Highway projects worth ₹5,000 crore are under way to decongest the National Capital Region, Union Minister Nitin Gadkari said on Friday. Transport Minister Gadkari was addressing a gathering while laying the foundation stone of a ₹3,580-crore highway project here. The over 59-km-long highway project will start at Ring Road-DND junction and passing through Kalindi bypass […]
Category: Roads
Roads
Gadkari to lay foundation for roads, fisheries jetty in coastal Karnataka
Nitin Gadkari, Union Minister for Road Transport and Highways, Shipping and Water Resources, will soon lay the foundation stone for three road projects and a fisheries jetty in coastal Karnataka by videoconference. Nalin Kumar Kateel, Member of Parliament from Dakshina Kannada, told media persons in Mangaluru on Thursday after conducting a review meeting with the […]
No NPA tag for IL&FS accounts without our nod, says NCLAT
No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets without the NCLAT’s permission, the appellate tribunal said Monday. A two-member National Company Law Appellate Tribunal (NCLAT) Bench, headed by Chairman Justice S J Mukhopadhaya, said that this is done in the interest of the IL&FS […]
Four Indian IL&FS employees held hostage in Ethiopia released after three months
The three-month-long captivity of four Indian IL&FS employees in Ethiopia came to an end with their release on Saturday night. The four have reached India. They had been held captive by Ethiopian employees of ITNL-Elsamex JV Bure. “IL&FS Transportation Network Ltd (ITNL), a part of the IL&FS Group, confirms that it has been able to […]
347 infra projects show cost overruns worth over Rs 3.2 lakh cr
As many as 347 infrastructure projects, each worth Rs 150 crore or more, have shown cost overruns to the tune of over Rs 3.2 lakh crore owing to delays and other reasons, a Ministry of Statistics and Programme Implementation report said. The ministry monitors infrastructure projects worth Rs 150 crore and above. “Total original cost […]
Gadkari to lay foundation for over Rs 4,000-cr highway projects in Himachal on Sunday
Union Road Transport Minister Nitin Gadkari will lay foundation stones for seven national highway projects worth over Rs 4,419 crore in Kangra, Himachal Pradesh, on Sunday. The projects include four-laning of 37.03 km long Punjab-Himachal Pradesh Border to Sihuni section of NH-154 at a cost of Rs 1,572.9 crore and construction of 104.6 km long […]
Canadian fund Omers picks up 22.4% in L&T arm for ₹ 870 cr
Canadian fund Omers Infrastructure has acquired a 22.4 per cent stake in L&T Infrastructure Development Projects-sponsored IndInfravit Trust (IndInfravit) for ₹ 870 crore. The investment marks Omers’ first investment in the infrastructure space in the county, the company said in a statement Friday. IndInfravit holds a portfolio of five operational toll road projects, spread across […]
Canadian OMERS Infrastructure acquires 22.4% stake in IndInfravit Trust
OMERS Infrastructure has acquired a 22.4 per cent stake in IndInfravit Trust sponsored by Larsen & Toubro’s subsidiary L&T Infrastructure Development Projects Limited (L&T IDPL), for ₹870 crore (C$160 million). IndInfravit is an infrastructure investment trust listed via private placement in May last year. At the time of listing, Canada Pension Plan Investment Board (CPPIB) […]
ED finds incriminating evidence in homes of IL&FS top brass
The Enforcement Directorate during searches conducted at residential premises of key officials of erstwhile management of the Infrastructure Leasing & Financial Services (IL&FS) group found various pieces of incriminating evidence. In a press note, the ED stated that it had seized close to Rs. 6 lakh in foreign currency, various property documents and incriminating documents, […]
GMR Infrastructure posts Rs. 561-cr loss in Q3
GMR Infrastructure Ltd has posted a loss of Rs. 561 crore for the third quarter ended December 31, against a loss of Rs. 578 crore for the corresponding quarter of the previous financial year, on a consolidated basis. The diversified infrastructure company posted gross revenues of Rs. 1,958 crore ( Rs. 2,072 crore). Nine-month result […]
IL&FS arm asks expat employees in Kashmir to fly back home
IL&FS Transportation (ITNL) has told its expatriate employees in Kashmir that salaries due will be paid as soon as the financial constraints eases up. It has told them to proceed to their respective countries and to provide details of their flights home. The communication from Srinagar Sonamarg Tunnelway Ltd came after BusinessLine published a story […]
CA Institute’s research arm to reopen, recast IL&FS’ statements
The uncertainty as to who will reopen and recast of financial statements of beleaguered IL&FS and two of its subsidiaries — IFIN and ITNL — is now finally over. At the behest of the government, the CA Institute’s Accounting Research Foundation (ICAI-ARF) — a not for profit — will now take up the task of […]