India's GTL Infrastructure on Thursday confirmed that its bondholders have given a nod to the company's plans to convert 35 per cent of its $319 million debt into equity.
According to a recent statement by the GTL tower operator, the company has plans to convert the US$-denominated notes into shares at a cost of Rs 10 each, which represents around 23 per cent premium to the present market price.
Delhi Metro Rail Corporation (DMRC) and the concessionaire of Delhi Airport Metro Express, Reliance Infra have decided to go in for arbitration over their disagreements following detection of cracks in the line that resulted in the closure of the line in July.
The controversial Greater Noida Master Plan 2021 has finally been approved by the National Capital Region Planning Board (NCRPB), in a move that has cleared the way for recommencement of construction work in hundreds of housing projects in the area.
Confirming the development, an official said, "The board has given a nod to the Master Plan 2021 with certain conditions."
In 2007, the Greater Noida Authority acquired 3,000 hectares of land from farmers for industrial use; but later it used 2,500 hectares of that land housing projects 'Noida Extension'.
DLF sells 17.5 acre NTC land to Lodha developers
According to several reports in the media, India's infrastructure major, DLF has sold 17.5 acre NTC land to Lodha developers under a deal valued at about Rs 2750 crore.
The largest real-estate developer sold the plot located at Lower Parel in Mumbai to Lodha Developers for Rs 2,750 crore. The company made a profit of Rs 2,000 crore over seven years through the sale of land in the country's financial capital.
Reliance Infrastructure, which is the concessionaire for the Airport Metro Express Line of the Delhi metro in the national capital, has accused the Delhi Metro Rail Corporation (DMRC) of forcing it to use faulty chips in the underground section.
Tata Group Chairman Ratan Tata has said in a recent interview that the inadequate infrastructure remains a major roadblock for the growth in the country.
He also said that the government is also required to focus on addressing the water problems in the country. He agreed that providing facilities to the bottom of pyramid is a real challenge for the country. He pointed out that the culture of India and pride in India is very strong and thus it has the potential to emerge as a powerful nation.
He sounded a positive note about the country's potential and brushed aside fears that the neighboring China's larger economy might overpower the country. He said that India needs to manage its food distribution in a better manner.
Western Region Transmission (Maharashtra) Private Limited, a subsidiary of Anil Dhirubhai Ambani Group's Reliance Infrastructure, has commissioned a new 400 kV double circuit transmission line between Solapur and Kolhapur in Maharashtra, opening the firm’s sixth transmission line in western grid.
Sahara Infrastructure and Housing has announced 10 residential projects in several cities across the country including Pune, Aurangabad, Jodhpur, Gwalior, Bareilly, Solapur, Porbandar, Katni, Kashipur.
Sahara Turner Constructions Limited wll undertake the managing work for the 10 projects. The projects are likely to be completed in the next five years and the possession of units by people is likely to begin in the next 2 to 3 years. The company is looking to offer residential units priced between Rs 5-15 lakh in more than 350 cities in the country.
Anil Ambani-led Reliance Infrastructure is looking at several road and construction projects, which are under various stages of development in the country, in order to boost its portfolio.
RInfra is holding discussions with several players who are unable to execute projects they started due to lack of funds of other constrains, for taking over the project. Lalit Jalan, chief executive officer, RInfra has said that the company is looking to acquire secondary assets, mainly in the build-own-operate (BOT) space.
KRChoksey has suggested buy call for IRB Infrastructure with a target price of Rs 188. In a research report released on 10 May, 2012, KRChoksey has suggested lower price target of Rs 188 compared to earlier target of Rs 221.
IRB Infrastructure Developers stock is currently trading at Rs 112. The stock recovered from today's low of Rs 104 to end the day at Rs 112. IRB Infrastructure Developers has touched a 52-week low of Rs 100. With a market capital of Rs 3735 crore and P/E ratio of 22.5, the stock is little expensive compared to peers in infrastructure sector.
Ramky Infrastructure Ltd has pocketed deals valued at Rs 1,248.95 crore covering roads, irrigation and construction sections.
In a declaration to the BSE, the Hyderabad-based infrastructure giant stated that these deals have been bagged from various states comprising from Arunachal Pradesh, Bihar and Chandigarh.
In the state of Bihar, Ramky Infra has bagged a civil construction deal valued at Rs 109 crore from NTPC for its Barh power project.
The country requites to lift up infrastructure spending to about 10% of gross domestic product to attain and maintain economic development objective of 9% in the coming years.
In a presentation at the annual meeting of Asian Development Bank, IDFC Projects Ltd Managing Director Pradeep Singh stated, "In order to sustain growth targets, this (investment in infrastructure) would need to increase further to over 10 per cent of GDP by 2017."
Mumbai, Feb 14 - Infrastructure major Lanco Infratech Ltd Tuesday posted 66.83 percent decline in net profit at Rs. 183 crore for the quarter ended Dec 31 against Rs. 551.75 during the like period of the previous financial year.
Total income stood at Rs. 3,053.68 crore during the quarter under review, up 76.4 percent compared to Rs. 1,731.33 crore during the year ago period, the company said in a regulatory filing.
Private infrastructure firm, Pratibha Industries ha said on Monday that it has bagged orders worth Rs 772 crore in the building and water management segments from various companies.
"With these, the balance order book of the company stands at Rs 6,568 crore as on December 30, 2011, while total orders bagged in the current financial year to date are worth Rs 3,350 crore," the company said in a statement.
According to India’s union finance minister Pranab Mukherjee, the Indian government might face a shortfall of $300 billion in funding requirements for the infrastructure sector during the 12th five year plan.
Mukherjee added that the financial institution in the country will have to make additional efforts to bridge the gap in funding for the sector.
India’s leading construction company, Larsen and Toubro is aiming to generate more revenues from abroad in order to compensate for a slowdown in the Indian economy, according to the firm's chief financial officer, R. Shankar Raman.
The company had earlier reduced its order growth guidance for the current financial year due to concerns over project deferrals and low investor appetite, due to high interest rates in India. The company is now planning to increase its revenue share from overseas projects to 15-20% from 10-12%, according to Mr. Raman.
Kolkata, Aug 9 - TIL Limited, a leading provider of a wide range of construction, mining and power systems based here, will invest Rs. 700 crore in its Kharagpur factory to make mining equipment and cranes with American and Japanese technology.
"The first phase of the plant, for which Rs. 250 crore is being invested, will conclude by October-November. Alreadyn Rs. 90 crore has been invested," Aloke Banerjee, president and chief financial officer of what was earlier called Tractors India, told IANS.
Eight core infrastructure industries including steel and electricity, posted a 5.2% growth for quarter ended June 30 against 4.4% growth Q1 -2010.
Electricity registered a growth of 8.2% when compared with 3.8% growth of 2010-Q1, Oil posted 12.5% growth for Q1 when compared with 4.3% growth of same period, a year ago. The data released by Ministry Of Commerce and Industry stated that natural gas contracted by 11.7%, coal's production fell by 3.3% and fertilizers went down by 2.4% Crude Oil production slid down by 2% from previous month to 7.7% this month from 9.7 % in May.
New Delhi, June 21 : Infrastructure firm Lanco Infratech Limited (LITL) Tuesday said it has bagged an order worth Rs. 365.28 crore ($81.33 million) for a power plant in Iraq, its first international engineering, procurement and construction order.
The scope of the work includes complete engineering, procurement and construction of an open cycle gas-based thermal power plant with two frame gas turbine generator sets supplied by General Electric International.
Mumbai, May 30 : Infrastructure firm IVRCL Limited Monday reported a 24.6 percent decrease in net profit for the fourth quarter ended March 31 at Rs. 64.25 crore against Rs. 85.25 crore during the like period of the previous fiscal.
The total income, however, rose 8.56 percent at Rs. 2,052.21 crore during the period under review against Rs. 1,890.41 crore during the same period of the previous financial year, the company said in a regulatory filing.
The company has also bagged orders worth Rs. 893.66 crore for execution of water, buildings, power and transportation works.
- Microsoft to close MSN service in China by October 31
- 8 out of 10 consumers have privacy concerns over wearable devices
- Crashed Instagram leads users to lash out on Twitter
- Social media users likelier to shirk from discussing important issues offline
- Now, 'safely' send messages while driving with Nissan's messaging assistant