Financial Daily from THE HINDU group of publications
Tuesday, Feb 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 07, 2006 |
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Modernisation Logistics - Infrastructure GMR submits Rs 500-cr bank guarantee for Delhi airport modernisation Our Bureau
New Delhi , Feb. 6 THE GMR group, which has been selected for the modernisation and restructuring programme of Delhi airport, today submitted a Rs 500-crore bank guarantee to the Government. "The bank guarantee is with the Government and shows the group's commitment to go ahead with the modernisation and restructuring programme of Delhi airport," a senior GMR official said. The GMR group has formed a consortium along with Fraport - operators of Frankfurt airport - and Malaysia airport. The other successful bidder, the GVK group, which has been chosen to develop Mumbai airport, is to submit the bank guarantee within the next few days. "We have received a communication from the Government and will be depositing the bank guarantee soon," a GVK official said. The GVK group has tied up with the South African airports for upgrading the airport in Mumbai. Reliance petition: Meanwhile, the Delhi High Court today fixed February 13 as the next date for hearing on the petition filed by Reliance Airports Developers challenging the award of the modernisation contract. A Division Bench of the Court asked all parties to the dispute to file their replies before February 8. The Anil Ambani-led Reliance group company had filed a petition in the Delhi High Court on February 2. In a statement, the group said that it had sought "fairness and transparency" in the award of the contracts. Reliance was among the four bidders in the fray for modernising the two airports. It was unsuccessful in winning the mandate despite emerging as the highest financial bidder for Delhi airport.
Related Stories: More Stories on : Modernisation | Infrastructure | Airlines
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