Speed bump! Just one bid for IGI's air train project
Delhi International Airport Ltd
(DIAL) is learnt to have got just one expression of interest in response to its last Sept tender for building the 7.7km-long
automated people mover
(APM), despite extending the last date for submitting bids multiple times.
You Can Also Check:
Delhi AQI
|
Weather in Delhi
|
Bank Holidays in Delhi
|
Public Holidays in Delhi
The GMR Group-backed DIAL might now ask the Union aviation ministry if it should proceed with the single bidder or reissue the tender, according to people in the know of the matter. Calling for fresh bids will mean missing the March 2028 deadline for having the air train up and running, thereby further delaying seamless transfers.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Scarlett Johansson, 40, Shows Off Her Real Size In A New Vacation Photos
33 Bridges
Undo
Comments were sought from DIAL on this issue and awaited till the time of going to press.
On why IGIA, which is expected to be India's first true aviation hub like Dubai International or Singapore Changi, received a lukewarm response to the tender, a source said, "The air train is expected to be ready in 2028. At that point, only eight years will remain of the first 30-year concession period for which GMR Group had got IGIA on PPP model in 2006. The concession period is extendable by another 30 years, till 2066, but DIAL can't commit to anything beyond 2036 till that extension happens. The uncertainty in recovering costs incurred on the air train beyond that time possibly led to the poor response."
DIAL is, therefore, contemplating approaching govt to make an exception and agree to a commitment that whoever operates IGIA beyond 2036 will continue to back the air train. "The air train will be an asset to the airport, like its runways and terminals. No matter who runs Delhi Airport, they would need the APM for intra-terminal transfers," said the source.
The aviation ministry in Modi 2.0 had told DIAL it would not allow levy of any development fees to fund the project before it is ready. While the cost of the air train is not known as it has been left for bidders to evaluate and quote accordingly, it could be under Rs 2,000 crore.
The consultation paper released by Airports Economic Regulatory Authority (AERA) for determining IGIA's tariff for the period between April 1, 2024 and March 31, 2029 states: "(APM) expected to be operational by March 2028. DIAL expects throughput of 40,000 to 50,000 passengers per day initially which would be scaled up to 80,000 to 90,000 passengers per day by increasing the frequency. APM will not be chargeable for transfer passengers while for the rest of the passengers, it will be chargeable."
The cost of augmenting airport infra is recovered through two means — AERA deciding aeronautical charges for airlines like landing and parking fees which accordingly decides fares; and through UDF on passengers. UDF at Mumbai Airport, for instance, used to have a metro component of Rs 20 and Rs 120 per domestic and international departure, respectively. This component was levied from 2016 to 2023 to raise Rs 518 crore for metro connectivity and was stopped when that target sum was raised.
Delhi Airport handles almost eight crore passengers annually and will increase its capacity to over 13 crore within the next six-eight years. It is estimated that 25% travellers at IGIA will be transit flyers, underlining the need to ensure smooth transfers between T1 and T2/3. To handle such volumes, an air train between the terminals is essential.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
25 minutes ago
- Indian Express
Shelter struggles: Why many students in Pune are opting for luxury hostels
Written by Kivi Lydia Vito, Riddhi Berry An increasing number of students and working professionals in Pune are opting for high-end luxury hostels as a preferred alternative to traditional accommodations. These accommodations offer fully furnished rooms, meal plans, gyms, and vibrant common areas, often located in gated communities with 24/7 security and app-based check-in systems. They combine comfort, safety and a sense of independence, making them a popular choice. Several companies in Pune offer such luxury accommodations, including Cozmo Living and Tribe Stays. Both provide single and twin-sharing rooms for boys and girls. At Cozmo Living, twin-sharing rooms start at Rs 18,000 per month, while single rooms begin at Rs 38,000 per month. Tribe Stays offers both twin-sharing and private single rooms for students, with prices ranging from Rs 40,000 to Rs 42,000 per month. Kaif Shaikh, a 16-year-old boy preparing for the IIT-JEE, says that the amenities at Cozmo Living in Viman Nagar add to the comfort and ease of his daily routine. 'We have access to the swimming pool and gym in the society as part of the accommodation, and there are air conditioners in the rooms as well, so I prefer living here instead of other PGs or hostels.' The apartments and rooms, part of these accommodations, come fully furnished with specifically catered meal plans as well. This focus on comfort and convenience is echoed by Prateek Garg, co-founder of Cozmo Living and a graduate of Symbiosis University. Based on his own experience as a student in Pune, he said, 'We did not really have good quality rooms and had to worry about little things like cooking and cleaning, instead of focusing on our careers and studies. This is what inspired us to build a space where students could focus on their futures and let us deal with the small stuff.' Along with comfort and amenities, safety plays a major role in the appeal of luxury PGs, Sakshi Jaiswal, who is originally from Ranchi and currently working in Pune, says, 'Personally, for me, I think it is safer than normal PGs. There is a MyGate facility (a community and security management platform designed for gated communities) because the apartments are in a proper housing complex. So, the entries of every person can be backtracked because every detail is recorded.' Operators of such premium accommodations also emphasise the role of technology in enhancing resident safety. 'Our app-based check-in is not just about convenience, it is built for accountability and safety. Every resident is digitally verified before moving in and grievances can be raised through the app as well. This ensures we always know who is on the premises, which adds a strong layer of security without compromising anyone's safety,' says Malika Kandru, marketing manager at Tribe Stays. She continues, 'Security is something we never compromise on. We have guards stationed at every entrance of our living spaces, and we maintain clear boundaries where boys cannot access girls' spaces and vice versa.' Some students also feel that the environment created by such living spaces is more interactive and enjoyable than that of university hostels. Yash Joshi, a management student at Symbiosis University who lives in Tribe Stays, says, 'We have a common area and café where everyone who stays here can hang out and chill. In the university hostels, we need to be back by 8 or 9 pm, even on weekends, but here we don't have such restrictions, so most students prefer to live outside.' Although the prices of these luxury co-living spaces are slightly on the higher side, many students still prefer them over regular hostels and PGs. Shilpa Aditya, a management student at Symbiosis University who lives at Tribe Stays, says, 'It is much more comfortable living here than in the university hostel. We get AC rooms, the food is better, and there are vending machines, so we can grab something to eat at any hour. There is no curfew either, which makes it much more convenient for us.' This growing preference for comfort and flexibility over cost is also reflected in how student housing is evolving. Kandru, speaking from the organisational side, notes the rising interest in such accommodation. 'There is a clear shift in how students and even their parents are approaching housing. The demographic for our living space is from 18–24, and there is a demand for premium living that combines comfort, safety, and independence,' she says. Kivi Lydia Vito and Riddhi Berry are interns at The Indian Express.
Time of India
26 minutes ago
- Time of India
Can you start a business while working full-time in UAE? Legal do's and don'ts clarified
Navigating UAE's legal rules for starting a business while working full-time/ Representative Image Starting a business while being employed full-time in the UAE can be a complex issue, especially if your new venture is in a field similar to your current job. Many employees wonder if they can legally launch a company alongside their existing employment without violating any laws or contractual obligations. Here's a detailed explanation based on the latest UAE labour laws and expert insights. Establishing a Business While Employed : The Basics According to UAE law, a full-time employee may establish a new business or become a partner or shareholder in an existing company. However, this is contingent upon obtaining a No Objection Certificate (NOC) from their current employer. The NOC is a formal approval allowing the employee to pursue entrepreneurial activities legally while still employed. For example, if you work in the HR department of a company and want to start an HR consultancy, it's crucial to first secure this NOC from your employer. Without it, the new business may be considered unauthorized and could lead to legal complications. Competition and Non-Competition Clauses in Employment Contracts If your planned business operates in a sector similar to your employer's, like your case with HR consultancy, and your employment contract includes a non-competition clause, then starting this business could be problematic. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mucus in Lungs? Do This if You Feel Breathlessness Neuracare Learn More Undo Article 10(1) of the Federal Decree Law No. 33 of 2021 on the Regulation of Employment Relations specifies that if the employee's job grants access to the employer's customers or business secrets, the employer may include a clause preventing the employee from competing with them during or after employment. Key points about the non-competition clause: It must clearly define the place, time, and type of work to protect the employer's legitimate business interests. The non-competition period cannot exceed two years after the employment contract ends. When Non-Competition Clauses May Not Apply There are exceptions where the non-competition clause may not apply, especially once your employment ends: If you and your employer have agreed in writing that the clause will not apply after the contract ends, the restriction is lifted. This is outlined in Article 12(4) of Cabinet Resolution No. 1 of 2022 concerning the executive regulations for Federal Decree Law No. 33 of 2021. The clause can also be exempted under certain conditions, according to Article 12(5) of the same resolution: If you or your new employer pay the former employer compensation not exceeding three months' wages (as per your last contract) and the former employer consents in writing. If the employment contract is terminated during the probationary period. If your profession falls under categories determined by the Ministry of Human Resources and Emiratisation as needed in the UAE labor market.
Economic Times
26 minutes ago
- Economic Times
Nuvama shares rally 4% as $1.6 billion buyout buzz offsets Jane Street overhang
Shares of Nuvama Wealth rose 4.3% on Monday, recovering part of Friday's losses after a Sebi order, as reports of a potential $1.6 billion buyout lifted investor sentiment. Global private equity giants CVC, Permira, EQT, and HSBC are in advanced talks to acquire PAG's controlling stake, triggering fresh interest in the wealth manager amid a highly competitive bidding race. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Jane Street overhang lingers Financial Performance Tired of too many ads? Remove Ads Corporate History India's wealth market draws global eyes Shares of Nuvama Wealth Management climbed as much as 4.3% on Monday to Rs 7,574.60 on BSE, recouping some of Friday's losses after a Sebi order rattled investors. Fresh reports of a potential billion-dollar buyout by global private equity majors reignited interest in the equity giants CVC Capital Partners , Permira, and EQT are in advanced talks with Asia-focused investor PAG to acquire its controlling stake in Nuvama (formerly Edelweiss Wealth Management) in a deal potentially valued at $1.6 billion, according to a report in The Economic Times, citing people familiar with the matter. HSBC, Europe's largest bank by market value, is also in contention, making it a fiercely competitive bidding four shortlisted bidders submitted non-binding offers late last month and are currently conducting due diligence. Binding offers are expected by the end of July, although analysts believe this timeline may be difficult to owns a 54.78% stake in Nuvama, valued at Rs 14,383 crore as of Friday's close, out of the company's total market capitalisation of Rs 26,150.87 crore. Any deal resulting in a change of control will trigger an open offer for 26% of the shares held by minority Pincus is also said to have made a verbal indicative offer and is being considered as a fallback option. Meanwhile, domestic fund ChrysCapital is reportedly exploring a possible smaller deal or a consortium-based investment. 'Consortia are likely to get formed as the cheque size is expected to be large,' one of the people cited told The Economic stock fell 11% on Friday — its sharpest drop in three months — after India's securities regulator barred U.S.-based Jane Street from the domestic market over alleged index manipulation to extract large profits through derivatives trading. While SEBI did not name Nuvama in its 105-page interim order, the firm came under scrutiny due to its role as Jane Street's on-ground trading partner in India.'The Jane Street episode will be a one-time hit but will not have a structural impact,' an executive cited in The Economic Times report said. 'However, valuation may be impacted if the matter drags on.'Despite being cleared in an earlier NSE investigation that was closed in May, Nuvama's prior association with Jane Street triggered investor caution. The company had responded to NSE's queries as part of that Street is believed to be a major client of Nuvama's institutional services business, with some analysts estimating it accounts for up to 40% of revenue in that segment, although this figure could not be independently to Jefferies, the impact of SEBI's action is expected to be uneven across institutions. While BSE may see limited disruption, Nuvama could face a more significant reported a 58% year-on-year rise in profit after tax in FY25 and delivered a strong return on equity (ROE) of 31%. In the March quarter, asset services—including custody and settlement—accounted for 47% of revenue, while wealth management contributed 35%, with the remainder coming from equities and investment asset services division handled $14.7 billion in institutional assets in FY25, with revenue jumping 85% from FY24, according to company was listed in September 2023, following a demerger from Edelweiss Financial Services. Since its debut, the stock has rallied over 114%, including a 55% gain over the past had acquired control in March 2021 through a $325 million investment, and kicked off the sale process earlier this year, appointing JP Morgan and Morgan Stanley as advisers for the are eyeing Nuvama for its rapidly growing wealth management franchise in a fragmented Indian market, where only 15% of wealth is professionally managed, compared to 75% in developed markets. India's wealth management industry currently manages an estimated $130–160 billion of the country's total $1–1.2 trillion in to ICRA, Nuvama's key strengths include its diversified business model and strong financial performance, although the firm remains exposed to market volatility and reputational risks.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
