| Government defers decision over Nhava Sewree
Trans Harbour Link
Ambani vs Ambani
Options: State could go solo; reinvite closed bids from the
brothers...
SPECIAL CORRESPONDENT Mumbai
The Ambani family mess is out in the open. Battlelines over
who gains control of the Rs 6000 crore Nhava Sewree Trans
Harbour Link, blurred previously by the kamikaze proposal
by the Anil Dhirubhai Ambani Group's Relinfra- Hyundai consortium
to complete the works in 9 years and 11 months against Mukesh
Ambani controlled SeaKing Infrastructure Ltd-IL&FS- John
Laing Construction's 75 years, have now become accentuated
with the possibility of the latter looking like winning the
war.
The twist in the tale has come in the form of Relinfra's decision
not to seek an extension of the bid for the 22 km sealink
citing the government's indecisiveness over issuing a letter
of intent within a month of winning the bid. If the Relinfra-Hyundai
consortium withdraws it effectively leaves the field open
for Mukesh.
The Relinfra-Hyundai combine had won the bid for the project
in February but the Vilasrao Deshmukh government ordered a
review on grounds that the concession period seemed unrealistically
low. The government directed the Maharashtra State Road Development
Corporation, (MSRDC), the nodal agency for implementing the
project, to appoint consultants to revaluate the bids. However
the London based Dar Consultants has put the onus of reconsidering
the preferred bid with the political minders stating that
both bids are worth considering.
Curiously enough the government's cabinet subcommittee has
tried to unravel the conundrum and after examining four options
– to construct it on its own; opt for re-tendering,
award it to the Relinfra-Hyundai consortium, or reinvite closed
bids from both the Ambani brothers – has decided to
defer its decision of approving Jr Ambani's bid for a week,
leading to whispers of an attempt to 'favour' Ambani Sr.
Maharashtra State Minister for Public Works and MSRDC Chairman
Anil Deshmukh who earlier has described the bids of both the
Ambanis as 'frivolous in nature' however justified the delaying
of the decision by saying, "We are being extra cautious
because this is a project of great importance to the city."
According to an assessment by MSRDC the concession period
offered by both the brothers are far off the mark and the
project can only be viable only if the company awarded the
tender operates the bridge and collects toll for a period
of at least 44 years. Obviously the stakes are high both for
the government and the private developers. Any delay in the
project taking off could lead to higher costs.
Pantaloon, Celio in pact
Future Group flagship enterprise Pantaloon Retail has signed
a 50-50 joint venture agreement with French apparel firm Celio
to add to its garment retailing in India. The company is also
planning to add another three to four million sq ft of retail
space in the current fiscal through its different formats.
“We have formed a joint venture with French apparel
firm Celio,” Pantaloon Retail India Director Rakesh
Biyani said. He said the JV is a part of the company’s
plans to add another three to four million sq ft of retail
space in the current financial year.
Haldia buys out L&T stake
Haldia Petrochemicals (HPL) has acquired Larsen & Toubro’s
(L&T’s) 51 per cent stake in HPL Cogeneration (HPLCL)
at a consideration of Rs 180 crore. A 51:49 joint venture
between L&T and HPL, HPLCL runs a 116 MW power station
at Haldia. The Rs 5,170-crore petrochem company has acquired
L&T’s stake in an all-cash deal. At present, HPLCL
supplies power and steam to run HPL’s naphtha cracker
plant and its associated units. Post-acquisition, HPLCL becomes
a 100 per cent subsidiary of HPL.
NEEPCO gets ONGC gas
ONGC will supply 0.5 million standard cubic metres a day
of gas for a period of 15 years to North Eastern Electric
Power Corporation Ltd’s (NEEPCO) gas-based power plant
coming up at Monarchak in Tripura. According to a statement
issued by the company, “This is the first agreement
to be signed by ONGC at market price in Tripura.” NEEPCO
plans to produce 104 MW power by end-2010 from this combined
cycle power plant.
MRVC order for Era Infra
Era Infra Engineering Ltd has bagged a prestigious contract
from Mumbai Railway Vikas Corporation Ltd for the construction
of EMU maintenance car shed between Nallasopara and Virar
stations of Western Railway.
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