Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
The NHAI has terminated the concession agreements of two Special Purpose Vehicles (SPVs) of highways infrastructure developer IRB Infrastructure.
In a filing to the exchanges on November 2, IRB Infra, which recently got ₹4,400-crore investment from Singapore sovereign wealth fund GIC, said the authority has terminated concession agreements to its two SPVs — IRB PP Project Pvt Ltd and IRB PS Highway Pvt Ltd.
The SPVs had bagged Hybrid Annuity Model projects for 4-laning of Puducherry-Poondiyankuppam and Poondiyankuppam-Sattanathapuram highways.
IRB, however, did not comment on the reasons for the projects getting terminated.
The concession period for both the projects were 15 years after completion of the four-laning. During a concession period, the concessionaire pays an annual concession fee to NHAI from the revenues generated.
A typical commercial contract usually contains a mechanism for exiting or terminating the contract, in the eventuality of not obtaining clearances within specific timelines. In this case, reliable sources told BusinessLine that the NHAI failed to obtain land-related clearances from the Tamil Nadu government. Recently, KNR Constructions’ project in TN worth ₹450 crore project got terminated, as the NHAI failed to acquire land.
The quantum of negative cash flow from the cancellation of the two projects on IRB’s balance sheet is not clear. IRB has ₹25,757-crore of Build Operate Transfer (BOT) assets, up from ₹22,085 crore in fiscal 2019.
In the September-ended quarter recently, IRB said the Ahmedabad-Vadodara project received award from High Court for continuation of relief from payment of premium to NHAI till the outcome of proceedings under arbitration comes through, thus eliminating negative cash-flow for the project.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
Sensex and Nifty 50 saw selling interest on Friday and slumped; selling pressure could continue
Investors with a long-term horizon can consider this offer
Most AMCs have been sending out cryptic e-mails. We tell you how to read between the lines
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
This year, on Facebook, I saw that someone had posted a list of EASY RESOLUTIONS. I didn’t copy them down but ...
With strokes of quirky humour, Partha Pratim Deb uses pulp, terracotta, glass and discarded cloth to create ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor