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.
GMR Infrastructure, one of the fastest growing infrastructure companies in India, expects the first result of its asset divestment to come in the next few months.
Without revealing details of the asset divestment plan, GMR Chief Financial Officer A Subba Rao said that the company would soon commence the formal process of offloading its assets in the next two to three months.
According to estimates, the net loss of GMR Infrastructure is expected to fall significantly form Rs 62.5 crore in the second quarter of previous financial year to about Rs 20.2 crore for July-September quarter of 2012.
The fall of 67.6 per cent in the net loss has sparked hopes that the company might be able to return to profitability soon. The company might report sales of Rs 2,199 crore, up 21.3 per cent from Rs 1,812 crore in the second quarter of 2011 financial year.
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.