India's top gas importer Petronet seeks 120 billion rupee loan
The company is building a petrochemical plant in India's western state of Gujarat at the cost of 206.85 billion rupees.
Petronet aims to spend 300 billion rupees in the next few years, and most of that on building a petrochemical project, Mitra said.
Its capital expenditure for 2026-27 would be higher than the 50 billion rupees estimated for the current fiscal year to March 2026, he said.
Last week, the company's board approved setting up a 5 million tons per year LNG import terminal in the eastern state of Odisha at the cost of 63.5 billion rupees.
($1 = 86.5050 Indian rupees)
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The Sun
23 minutes ago
- The Sun
London Heathrow reveals £49billion masterplan including much anticipated third runway, new terminal and cheaper flights
LONDON Heathrow Airport has revealed their multi-billion masterplan for the extension of the airport including the controversial third runway. The huge project is expected to cost nearly £50million, if given the go-ahead by the government. 5 5 The major new upgrade will be the £21billion third runway, which is set to be operational in the next 10 years. This is the same estimation of costs predicted in 2014 of £14billion, when adjusted for inflation. The new 3,500 metre runway will be in the northwest of the airport, and will eventually welcome up to 276,000 new flights a year. This takes the annual flights from 480,000 to 756,000, with as many as 30 new flight routes a day. It could even welcome more budget airlines, such as easyJet who have expressed desires to launch from London Heathrow with the expansion. easyJet boss Kenton Jarvis said: "I've always thought Heathrow would fit our network of primary airports with great catchment areas. "It would be a unique opportunity to operate from Heathrow at scale and give us an opportunity to provide lower fares for UK consumers that currently at Heathrow just have the option of flag carriers." The airport suggests this could save as much as £79billion over three decades with the addition of low-cost airlines. A new £15billion terminal complex will also be built, called T5XW and T5XN. The creation of the new terminals will also see T1 and T3 demolished, and T2 expanded, at the cost of £15billion. London Heathrow reveal top airport security tips In total, the entire project is expected to cost as much as £49billion. As many as 150million passengers could then be using the airport, up from 84million. This would make it the busiest airports in the world, overtaking Hartsfield–Jackson Atlanta International Airport's 105million passengers. The airport hopes to get planning permission by 2029, if ministers allow the proposal to go ahead. Other parts of the renovation include a 50 per cent in cargo capacity, and and larger access for buses and trains. One of the biggest concerns is the access around the M25, a notoriously busy motorway. 5 5 The improvement plans also include the widening the M25 near the Heathrow junctions (at a cost of £1.5billion) which will see a new section in a tunnel under the runway to reduce congestion. A similar road layout is already in place at Charles de Gaulle Airport in Paris. Earlier today, rival plans for a cheaper third runway were put forward. Arora Group - a major Heathrow landowner - proposed a shorter third runway which would eliminate the need to reroute the M25. Rather than being 3,500 metres in length, it would be just 2,800 metres. The plans also include a new T6 terminal, with the full project estimated at £25million - half the cost of the official London Heathrow plans. Mr Surinder Arora explained in regards to the 'Heathrow West' plan: "I am proud to unveil the Heathrow West proposal which meets the UK's ambition to grow its only hub airport while delivering on time and on budget." He added that the Arora Group had a "track record of delivering on-time and on-budget projects including in and around Heathrow airport." However, London Heathrow refuted their suggestions in the their own proposal, saying "any other proposal would not have this extensive public scrutiny and policy backing, risking years of delay and judicial review which mean the Government's timetable would be undeliverable." They also said that shorter runways "do not necessarily cost less" as the different location would require buying more residential properties with compensation costs not factored in. Here's another mega airport opening in Europe set to take on London Heathrow. 5
Telegraph
2 hours ago
- Telegraph
Starmer takes on Khan in battle over Heathrow's third runway
Sir Keir Starmer is preparing to face down Sir Sadiq Khan and Labour backbenchers to force through a third runway at Heathrow. The west London airport has unveiled the details of its long-awaited £50bn expansion plan, which it said could lift capacity by 80pc to 150m passengers a year. The proposals have the support of the Prime Minister and the Chancellor, who believe airport expansion is essential to boosting Britain's growth. However, the plans have provoked a backlash from Sir Sadiq, who has long opposed a third runway, and some Labour backbenchers. The Mayor of London said on Thursday that airport expansion was not compatible with net zero. Ministers fear Sir Sadiq could launch a legal challenge that would delay expansion by years and add to costs even if it proved unsuccessful. The Prime Minister is prepared to use new laws to block Sir Sadiq from turning to the courts in a bid to get spades in the ground at Heathrow before the end of this parliament. Whitehall sources signalled they were looking at legislation that would stop the Mayor from dragging the decision through the courts. This includes planning reforms announced earlier this year to end the 'challenge culture' that Sir Keir said had delayed many vital infrastructure projects. 'We are looking at introducing legislation to curb the ability of campaigners to use judicial reviews to block infrastructure projects,' said one government source. It follows decades of opposition from environmental campaigners to a third runway at Europe's busiest airport. A source said ministers were preparing for criticism from within Labour. Sir Sadiq said: 'I remain unconvinced that you can have a new runway at Heathrow, delivering hundreds of thousands of additional flights every year, without a hugely detrimental impact on our environment.' The Labour Mayor did not say whether he would seek a judicial review once the plans were formally lodged but warned that he would 'be keeping all options on the table in how we respond.' John McDonnell, Labour's former shadow chancellor, whose Hayes and Harlington constituency would be affected by the proposals, vowed to fight Heathrow expansion 'all the way'. Mr McDonnell said he was already in talks with leaders from other London boroughs about mounting a legal challenge and had 'put money aside' for a long court battle. 'I think it's inevitable there'll be legal action,' he said. 'We've consistently opposed it, and every time we've been to court on this issue, we've won.' Rachel Reeves was largely responsible for reviving the third runway project as part of her push for growth, and allies of the Chancellor said the expansion plan had her 'full-throated' support. In a rebuke to the Mayor, a source said Ms Reeves would do 'what it takes to deliver a third runway'. 'The Chancellor is determined Britain remains the best connected place to do business,' the source said. Ms Reeves has previously stated she wanted 'spades in the ground' by the next election and planes using the runway by 2035. The Chancellor said the new proposals submitted by Heathrow showed Britain was 'one step closer to expanding our biggest airport' in a move she said would 'boost investment in Britain, increase trade for businesses, and create up to 100,000 jobs.' Heathrow's £49bn plan will see a new runway constructed to the north-west of the airport, which will extend over the M25. Two new terminal buildings will be built and existing facilities expanded. The number of annual flights would jump from 480,000 today to as many as 756,000. Heathrow bosses said the new 2.2-mile landing strip would lift capacity to 150 million passengers a year, almost 80pc more than the number who used the airport in 2024. Construction will start as early as 2029, with the runway operational by 2035, though the full expansion of the terminals could take until 2060. The runway itself is projected to cost £21bn. The new terminals would cost £12bn and the modernisation of the existing ones some £15bn. The project will involve the destruction of about 750 homes in the area and the construction of a new section of motorway between junctions 14 and 15 of the M25. Heathrow has said expansion would boost UK GDP by almost 0.5pc by 2050. The plans revive those approved by Parliament in 2018, which means they may not face a further Commons vote unless the Government decides to deviate significantly from that blueprint. It also makes it less likely that the runway will face opposition from within the Cabinet. Heidi Alexander, the Transport Secretary, said: 'I am pleased to have received the initial Heathrow expansion proposals – a significant step towards unlocking growth, creating jobs, and delivering this vital national infrastructure to drive forward our Plan for Change. 'We'll review proposals over the summer and move quickly to progress this transformational project.' Ed Miliband, the Energy Secretary, previously opposed Heathrow expansion but more recently insisted it would be 'ridiculous' to resign over the issue. He said the Government's position was that airport expansion could go ahead so long as it was compatible with the UK's legal-binding carbon budgets. It is understood that this position remains unchanged. The latest budget, published by the independent Climate Change Committee earlier this year, did not explicitly rule out airport expansion. However, it did say that the aviation industry's emissions – which primarily come from aircraft exhausts – needed to fall by 17pc between 2023 and 2040. It means Heathrow must set out ways to reduce the emissions of aircraft that use the hub in order to argue that a third runway is compatible with net zero. In its report, the Climate Change Committee said the aviation sector could lower emissions through greater investment in green technologies such as sustainable aviation fuels, hydrogen fuel cells or electric aircraft, or by reducing demand for flying. Another potentially contentious element of the plans is its impact on the M25, the country's busiest motorway. Heathrow's plans call for the M25 to be diverted into a tunnel at a cost of £1.5bn so that a full-length runway can be built above it. Airport bosses insisted this would not cause disruption to motorists. A new section of road 130 meters west of the existing M25 would be built in its entirety. Vehicles would then be diverted onto the new section at an agreed time so that the current M25 could be closed and the runway extended towards the east. Thomas Woldbye's Heathrow's chief executive, said: 'It has never been more important or urgent to expand Heathrow. We are effectively operating at capacity to the detriment of trade and connectivity. 'With a green light from [the] Government and the correct policy support underpinned by a fit for purpose regulatory model, we are ready to mobilise and start investing this year in our supply chain across the country.' Eighty-four million passengers flew from Heathrow in 2024, averaging 230,000 per day. This put it ahead of rivals including Amsterdam Schiphol, Frankfurt and Paris Charles de Gaulle. However, these airports, which have up to six runways, continue to threaten Heathrow's status as Europe's main airport hub. Supporters of a third runway say expansion is needed to support Britain's global trade ambitions. The plan submitted to the Government on Thursday is not the only proposal for how to build a third runway. Hotel tycoon Surinder Arora, who is one of the biggest landowners at Heathrow, earlier this week unveiled an alternative proposal that he claimed would be cheaper and avoid the need to rebuild the M25. Heathrow argues that the motorway would need to be redeveloped regardless to handle the extra traffic expected from expansion of the airport. It currently has no rail connections to the west, with the Elizabeth Line and Heathrow Express services terminating there, and will not be served by HS2.
Reuters
5 hours ago
- Reuters
India's top court to revisit order scrapping JSW Steel's $2.3 billion Bhushan Power deal
July 31 (Reuters) - India's top court said on Thursday it would reconsider its order that quashed Indian steelmaker JSW Steel's ( opens new tab $2.3 billion takeover of Bhushan Power and Steel, saying the order did not correctly consider past precedents. In May, the Supreme Court rejected JSW Steel's deal for Bhushan Power and Steel six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016. JSW Steel subsequently asked the top court to review its ruling. On Thursday, judges heard the review plea and said the verdict quashing the deal did not correctly consider the legal position established by past precedents. "We therefore find this a fit case wherein the judgment under review needs to be recalled and the matter needs to be considered afresh," the top court added. In May, while quashing the deal, the Supreme Court had said there was an "entire spectrum of lacunas and flaws" in the takeover process and decided to scrap one of the most successful insolvency deals in India's history. The top court ordered the liquidation of Bhushan Power and asked banks to return funds which they had recovered during JSW's takeover. However, weeks later it paused the liquidation proceedings, allowing time for JSW Steel to seek a review of the verdict. The Supreme Court will hear the case next on August 7.
