After seeing some key exits over the past two months, infrastructure giant GMR is on the verge of losing another senior executive.
GMR has announced that its chief financial officer (CFO) Amarthaluru Subba Rao would step down sometime in July this year to pursue his career interests elsewhere.
In a statement to the Bombay Stock Exchange (BSE), the infrastructure group said, "Mr Subba Rao Amarthaluru, group chief financial officer, has decided to pursue his career interests elsewhere."
New Delhi, April 22 : Andhra Pradesh has 30 national highways having a length of 6,759 km, parliament was informed Monday.
Road Transport and Highways Minister S. Sathyanarayana told the Lok Sabha that work on improving 56 of the highways was in progress in the state.
He said some of the projects had got delayed due to various reasons including land acquisition, shifting of utilities and slow progress of work by the contractor.(IANS)
New Delhi, April 22 : The United Arab Emirates (UAE) has offered to invest $2 billion on infrastructure development in India, Commerce and Industry Minister Anand Sharma said Monday.
Sharma said the Gulf country made the proposal for investment during the first meeting of the India-UAE joint investment task force held in February this year.
"The issues relating to promotion and facilitation of investments between the two countries and the modalities to address issues associated with existing investments between the two countries were discussed," Sharma said in a written reply in the Lok Sabha.
The government has plans to award highway contracts worth nearly Rs 90,000 crore this financial year, people familiar with developments at the Ministry of Road Transport & Highways revealed.
An official from the ministry said the government would award national highway contracts spanning 7,300 kilometers this financial year, and 52 per cent of the total length (3,800km) would be awarded from April to September.
Lucknow, April 2 : Uttar Pradesh will soon set up an infrastructure development fund (IDF), Chief Minister Akhilesh Yadav announced here Tuesday.
Speaking in Lucknow while launching projects worth Rs. 3,337 crore for Noida, Greater Noida and the Yamuna Expressway Authority, Yadav said the fund would ensure all-round development in the state.
"Development has become the fiefdom of a few districts and cities like Noida, Greater Noida, Ghaziabad and Lucknow. Our government wants development to be all inclusive," he said.
Addis Ababa, March 28 : Two Indian companies have been awarded contracts worth over 2 billion Br (over $100 million) to build roads in Ethiopia.
Ethiopian Roads Authority (ERA) has signed the contracts with the Indian firms.
JMC Projects Indian Limited Company, which participated in Ethiopia's road construction for the first time, was awarded a 109 km project for 1.1 billion Br earlier this month.
The agreement was signed between Monmohan Sawheni, vice president of JMC projects, and Zaid Woldegbriel, director general of ERA, at its headquarters.
Durban, March 26 : South African companies can play a major role in India's plans to pump $1 trillion over the next five years in infrastructure development, almost half of which is envisaged by the private sector, including firms from overseas, Commerce Minister Anand Sharma has said.
South African companies have respectable experience, expertise and technical skills in handling infrastructure development in emerging economies, said Sharma, who is here as part of Prime Minister Manmohan Singh's delegation at the 5th BRICS Summit.
The shares of Housing Development and Infrastructure Ltd fell significantly after credit agency Credit Analysis and Research Ltd (CARE) downgraded the company’s non-convertible debentures issue.
The real estate developer’s shares fell 19.65 per cent to Rs 48.85, which is its lowest level ever, on the Bombay Stock Exchange (BSE) after the research agency downgraded the issue. The shares of the company fell 19.83 per cent to a one year low of Rs 48.70 on the National Stock Exchange (NSE). The company’s market capitalisation fell from Rs 423 crore to Rs 2,124 crore.
Global financial body, the World Bank has imposed a six month sanction on Infrastructure giant Larsen & Toubro (L&T) alleging that the company was involved in fraud by committing forgery.
India's union Finance minister P Chidambaram has said that low cost capital through infrastructure debt funds (IDF) might help in reducing the costs and the tariff charges for infrastructure services in the country. Chidambaram said that the lower cost funds might help costs as well as tariffs for services like roads and airports and others.
Authorities in the United Arab Emirates (UAE) have said they are planning an initial investment of $2 billion in infrastructure projects in India.
The two countries reached the agreement at the first meeting of the India-UAE task force on investments, which was held in the Emirati capital, Abu Dhabi today. India's Commerce and Industry Minister Anand Sharma said that UAE will provide support to the Indian authorities for establishing strategic oil reserves in India.
Bangalore-based infrastructure giant GMR, the operator of the airports in New Delhi and Hyderabad, has reportedly hired consulting firm McKinsey & Co to find a plan to cut costs.
A person with direct knowledge of the development said, on the condition of anonymity, that GMR Infra expects to cut costs by 5 per cent to 10 per cent from implementing the suggestions to be made by McKinsey.
The plan, which will involve control of capital spending via redesigning of projects and improvements in the engineering processes, is expected to take effect within the next few weeks.
Infrastructure giants GMR and GVK terminated their respective highway projects with National Highways Authority of India (NHAI) because they failed to collect equity required for the projects, and not because of long delays in environment clearances, NHAI Chairman R P Singh said.
Following GMR Infra's footsteps, GVK Power & Infrastructure has also terminated a major highway contract with the National Highways Authority of India (NHAI).
GVK has walked out of a major four-laning of the existing two-lane Shivpuri-Dewas highway in Madhya Pradesh. The NHAI had awarded the contract to GVK in January last year.
The four-laning of the 332.46 kilometer highway was to be constructed in 30 months, and it was offered on a concession period of around three decades.
Infrastructure developers in the UK have claimed that the legal attempt by the National Trust to block the development of golf resort near the Giant's Causeway can be interpreted as a trade war.
Lawyers representing the developers told the High Court in Belfast that the bid to block the £100 million golf resort project is based on the National Trust's own commercial interest in the area. The project involves development of golf course, five-star, 120-bedroom hotel and 75 villas at Runkerry near Bushmills.
Debt-laden infrastructure giant GMR has confirmed that it has put an end to its contract with National Highways Authority of India (NHAI) for the six-laning of the Kishangarh-Udaipur-Ahmedabad highway project.
In a statement to the stock exchanges, GMR said it terminated the contract due to NHAI's failure in obtaining the required environmental clearance for the project and in notifying the revised toll rate on this stretch.
Infrastructure giant GMR has announced that it has sought a compensation of more than $800 million from the Maldives government for the termination of Male International Airport contract.
The Maldives government had terminated the airport deal on 27th of November, and grabbed hold of the airport operations from GRM on the midnight of 7-8 December.
GMR Infra is reportedly preparing to sue Maldives government for cancelling Male International Airport contract.
Emerging reports say that GMR Infra wants a compensation of more than US$800 million from Maldives government, which forced the infrastructure giant to hand over the airport to the government. The infrastructure giant is also in discussions with lawyers to sue the island nation's government if it declines to give the compensation.
The Maldives government will take over the GMR Male International Airport (GMIAL) on the midnight of 7-8 December as the Singapore High Court upheld Maldives government's right to take back the airport from GMR, but there is no clarity yet on the amount of compensation that GMR will be given for evicting it mid-contract.
Infrastructure giant Lanco Infratech Limited has hit a memorandum of understanding (MoU) with China Development Bank to secure a US$2 billion long-term debt for Anpara Phase II and Himawat power projects.
Of the US$2-billion debt, China Development Bank will contribute US$600 million, while the remaining part of the debt will be syndicated from other Chinese lenders and foreign investors. The repayment schedules will be of around 10-15 years.
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