IndiaCatalog.com
India News
Search Web Directory
News Home
GMR, Tatas to stay out of the Rs 16,000 crore Navi Mumbai airport bid
Posted on 4th January 2016
The GMR Group and Tata Realty will not bid for the Navi Mumbai airport project, citing “onerous” bid conditions, among other reasons. “We are not bidding on account of project implementation and execution challenges as well as onerous timelines and bid conditions,” a GMR Group spokesperson said.

This means there will be only two companies — GVK-led Mumbai International Airport (MIAL) and Hiranandani Developers-Zurich Airport consortium — in the race for the Rs 16,000-crore project.

This is the second recent instance of qualified companies not participating in financial bids. Last August, GVK Group and Hiranandani Developers did not submit financial offers for the Goa airport and the GMR Group won the bid.

Financial bids for the much-delayed project will open next Monday. The Navi Mumbai airport will be developed through a public-private partnership and the planning authority, City and Industrial Development Corporation (Cidco), will hold 26% stake in the project. MIAL, which operates the airport, has the right of first refusal and it can revise its bid if it is 10% below the highest offer.

While the GVK Group declined to comment, sources at Tata Realty said the company would not participate in the bids unless there was a revision of bid terms or submission deadlines.

It could not ascertain whether the Hiranandani Group will participate in the bid.

Cidco Vice-Chairperson Bhushan Gagrani said the agency was expecting financial offers from all the companies. In case only one company submits bid, the state Cabinet will have to take a decision on the award of the bid.

In their submission to the government last month, the GMR Group pointed out the challenges in pre-development work, delay in land acquisition and rehabilitation, and absence of stage-II environmental clearance as key concerns for meeting project deadlines. GMR also raised issues regarding conflict of interest in award of pre-development work. Tata Realty is said to have raised concerns in a letter to the government.

There is a conflict of interest situation, as the agencies appointed for two pre-development works’ packages are associates of MIAL, GMR Airport’s President Sidharath Kapur wrote in a letter to the Maharashtra government last month.

The GMR Group runs Delhi and Hyderabad airports. Last August, it won the bid for a second airport in Goa and has participated in a dozen airport bids around the world. The group has a total debt of Rs 49,000 crore and it is divesting stakes in its road and energy projects to pare down its debt. The group’s financials, too, have been impacted due to stress in their road and energy business.

In his letter, Kapur also raised the issue of capping Cidco’s equity contribution at Rs 430 crore irrespective of the project cost, saying it will complicate the financing of project and impact long-term viability. The company has also raised issues regarding the terms of repayment of soft loan for the pre-development work. Funds spent by Cidco on pre-development work will be deemed as soft loan according to bid conditions.

The main issue of the bidders pertains to project timeline and bidders think the completion date of December 2019 is unrealistic, a government official said. All the issues that bidders have raised were discussed with them before finalisation of the concession agreement, the official added.

The Maharashtra government’s project monitoring and implementation committee will have to take a call whether to amend the bid conditions and that would mean further delays in the project.

Related Companies: GMR Group   

Other Latest News
SC declines to pass order on women's pleas seeking safe entry in Sabarimala
Posted on 13th December 2019

The Supreme Court on Friday declined to pass any order on the pleas by two women activists seeking a direction to the Kerala government to ensure safe entry of women in the Sabarimala temple under police protection.

The top court said the issue was very emotive and it did not want the situation to become explosive.


Banks surge on report govt may raise bond investment limit for FPIs to 10%
Posted on 13th December 2019
Banking counters such as IDBI Bank, State Bank of India (SBI), YES Bank, and ICICI Bank, were trading higher on Friday after reports suggested that the government is considering increasing the government bond investment limit of foreign portfolio investors (FPIs) to at least 10 per cent of the outstanding, from 6 per cent now, with an aim to incorporate local bonds into global bond indices.

According to a Business Standard report, the central bank, however, wants the government to go slow and first check how the currency risk is covered from the issuer perspective, before increasing the limits further.


Delhi court to hear Nirbhaya gangrape case today, convicts to appear via video conferencing
Posted on 13th December 2019

The hearing in the 2012 Nirbhaya gangrape-murder case will be conducted in Delhi's Patiala Court on Friday with the four convicts appearing via video conferencing. The decision was taken citing security reasons and a threat to their lives by the enraged public over the rise in the number of rape incidents in the country. The hearing is scheduled to begin at 10 AM.

Currently, the court is hearing a plea filed by the victim's parents seeking execution of all the convicts to be expedited. Counsel for Nirbhaya's parents, Seema Kushwaha, had sought issuance of death warrant against them without any delay.


Airports to railway stations: Gold smuggling peaks in India as prices climb
Posted on 13th December 2019

Surging gold prices in India are keeping customs officials on their toes.

Illegal inflows have jumped after the Indian government increased import taxes in July and prices surged to record highs in September. Customs officials have arrested people for attempting to smuggle in gold by concealing it in bags, clothes and their rectums. On one flight alone, officials caught 30 passengers trying to smuggle in 7.5 kg of gold into Chennai.


Now, Indian Railways passengers can book tickets for Kashi Vishwanath Temple at Varanasi station
Posted on 12th December 2019
Indian Railways passengers, commoners can now book tickets for visiting the Kashi Vishwanath Temple in Varanasi. In a joint initiative by the national transporter and Shri Kashi Vishwanath Temple Trust, help-desks are being opened at Varanasi Junction Railway Station, also known as Varanasi Cantt Railway Station (BSB). Minister of State for Railways Suresh Angadi officially launched the help-desk project at the station premises earlier this year.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for GMR, Tatas to stay out of the Rs 16,000 crore Navi Mumbai airport bid
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for GMR, Tatas to stay out of the Rs 16,000 crore Navi Mumbai airport bid

Most Read News

Now, Indian Railways passengers can book tickets for Kashi Vishwanath Temple at Varanasi station

Growth of world cities to decline in 2020-21 amid global slump: Research

Dish TV India zooms 15% after clarification on CARE ratings downgrade

UP cops arrest owners of bogus brokerage involved in Rs 4,122 cr DHFL scam

MTPL to set up off-highway tyre facility in Gujarat, invest $107 million

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement