Tag: adani group

InfrastructureLatest Stories

Navi Mumbai Airport Launches Commercial Flight Operations

The Navi Mumbai International Airport will handle 15 scheduled departures on its opening day MUMBAI: After nearly 30 years since the ambitious project was initiated to alleviate congestion at Mumbai’s current airport, the Navi Mumbai International Airport was officially inaugurated on Thursday. An IndiGo Airbus A320 arriving from Bengaluru touched down at 8 am, greeted with a ceremonial water cannon salute. Commercial flight operations mark a significant expansion of Mumbai’s aviation capabilities and a pivotal milestone in India’s infrastructure development. Now operational, Mumbai joins major global aviation hubs such as London, New York, Moscow, Tokyo, and Shanghai, each served by…

InfrastructureLatest Stories

Navi Mumbai Airport to Open on December 25

THANE: After years of planning, the Navi Mumbai International Airport (NMIA) is ready to begin commercial operations on Thursday, promising to reduce travel times, enhance tourism, and draw significant investments to the area. The City and Industrial Development Corporation (CIDCO), the agency responsible for this ambitious aviation project, announced on Tuesday that the airport will manage 30 Air Traffic Movements (arrivals and departures) on its opening day. The launch is expected to ease congestion at the existing Mumbai international airport, contributing to a more efficient multi-airport network in the region. “The opening of the Navi Mumbai International Airport reflects the…

Latest StoriesRegulatory

SC Delays Sahara’s Property Sale Hearing to Adani by 6 Weeks

NEW DELHI: On Monday, the Supreme Court postponed the hearing on Sahara Group’s request to sell properties to the Adani Group by six weeks. The court directed the Centre to respond to the note submitted by the amicus curiae regarding the matter. A bench comprising Chief Justice BR Gavai and Justices Surya Kant and MM Sundresh incorporated the Ministry of Cooperation after Solicitor General Tushar Mehta informed that multiple cooperative societies formed by the Sahara Group may be impacted. Senior advocate Shekhar Naphade, acting as an amicus curiae, presented a note to the court, highlighting numerous objections regarding the properties…

IndustryLatest Stories

Promoter unveils ₹18,000 crore plan for Jaiprakash Associates

MUMBAI: The promoter of Jaiprakash Associates (JAL) has re-entered the competition to reacquire control of the heavily indebted infrastructure company with a new ₹18,000 crore resolution plan, although lenders are skeptical about the previous owner’s capacity to raise the necessary funds. The latest proposal from the Gaur family, the promoters of Jaypee, surpasses offers made by Vedanta and the Adani Group for JAL, which holds significant land assets around Greater Noida and the Noida Expressway. “The promoter has submitted a new plan valuing the business at ₹18,000 crore, exceeding Vedanta’s offer,” said a source with knowledge of the situation. Vedanta…

InfrastructureLatest Stories

PM Launches $2.2B Navi Mumbai Airport by Adani Group

NEW DELHI: Prime Minister Narendra Modi inaugurated a new international airport in Mumbai on Wednesday, advancing the growth of India’s rapidly expanding aviation network. Developed by the Adani Group at a cost of approximately $2.2 billion, the first phase of Navi Mumbai International Airport is set to start operations in December, serving as a significant passenger and cargo hub in Asia. This project will also alleviate congestion at Chhatrapati Shivaji Maharaj International Airport, one of the nation’s busiest airports. Notably, Mumbai is the only metropolitan area in India with a second international airport. This initiative highlights India’s commitment to modernizing…

Latest StoriesRegulatory

Income Tax Dept. Imposes ₹23 Crore Fine on Adani’s ACC

NEW DELHI: The Income Tax (I-T) department has issued two penalties to ACC Ltd, totaling Rs 23.07 crore, which the Adani Group company plans to challenge in appellate authorities. The I-T department has imposed a fine of Rs 14.22 crore for allegedly providing inaccurate income details for the Assessment Year 2015-16. Additionally, a penalty of Rs 8.85 crore has been levied for under-reporting income for the Assessment Year 2018-19. “The company will contest both orders by appealing to the Commissioner of Income Tax (Appeals) within the designated timelines and will concurrently seek a stay on the penalties,” ACC stated in…

InfrastructureLatest Stories

Navi Mumbai Airport Opening Set for October 8

MUMBAI: The Navi Mumbai International Airport is set to open on October 8, as announced by Adani Group Chairman Gautam Adani on Wednesday. The airport recently received its aerodrome license from the Directorate General of Civil Aviation (DGCA) on Tuesday and is being developed in multiple phases by Navi Mumbai International Airport Ltd. The Adani Group holds a 74% stake, while the Maharashtra government’s CIDCO has the remaining 26%. “In preparation for the opening of Navi Mumbai International Airport on October 8, I had the honor of meeting with our diverse team, including construction workers, women staff, engineers, artisans, firefighters,…

Latest StoriesResidential

BKC Tenants Seek Bombay HC for Their Rightful Homes

MUMBAI: Continuing their longstanding battle for what they believe is their rightful entitlement, the appellants of Basera SRA Cooperative Housing Society in Bharat Nagar, Bandra Kurla Complex (BKC), have filed writ petitions in the Bombay High Court. They are seeking larger 550 sq ft units instead of the smaller 225 sq ft options proposed under the Slum Rehabilitation Scheme. The petitioners argue that Basera society should not be classified as a slum, and therefore, they are entitled to 550 sq ft flats in accordance with MHADA 33(5) of DCPR. A boost for the petitioners comes from the Apex Grievance Redressal…

IndustryLatest Stories

Emaar Properties to Keep Stake, Considering JV with Major Firms

NEW DELHI: Dubai’s Emaar Properties has confirmed it will not sell stakes in its Indian subsidiary but is exploring potential joint ventures with major Indian business groups, including the Adani Group. In a regulatory update to the Dubai Financial Market on September 18, Emaar stated it “is no longer considering the sale of any stake in its Indian entity.” Instead, the company is looking into partnerships with large firms or groups in India, specifically mentioning the Adani Group. Emaar Properties first entered the Indian real estate market in 2005 by partnering with MGF Development, committing around Rs 8,500 crore through…

IndustryLatest Stories

Sept 5 Meeting for Jaiprakash Associates Lenders; Bidding Challenge Ahead

NEW DELHI: The lenders of Jaiprakash Associates Ltd (JAL), which is currently undergoing insolvency proceedings, will convene on Friday to initiate a ‘challenge process’ involving five bidders. This step aims to optimize the value of the distressed company’s assets. The Committee of Creditors (CoC) is set to meet on September 5. Among the bidders vying to acquire JAL are Adani Group, Dalmia Bharat, Vedanta Group, Jindal Power, and PNC Infratech. Sources indicate that during a CoC meeting on August 22, it was decided to engage in further commercial negotiations with each Resolution Applicant to maximize the asset value of JAL.…