Vineet Nayyar has resigned as Executive Vice-Chairman of IL&FS Group citing medical reasons.
After many years, work on the much-awaited Zojila tunnel would commence after Road Transport and Highways Minister Nitin Gadkari initiates the first blasting for the 14.15- km tunnel on Thursday. The tunnel assumes significance as it will provide aII-weather connectivity between Srinagar Valley and Leh on NH-1, with approach Road to Z-morh Tunnel and Avalanche protection structures. The project has a history of re-bidding as attempts to award the project four times were not successful and was eventually given to National Highways and Infrastructure Development Corporation in July 2016 for implementation on EPC (engineering, procurement, construction) mode.
Crisis-hit infrastructure lender IL&FS has begun the process of selling its corporate home in Mumbai's Bandra-Kurla Complex, inviting bids for the prime 10-storey property that had heralded the suburb's emergence as the Maximum City's new central business district at the expense of Nariman Point. The company hasn't set any reserve price for the asset, said two industry sources with direct knowledge of the development.
GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure investment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of ₹1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India’s largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-base power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner.
GAIL has initiated preliminary talks with beleaguered infrastructure financier IL&FS and US-based infrastructure in-vestment fund Global Infrastructure Partners (GIP) to pick up at least 49% stake in ONGC Tripura Power Company (OTPC) at a valuation of Rs 1,500 crore, two people aware of the development told ET. PwC India is advising GAIL, India's largest state-owned natural gas processing and distribution company, on the deal to acquire the stake in the gas-based power plant. If successful, the deal will give GAIL rights equal to Oil and Natural Gas Corporation (ONGC), which is the 50% owner. IL&FS holds 26% in the power plant, while GIP has a 23.5% stake. The remaining 0.5% is owned by the Tripura state government.
THE GOVERNMENT has allowed Uday Kotak, MD and CEO of Kotak Mahindra Bank, to continue on the board of troubled infra lender IL&FS for one more year till October 2, 2021. This is the second extension for Kotak to continue on the IL&FS board.
AS the IL&FS issues are still pending to be resolved, the Centre on Wednesday has extended the tenure of Uday Kotak as Chairman of IL&FS for one more year, till October 2, 2021. In the year 2018, the Centre had dissolved the fraud-hit IL&FS crisis and had restructured board of the company with Uday Kotak as the chairman of the company.
The government on Wednesday extended the term of Uday Kotak as non-executive chairman of debt-ridden IL&FS group by one year. The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021.
Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday enhanced the penalty amount to Rs 1 crore each on ICRA and CARE Ratings in connection with lapses on their part while assigning credit rating to non-convertible debentures of IL&FS. The crisis at diversified IL&FS, the board of which was superseded by the government, came to light in September 2018 and since then, the company, as well as related entities, has come under regulatory lens. The regulator, in December 2019, had imposed a fine of Rs 25 lakh each ICRA and CARE in the matter, saying the default by IL&FS occurred because of the "lethargic indifference and needless procrastination and laxity" of these rating agencies.
Ahmedabad Municipal Corporation's (AMC) health department sealed two sites, imposed fine of Rs 2.60 lakh and issued 18 notices to different construction agencies, including Metro Rail project, IL&FS, L&T Construction Limited and Tata Project Limited, for failing to take steps to control mosquito breeding.