Business   

Financial closure for GMR airport project shortly

Special Correspondent

Likely to commence commercial operations by March 2008, eight-lane expressway on the anvil

HYDERABAD: GMR Infrastructure Ltd and the Malaysian Airport Holdings Berhad (MAHB), the consortium engaged in the construction of an international airport at Shamshabad, is likely to announce financial closure of the project in a day or two.

The Rs. 1,400-crore greenfield international airport is being taken up under the Public Private Partnership (PPP) with the GMR group holding 63 per cent of equity, MAHB (11 per cent) and the State Government and the Airports Authority of India (26 per cent). The airport is likely to commence commercial operations by March 2008, the Chief Minister, Y. S. Rajasekhara Reddy, has said.

He was inaugurating the Suminfra 2005, a two-day summit on sustainable PPPs, being organised by the Confederation of Indian Industry (CII) here on Thursday. The Karnataka Chief Minister, Dharam Singh, too attended.

Mr. Reddy said that the financial closure for the Gangavaram Port, one of the minor ports being developed under the PPP mode, was likely to be achieved in the next three months. The Government was keen on developing the 160-km outer ring road around Hyderabad and the eight-lane expressway in a PPP mode.

He said efforts were under way to improve the facilities such as drainage and drinking water in the smaller towns with the help of the Rs. 1,380 crore loan provided by the World Bank.

Mr. Dharam Singh explained the initiatives launched by his Government to give a fillip to infrastructure development and said that approvals were granted to projects involving an investment of Rs. 51,645 crores. In addition, ten mega projects with a total investment of Rs. 13,072 crore were under active consideration.

This apart, the Central Government cleared an investment of Rs. 21,176 crore by ONGC in mega petrochemical projects.

M. K. Patodia, Chairman, CII-AP, welcomed the participants while Major Industries Minister, J. Geeta Reddy, Infrastructure Department Principal Secretary, K. V. Rao, and CII-Southern Region immediate past chairperson, Shobana Kamineni, also spoke.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Maran urges VSNL to cut bandwidth prices
Acer India introduces new notebook
PNB profit up 11 p.c.
Financial closure for GMR airport project shortly
Cognizant Q2 net rises
Two Shriram group cos. merge
Relocation of CLC gets under way
SBI net rises to Rs. 1,223 cr. in Q1
HCL Tech rejigs pricing strategy
Higher tax outgo prunes SAIL's net
L&T's smart showing in Q1
40 p.c. jump in M&M's net
India top FDI destination on higher RoI: KPMG
Bullion rates
Exchange rates
IRDA to drop panel of auditors
BHEL bags Rs. 900 cr. Oman contract
DaimlerChrysler CEO to step down
IOB to open office in China
TN Tele posts Rs. 37 lakhs profit
Course in steel technology
iGATE appoints new global HRD
Sierra Atlantic to expand operations
Matrix Labs posts Rs. 25 cr. net in Q1
Zen Technologies net up 33 p.c.
Dabur Pharma net up by 23 p.c.
Nitayanand to head Scicom U.S. operations
Sharma re-elected chairman of NCHF
More Hutch orders for Schema
McDowell Q1 net up 90 p.c.
C. R. Kamath, new director of Corporation Bank
Mangalore Chemicals sales up 14 p.c.
Subex Q1 net up 110 p.c.

Copyright © 2005, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu