navi Mumbai international airport will boast three interconnected multi-level terminals with a lotus-inspired design, according to the master plan prepared by its outgoing developer. The GVK group, which completed 15 years of airport business, shared the first look of the Navi Mumbai airport. The group in 2018 had commissioned British firm Zaha Hadid Architects to design the main terminal and air traffic control tower. The master plan of the airport was approved by the City and Industrial Development Corporation (CIDCO) in 2019.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
The move to demerge the hotel business into a separate entity by ITC has brought back focus on hotel stocks, which have already seen a good run thus far in fiscal 2023-24 (FY24). Analysts believe there could be more gains in store over the next one year for the stocks in this sector, but suggest investors put in money on a correction only from a long-term perspective. Hotel stocks, according to A K Prabhakar, head of research at IDBI Capital, have seen a good run as travel picked up post Covid in India. Not only have the room rents increased, the occupancy, too, has surged.
Strangely, a few days after filing the charges, the CBI teams arrived in Hyderabad and Mumbai to raid GVK's offices and found incriminating evidence, a reversal of the normal course of events.
According to officials, the Ganga was flowing at 463.20 metres following which water filled up in Sangam Ghat, Ramkund, Dhaneshwar Ghat and Fuladi Ghat. There was also a tremendous jump in the water level of the Ganga after 2,000-3,000 cusecs of water was released from the dam of the GVK hydroelectric project built on the Alaknanda river.
The Adanis', which already has won the bids to run six Airport Authority-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram and Mangalore, bid to enter the country's second busiest airport by buying out Bid Services Division Mauritius from MIAL was stalled after GVK chose to exercise its first right of refusal, and matched the Rs 1,248-crore offer that the Adanis made to the Bidvest in March.
Adani group on Tuesday said it has taken over the management of Mumbai International airport from the GVK group. The group last August had announced that it would acquire GVK Group's stake in Mumbai airport. Adani group will have 74 per cent stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 per cent being bought from GVK group and 23.5 per cent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group, it had said.
The airport has formulated standard operating procedures for post-lockdown safety of the passengers, which include social distancing, stringent thermal screening, positioning temporary quarantine centres and also continues to sanitise and disinfect the airport to ensure safety and well-being of the passengers when operations resume.
The deal size and project completion deadline were not disclosed in the announcement, but people in the know have pegged the deal at over Rs 6,000 crore, reports Aneesh Phadnis.
In the context of market integrity, the IRAI and RBI should go over the minutes of the LIC and SBI board meetings when the decisions to invest in Adani equity or debt were taken, notes Jaimini Bhagwati, former World Bank treasury professional.
The airport, coming up in neighbouring Navi Mumbai, is expected to relieve the pressure on the Mumbai international airport. Some local politicians had demanded that the new airport be named for farmer leader late D B Patil. Urban Development Minister Eknath Shinde, who made the announcement, said the chief minister has assured the DB Patil Action Samiti, which is raising this demand, that some other project will be named after the farmer leader.
Mumbai International Airport Ltd (MIAL), the private airport operator, had earlier announced that all operations at the CSMIA will remain suspended between 2.30 pm and 7 pm as a precautionary measure in view of the cyclone Nisarga.
Leading the Opposition attack over the Adani-Hindenburg issue in the Lok Sabha, Rahul Gandhi on Tuesday linked Gautam Adani's meteoric rise to Prime Minister Narendra Modi's coming to power and said "magic" happened after 2014 that propelled the businessman from the 609th to the second spot on the global rich list.
British architecture firm Zaha Hadid Architects bagged the contract from Navi Mumbai International Airport Limited after a 12-week design competition, and will design the new airport's Terminal 1 and air traffic control tower.
The deadline for the commercial launch of the Navi Mumbai airport is set at 2021-end
GVK Biosciences is the latest Indian firm to come under international scrutiny over quality issues.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Indian pharma firms under European drug regulator's scanner.
G V Sanjay Reddy, vice chairman of the GVK Group, elaborates on his plans for the much-awaited Mumbai airport makeover.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
While questions may arise over the sheer dominance of a single corporate group in running airports in the country, it pretty much fits into the government's plan to get out of this space and earn revenue without working for it.
Said to be in talks with Hyderabad-based GVK Group; if the deal sails through, the alliance would be the biggest player in India's airports market.
Invokes maintenance warranty for having to relay surface within 4 years; work to begin this weekend
GVK-owned three companies will be merged with another group company -- Novopan Industries Ltd -- for a consideration of Rs 25.32 crore (Rs 253.2 million) to consolidate the particle boards operations of the group.
Rajat Gupta, former director of Goldman Sachs and Mckinsey, has resigned from the board of the Hyderabad-based Emergency Management Research Institute (EMRI), a public-private-partnership initiative being run by the GVK group.
The airport, which will now be built to handle 20 million passengers, will likely start operations by mid-2020. However, rating agency CRISIL in its report in May-end had said operations are expected to start in 2023.
G V Krishna Reddy, Chairman, talks to Business Standard about his plans.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
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