The costs for modernizing the Delhi and Mumbai airports are soaring, with the total bill for the two facilities set to reach nearly Rs20,000 crore. Delhi’s airport will now need at least Rs10,500 crore for its upgrade, while Mumbai’s airport will need about Rs9,800 crore. In October 2006 the cost for the two projects was estimated at about Rs5,900 crore each. The privatizations plan for both airports did not set a limit on costs and passengers at Delhi and Mumbai are already paying more.
The Delhi Metro has unveiled its new fleet of broad gauge trains on Friday. The new trains are faster and have better air conditioning. They also have sockets for charging mobile phones and laptops. The new trains are part of a nearly Rs3,000 crore deal with Bombardier under which the Metro will buy 83 broad gauge trains by 2011.
National Aluminum Company or NALCO is in talks with Hindustan Copper, to explore copper reserves in Namibia. Earlier, the Indian government had signed an accord with Namibia to give Indian industry access to its copper and diamond mines.
The Jindal brothers, who are the promoters of the $12 billion O.P. Jindal group, have started consolidating their holdings cum investment companies. The 30 firms that currently own shares in the group’s operating firms will be cut down to just four. The move is expected to help feed the capital requirements for expansion plans across companies.
At least one pharmaceutical company is turning concerns over swine flu into profits. Natco Pharma has launched a drug similar to Tamiflu, which it calls Natflu. It now expects a turnover of Rs600 crore by the end of the fiscal year compared to Rs400 crore last year. Natco says it has 125,000 capsules of the drug ready and could release 10 million capsules by the end of October.
Markets lost ground on Friday. The Sensex fell 88 points, closing at 16,693 and the Nifty fell 28 points ending trade at 4,959.