The construction work of the four Highway projects is progressing well on schedule and will be commissioned before end of March 2009, within the concession timelines.
During the year, GMR won / acquired /signed MoUs for four hydro projects, two in Nepal and one each in Himachal Pradesh and Arunachal Pradesh, with an aggregate capacity of about 900 MW. The company also signed an MOU for a 1000 MW coal project in Chhattisgarh. The development work of all these projects is going at brisk pace. EPC contract for 1050 MW Orissa Kamalanga Project has been awarded while the 300 MW Alakananda Hydel Project has received environmental clearance.
GMR Energy Limited (GEL), 100% subsidiary of GIL, has entered into an MOU with Homeland Energy Corporation, Toronto, pursuant to whereof GEL acquired 10% equity interest in Homeland Mining and Energy SA (Pty) Limited, (HMESA), South Africa. HMESA owns three advanced development / pre-development stage coal project in South Africa. GEL also has non-obligatory option to acquire up to an additional aggregate 40% equity interest prior to December 31, 2008.
The land acquisition for Krishnagiri SEZ is progressing as per schedule and the company has already entered into arrangements for the acquisition of almost one third of the land requirement for the project.
GMR Infra would soon be diversifying into corporate jet business and would be investing Rs.800 crore for the same. The company will be buying three Faulkner and two Hawker aircraft along with one Bell helicopter for commencing charter operations by end of current financial year. The company has also placed an order for one more aircraft, which would be delivered only by 2010-2011. GMR Infra’s board of directors approved the proposal of amalgamation of GMR Aviation Pvt Ltd with the company.
source s.p.tulsian
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