CIDCO moves Supreme Court against Rs 1,200 cr compensation order for land parcel
Firms are still barred from holding board positions in the special purpose vehicle that will develop the airport.
Notwithstanding opposition from some villages to the Rs 14,500-crore (Rs 145 billion) Navi Mumbai airport, the implementing body, Cidco, has decided to go ahead with the project and would issue 'request for qualifications' on February 5.
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.
This is the second extension for the bids since June 18.
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.
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.
Union ministry of home affairs changed its mind and gave bid clearance for Hiranandani Developers and its consortium partner, Zurich Airport
Modi stressed the need to enhance aviation infrastructure capacity to meet the rising demand for air travel.
Adani group plans to invest about Rs 1.3 lakh crore across its portfolio companies this fiscal as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, group CFO said on Tuesday. The investment across portfolio companies that range from ports to energy, airports, commodities, cement and media will be 70 per cent met through internal cash generation and the remaining through debt, Group CFO Jugeshinder 'Robbie' Singh told reporters in Ahmedabad.
The last hurdle in the way of a second airport for Mumbai, at Navi Mumbai, was cleared by the central government on Monday. The Union ministry of environment and forests issued a notification granting exemption to the second airport from costal regulatory zone regulations, on the lines of an earlier exemption granted for an airport at Port Blair in the Andamans.
Being touted as a competitor to the country's busiest Delhi airport -- which handles approximately 1,200 flights a day -- the Noida airport was expected to start flight operations by the end of this year. But supply-chain disruption, caused by pandemic and subsequent global upheaval, has hit the pace of construction at the airport which is coming up in the Jewar area of UP's Gautam Budh Nagar, some 75-km from the Delhi airport.
Adani group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade. Emerging from a damning report of a US short seller, which hit market value of its listed companies, Adani group in 2023-24 (April 2023 to March 2024) fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies.
The Adani group, buoyed by a sharp recovery in its share prices over the past year, is set to embark on a series of roadshows this week to raise up to $4 billion (approximately Rs 33,254 crore) through equity and refinancing of older debt, according to banking sources. The roadshows, scheduled to take place in major cities, will inform investors about the group's investment plans across renewable energy, petrochemicals, and infrastructure development.
The state-run City & Industrial Development Corporation (Cidco), nodal agency for the proposed Navi Mumbai international airport, has asked the New Delhi-based National Institute of Disaster Management (NIDM) to prepare a risk assessment and disaster management plan for the project.
It took 13 years to get environmental clearance for the greenfield international airport at Navi Mumbai.
Government-owned Life Insurance Corporation of India (LIC) has seen substantial gains from its investments in Adani group shares, which have experienced a significant recovery over the past year. The value of LIC's stake in Adani group companies surged by 51.6 per cent, or Rs 22,591 crore, reaching Rs 66,388 crore as of Friday's close. This compares to Rs 43,797 crore on May 31 last year, according to stock exchange data.
G V Krishna Reddy, Chairman, talks to Business Standard about his plans.
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.
People affected by the Navi Mumbai international airport insist they be allotted developed land as compensation, not cash as the land acquisition Bill, recently cleared by Parliament
Officials from the City and Industrial Development Corporation (Cidco) on Thursday expressed fears that the proposed international airport at Navi Mumbai could become unviable due to cost escalation, following prolonged delays.
It is clear from the records that the land is in possession of CIDCO for several years.
Actual construction on the Navi Mumbai international airport, which received the much-awaited environment clearances early this week, would begin in October next year as certain formalities remained to be done, said the City and Industrial Development Corporation (Cidco), a nodal agency for the project.
An environment impact assessment study by the Indian Institute of Technology, Mumbai, for the proposed Navi Mumbai international airport, has categorically said there should not be any compromise on retaining the geomorphology of rivers, the aquatic life and mangroves in the airport zone.
The CIDCO and the Maharashtra government have stepped up efforts to arrive at a consensus over compensation for PAPs, before a meeting called by the prime minister on November 13 to expedite the work. PAPs, who have dropped their earlier demand of Rs 20 crore (Rs 200 million) per acre, are demanding allocation of 35 per cent developed land against the offer of 22.5 per cent made by the state government and CIDCO.
The new greenfield airport at Navi Mumbai will come up at the proposed site and not be shifted elsewhere. Maharashtra Chief Minister Vilasrao Deshmukh has also written to the Civil Aviation Ministry for building the airport at the originally proposed site. There had been demands to shift the proposed Navi Mumbai airport to a new site due to environmental issues. The regulator would look into aspects like aeronautical charges, user development fee and passenger fee.
Will be operational by the time Mumbai airport reaches its saturation capacity of 40 million.
As the fate of the Maharashtra government hangs in balance, the state cabinet on Wednesday approved the renaming of Aurangabad city as Sambhajinagar, and that of Osmanabad city as Dharashiv.
The project cost was pegged at Rs 4,766 crore (Rs 47.66 billion).
GVK Group that runs the swanky MIAL (Mumbai international airport) pipped rival GMR Group to bag the contract for the proposed facility in Navi Mumbai which will ease the severe congestion at the Chhatrapati Shivaji International Airport.
The Maharastra government has given the City and Industrial Develoment Corporation (Cidco) an "in principle" approval to hand over 150 hectares of land for the ambitious project.
EAC told Cidco during a meeting that it would visit the site in the third week of October before finalising its report. Cidco had clarified its stand on 61 points relating to the proposed airport and reiterated that there was no alternative site.
The consultants who have been shortlisted include Scott & Wilson from England, Maun Senn from Singapore, Louis Burger from the US and another US-based company Mott McDonald.
State-run City and Industrial Development Corporation (Cidco) plans to issue a request for qualification (RFQ) for the Navi Mumbai international airport in the middle of next month.
Despite several rounds of negotiations with villagers, CIDCO is yet to acquire 271 hectares required for the core airport area in Navi Mumbai.
Maharashtra government on Monday offered to provide 22.5 per cent of the developed land to those whose lands would be acquired for the Navi Mumbai International Airport project.
The Adani group will be generating almost 90 percent of its Ebitda (earnings before interest, tax, depreciation, and amortisation) from infrastructure business by 2025 as compared to 83 per cent generated from these businesses currently, top company officials told bankers recently. Of the infrastructure business, 49 per cent of the profits are currently contributed by energy and utility, another 25 per cent by transport and rest by cement and logistics businesses. This will go up substantially as several new projects like Navi Mumbai airport and other projects get commissioned and contribute to the overall Ebitda pie, bankers were told.
Real estate development on Mumbai airport land and the work on Navi Mumbai airport have been inordinately delayed, which have prompted rating downgrades and raised questions on its financial capabilities. It is also trying to stave off Adani group's entry as a shareholder in the Mumbai airport project.
The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
The Delhi-Dausa-Lalsot stretch is set to reduce the travel time between the national capital and Jaipur considerably.
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