L&T gets Shivaji memorial contract; revises bid downwards to Rs 2,500 cr
Posted on 2nd March 2018 |
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| A year after Prime Minister Narendra Modi laid the foundation stone for the proposed 210-metre tall statue of Maratha warrior king Shivaji Bhonsle off the Mumbai coast, the construction work for the project has been awarded to Mumbai-based Larsen & Toubro (L&T). According to sources, L&T, which had bid for the project, revised its bid downward from Rs 3,826 crore to Rs 2,500 crore. The other bidder in the race was AFCONS Infrastructure, a Shapoorji Pallonji Group company, which had bid Rs 4,760 crore. The letter of intent (LoI) is believed to have been issued to L&T on Thursday. An L&T spokesperson confirmed the development. According to Egis in India, the consultants for the project, the contract was awarded after negotiations with the bidders to optimise costs. Ashish Tandon, MD, Egis in India, told FE, “We aim to start construction in May, before the onset of the monsoon or else we will lose another four months. The construction time could be around three years. The entire 7.8 hectares of land on which the statue is proposed to be built has to first be raised as it is only above the water level for a few hours daily. This is a very unique project. By 2019, the project will probably take some sort of shape that will be visible to people.” The site of the statue is roughly 1.5 km from the Raj Bhavan shore. Once complete, the statue will be more than twice the height of the Statue of Liberty. The project had earlier drawn stiff resistance from environmentalists and fishermen who alleged that it would affect marine life and the ecology. However, the fishermen community withdrew their protests after Maharashtra chief minister Devendra Fadnavis assured them their concerns would be addressed. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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