By: Express Web Desk | New Delhi | Updated: February 18 2018 10:11:11 pm PM Modi at the Magnetic Maharashtra Investors Summit in Mumbai. (Source: Twitter/DevendraFadnavis) Prime Minister Narendra Modi on Sunday inaugurated the global investors summit in Maharashtra and praised the Fadnavis government for aiming to achieve a one trillion dollar economy by 2025. In his first order of business the PM laid the foundation of Navi Mumbai International Airport which is being developed to share the burden of the Chhatrapati Shivaji International Airport in the state. Addressing the Magnetic Maharashtra event Modi said that with the constant efforts of his government to change the pre-existing conditions India is now aiming to be part of the five trillion dollar club. This has happened by creating an atmosphere of governance people-friendly policies and reducing the government s interference Modi added. During the inaugural address Reliance Chairman Mukesh Ambani pledged an investment of Rs 60 000 crore in the state to develop Integrated Industrial Area in Maharashtra with a coalition of global companies to make the state the Cradle of fourth industrial revolution. PM will next inaugurate the Wadhwani Institute for Artifical Intelligence at the University of Mumbai. PM Modi in Maharashtra Highlights: 10:11PM 18 Feb 18 Thak you for joining us Thank You for joining us at the Indian Express LIVE Blog. For More details and information visit indianexpress.com 8:36PM 18 Feb 18 That s a wrap PM Modi concludes his speech at Wadhwani Institute of Artificial Intelligence and that s an end for day s schedule for the PM in Maharashtra. 8:31PM 18 Feb 18 Make AI in India We need to Make Artificial Intelligence in India and Make Artificial Intelligence work for India! I would urge all of you to identify the grand challenges that Artificial Intelligence can solve for India: PM Modi 8:31PM 18 Feb 18 AI replacing human worforce Can we make the future less about machines displacing humans to a future about humans becoming better humans by converting their weaknesses into their strengths for the greater good of mankind: Modi 8:30PM 18 Feb 18 India in AI race Can we take the global lead on creating Artificial Intelligence that is less about making humans redundant and more about enhancing human abilities and expanding human capacities: Modi 8:29PM 18 Feb 18 Sabka Saath Sabka Vikas with AI The march of Technology cannot be at the expense of further increasing the difference between societies over access to technology. The evolution of Technology has to be rooted in the ethic of Sabka Saath Sabka Vika: Modi 8:28PM 18 Feb 18 Road ahead for AI in India The road ahead for Artificial Intelligence depends on and will be driven by Human Intentions. It is our intention that will determine the outcomes of artificial intelligence: PM Modi 8:28PM 18 Feb 18 AI to increase productivity With the arrival of Artificial Intelligence Bots and Robots there is no doubt that our productivity will further go up. But there are also rising fears of human redundancy because there is a competition between the mind and the machine: PM 8:28PM 18 Feb 18 New spheres to explore Technology opens entirely new spheres and sectors for growth It also opens up an entirely new paradigm of opportunities. With each wave of new technology many new opportunities arise: PM 8:27PM 18 Feb 18 Technology advantages India is the fastest growing econoin of the world and we use technology in every field witnessing a wave of entrepreneurship. 8:22PM 18 Feb 18 PM Modi dedicates AI Centre to nation PM Modi dedicates the Wadhwani Institute of Artificial Intelligence to the nation. Modi congratulates Wadhwani brothers the government of Maharashtra and Mumbai University on building the institute. 8:20PM 18 Feb 18 AI to disrupt every sector CM Fadnavis says that Artificial Intelligence will disrupt ever7y sector and we need to create Human Resource and AI can be a great change when deployed in remote rural areas. 8:13PM 18 Feb 18 PM Modi to dedicate Wadhwani Institute of Artificial Intelligence PM Modi reaches Wadhwani Institute of Artificial Intelligence set to dedicate the establishment to the nation. 7:29PM 18 Feb 18 PM Modi heads to University of Mumbai PM Modi after inaugurating Magnetic Maharashtra global investors summit is now headed to the University of Mumbai where he will inaugurate Wadhwani Institute for Artifical Intelligence. 7:26PM 18 Feb 18 Ease of Living Government working for ease of living the more it increases the more empowerment will happen and in turn our social and economic development will happen: Modi at Magnetic Maharashtra 7:22PM 18 Feb 18 Modi inaugural address at Magnetic Maharashtra We believe potential policy planning and performance leads to progress: Modi at Magnetic Maharashtra 7:20PM 18 Feb 18 Budget is based on outcome not outlay Budget is not limited to outlay output focus of our budget is the outcome and by 2022 we want housing for all and power for all by 2019. In this year s budget we have speeded up the process of fuel for all and health for all: Modi at Magnetic Maharashtra 7:18PM 18 Feb 18 Budget changes benefits all Modi says the government has reduced the norms and changed the Budget by removing the wall of the planned and non-planned structure the budget amount now reaches to departments before time and more work is being done. 7:15PM 18 Feb 18 Creating business friendly environment The government is accountable democracy is participative and we are creating a transparent ecosystem for development which is the least dependent on the government by reducing norms rules and laws: Modi at Magnetic Maharashtra 7:13PM 18 Feb 18 Fragile five to trillion dollar club With the constant efforts to change the conditions India is now aiming to be part of the five trillion dollar club. This has happened by creating an atmosphere of governance people-friendly policies and reducing the government s interference. 7:12PM 18 Feb 18 Trillion dollar economy Modi praises state government on aiming to achieve a trillion dollar economy. Modi said the development of Maharashtra is an example of change thinking and changed conditions in the country. 7:09PM 18 Feb 18 Modi at Magnetic Maharashtra Recognising the state government s contribution Modi says 51 per cent of total investments in India have come to Maharashtra and the state is attracting global investors. 7:07PM 18 Feb 18 PM praises Fadnavis government Praising Maharashtra government Modi says the constant efforts of Maha government has helped in changing the Ease of Doing Business rankings. Fadnavis government has brought in a major change coupled with policy reforms adds Modi at Magnetic Maharashtra. 7:05PM 18 Feb 18 PM Modi begins speech at Magnetic Maharashtra PM Modi delivering the inaugural address at Magnetic Maharashtra says the more one is close to centre the more you feel the centre of the magnetic line and the magnetic lines of magnetic Maharashtra are close. Modi says the event is an example of competitive cooperative federalism. 6:39PM 18 Feb 18 Vision for Maharashtra Anand Mahindra urges PM Modi to tell his vision for Maharashtra and Mumbai says investors are with him. 6:33PM 18 Feb 18 Future of Maharashtra vibrant Industrial growth in Maharashtra has exceeded the ability of the state to provide required infrastructure but under PM Modi it has changed says Ratan Tata. 6:20PM 18 Feb 18 Virgin Hyperloop investment Virgin hyperloop to link central Pune to Mumbai reducing the time to 26 minutes. Virgin Hyperloop chairman Steve Bresnon says the Hyperloop will carry 150 million passengers every year making India leader in transportation. 6:17PM 18 Feb 18 Reliance to invest Rs 60 000 crore in Maharashtra Reliance to establish Integrated Industrial Area in Maharashtra with a coalition of global companies with an estimate of Rs 60000 crore. 6:16PM 18 Feb 18 Cradle of fourth industrial revolution Mukesh Ambani says the new inventions will change the world and make Maharashtra cradle of the revolution. India has the opportunity to be a leader in the global market hints at the development of artificial intelligence. I 6:11PM 18 Feb 18 Mukesh Ambani speaking at Magnetic Maharashtra Credits PM Modi with visionary leadership Ambani says Modi changed the mindset of all Indian and the New India vision is inspiring the country to achieve more. 6:05PM 18 Feb 18 GoM and GoI together for development Maharashtra will be the trusted partner of Centre to achieve 5 trillion dollar New India economy by 2025. Maharashtra will attain the one trillion dollar economy by 2025: CM Fadnavis 6:02PM 18 Feb 18 Amitabh Bachachan lends voice Megastar Amitabh Bachchan has given his voice to the audiovisual being presented at the inaugural ceremony of Magnetic Maharashtra investors summit. 5:59PM 18 Feb 18 Developing Maharashtra According to CM Fadnavis here are the five ways to develop Maharashtra: Unlock the potential of high growth sectors Unlock the potential of underemployed agriculture labour special policy reforms for services and industries increasing the public infrastructure and create growth corridors to connect Mumbai metropolitan to unconnected areas of the state. 5:54PM 18 Feb 18 FDI growth in Maharashtra FDI worth 29 billion dollars have been attracted towards Maharashtra in 2016-17 and 50 per cent of all of FDI has come to Maharashtra. We working on making Maharashtra a Rs one trillion economy by 2025 and Indian a five trillion economy. 5:52PM 18 Feb 18 Building upon Make in India MoU worth Rs 8 lakh crore were signed in Make in India event that was organised in Mumbai in 2016. CM says under these MoUs Rs 77000 crore has gone into projects and this is with the same view to inviting the world to invest into Maharashtra. 5:51PM 18 Feb 18 CM Fadnavis opens with welcome address CM Devendra Fadnavis welcomes business leaders to the global investors summit and says this is a convergence of ideas businesses political and thought leadership. 5:48PM 18 Feb 18 PM Modi reaches Magnetic Maharashtra evet PM Modi has reached the Magnetic Maharashtra investors Summit along with CM Devendra Fadnavis. 5:43PM 18 Feb 18 PM Modi at Magnetic Maharashtra PM Modi will inaugurate the Magnetic Maharashtra Investors Summit shortly in Mumbai where he will also deliver an inaugural address. 4:51PM 18 Feb 18 Global Investors Summit Maharashtra Flagship projects of the Maharashtra government will be displayed such as the Mumbai Metro Mumbai-Nagpur Super Communication Expressway Mumbai Coastal Road Mumbai Trans-Harbour Link and the Navi Mumbai International Airport. Made for ideasMade for passionMade for technology Made for tomorrow#MadeForBusiness !Welcome to #MagneticMaharashtra Convergence 2018...!Join us at the Global Investors Summit from 18th Feb 18... pic.twitter.com/kDyGhUwB3R Devendra Fadnavis (@Dev_Fadnavis) February 17 2018 4:48PM 18 Feb 18 What is Magnetic Maharashtra? This is Maharashtra s first Global Investors Summit and is being regarded as one of the biggest such events especially on the lines of the Make In India initiative launched by the Prime Minister in 2016. ALL YOU NEED TO KNOW Loading.....LOAD MORE IE Online Media Services Pvt Ltd Tags: Narendra Modi Mayur PanghaalFeb 18 2018 at 11:00 pmPak wont dare attack india if Modi becomes PM : Amit shah before elections.(5)(0) Reply Mayur PanghaalFeb 18 2018 at 10:59 pmये सस्त नश करत है .(9)(0) Reply CChirag SankerFeb 18 2018 at 8:29 pmThe French revolution started when the Queen said to the hungry peasants that If they cannot afford bread then eat cake! . I see similar situation arising in India! The elites in India should understand the ground reality. All show and no substance is not going to help!(40)(2) ReplyVVishFeb 18 2018 at 9:35 pmWhat s ground reality which you know and economists don t know?(0)(10) Replyharun hafeezFeb 18 2018 at 9:40 pmabsolutely Modi is going about doing the very same.I hurts to see the farmer so dam helpless and his insurance hasnt been paid to add to the Natures fury.A farmer told that in 3 years none of the announcements made have been delivered.(2)(0) Reply Prasanta MishraFeb 18 2018 at 8:22 pmEk aur ribon cut 2trlion economy inhereted jiska bantadhar ho raha hai.(36)(1) ReplyVVishFeb 18 2018 at 9:33 pmWhy so caustic?(0)(10) Reply AASHOKFeb 18 2018 at 8:21 pmVikram kotari of Rotomac flees INDIA with 800 Crores.(18)(0) ReplyVVishFeb 18 2018 at 9:36 pmWhat your statement has to do with news here?(0)(1) Reply Load More Comments
PM Modi is greeted by Maharashtra Chief Minister Devendra Fadnavis and Governor Vidyasagar RaoMumbai: Prime Minister Narendra Modi who is in Maharashtra today to inaugurate the Global Investors Summit - Magnetic Maharashtra: Convergence 2018 will also attend a function in Navi Mumbai to mark the ground breaking ceremony of the Navi Mumbai International Airport.At the same event he will also dedicate to the nation the fourth container terminal at the Jawaharlal Nehru Port Trust or JNPT. This will be India s largest container terminal. The terminal will be able to dock mother vessels and handle the biggest containers ships from a quay length of one km. The prime minister will then deliver the inaugural speech at the Global Investors Summit - Magnetic Maharashtra: Convergence 2018 .Later in the evening he will also inaugurate the Wadhwani Institute for Artificial Intelligence at the University of Mumbai.Here are the highlights of the inauguration of Magnetic Maharashtra: Convergence 2018 : Feb 18 201821:23 (IST)With the arrival of Artificial Intelligence Bots and Robots there is no doubt that our productivity will further go up. But there are also rising fears of human redundancy because there is a competition between the mind and the machine: PM @narendramodi- PMO India (@PMOIndia) February 18 2018Feb 18 201821:23 (IST) PM Modi also spoke at the inauguration of the Wadhwani Institute of Artificial Intelligence. Speaking at the ceremony the Prime Minister said that the institute is a prime example of how the public and private sectors can combine with good intention to build a world-class institute aimed at benefiting the poor.Feb 18 201821:00 (IST) PM Modi has gone to the Lilavati hospital to visit Goa Chief Minister Manohar Parrikar who is being treated for mild pancreatitis.Feb 18 201820:59 (IST) I am sure that Maharashtra will become the first trillion dollar economy in the country. Maharashtra s development is representative of changes in the country he said.Feb 18 201820:57 (IST) We are moving in a direction where the state is policy driven governance is performance driven government is accountable and democracy is participative PM said. We are working in times of disruptions and discontent he added.Feb 18 201820:57 (IST) Our budget is not limited to outlay its focus is on outcome. Our reforms in budget making and presentation have created a new work culture and are transforming the socio-economic landscape he said.Feb 18 201820:56 (IST) Speaking at the Global Investors Summit PM Modi said that the BJP-led government s budget reforms have created a new work culture and are transforming the socio-economic landscape of the country.Feb 18 201820:56 (IST) Speaking at the Global Investors Summit PM Modi said that the BJP-led government s budget reforms have created a new work culture and are transforming the socio-economic landscape of the country.Feb 18 201819:11 (IST) At the foundation stone laying ceremony of the Navi Mumbai International Airport PM Modi had said that while there are a total of around 450 aircraft operating in the country right now Indian airliners have posted orders for over 900 aircraft. He said that this showed that the aviation sector is poised for huge growth in the coming years Feb 18 201818:22 (IST) PM Modi at the Global Investors Summit - Magnetic Maharashtra: Convergence 2018.Feb 18 201816:54 (IST) PM Modi also dedicated the 4th container terminal at Jawaharlal Nehru Port Trust to the nation.This is the country s largest container terminal.Feb 18 201816:53 (IST) In the last year the ordering of new aircrafts in India has risen. This is wonderful because a strong aviation sector also gives more economic opportunities. Better connectivity leads to more tourists coming to India the Prime Minister said. For our Government as important as new projects are completing the projects within the desired time frame. Delayed projects cause several problems he added.Feb 18 201816:53 (IST) In the last year the ordering of new aircrafts in India has risen. This is wonderful because a strong aviation sector also gives more economic opportunities. Better connectivity leads to more tourists coming to India the Prime Minister said. For our Government as important as new projects are completing the projects within the desired time frame. Delayed projects cause several problems he added.Feb 18 201816:37 (IST) Our government had the honour of bringing an aviation policy that is transforming the sector PM Modi said.Feb 18 201816:35 (IST) India s aviation sector is growing tremendously. There is a sharp increase in the number of people flying. This makes quality infrastructure in the aviation sector of prime importance the Prime Minister said.Feb 18 201816:34 (IST)Issue of Navi Mumbai airport has been pending for years. And this is not the only project that is pending. When I assumed office I realised there were several such projects. That is why we began a Pragati initiative and gave priority to completion of projects: PM @narendramodi- PMO India (@PMOIndia) February 18 2018Feb 18 201816:33 (IST)The Government of India is devoting significant efforts towards the development of waterways: PM @narendramodihttps://t.co/vlmzQLAYiQ- PMO India (@PMOIndia) February 18 2018Feb 18 201816:32 (IST)The Sagarmala project is ushering not only development of ports but also port-led development: PM @narendramodihttps://t.co/vlmzQLAYiQ- PMO India (@PMOIndia) February 18 2018Feb 18 201816:32 (IST) Globalisation is a reality of our times and to keep pace with globalisation we need top quality infrastructure the PM said.Feb 18 201816:31 (IST) Speaking at the ground breaking ceremony of the Navi Mumbai International Airport PM Modi said that he had the opportunity to come to Maharashtra a day before the birth anniversary of the great Shivaji Maharaj .Feb 18 201816:10 (IST) PM Modi laid the foundation stone at the Navi Mumbai International AirportFeb 18 201815:22 (IST) PM Modi is greeted by Maharashtra Chief Minister Devendra Fadnavis in MumbaiNo more content CommentsClose X
Written by Shubhangi Khapre Sandeep Ashar | Mumbai | Published: February 19 2018 5:25 am Mumbai: Prime minister Narendra Modi addresses during the opening ceremony of the Magnetic Maharashtra Convergence 2018 in Mumbai on Sunday. PTI Photo by Shashank Parade Top News Imran Khan ties the knot for a third time marries spiritual guide Bushra ManekaPNB Fraud: Auditor Deloitte rang alarm bells on Nirav Modi two years agoNagpur reporter s mother and daughter found murdered body stuffed in sacksThe government is working to take Indian economy past the 5-trillion mark in the next few years Prime Minister Narendra Modi said on Sunday. Addressing global and domestic investors at Magnetic Maharashtra an investors meet organised by the state government Modi said that when India entered the one-trillion-dollar club it hit headlines. But owing to scams in the next few years what took centre stage was the country being classified as among the Fragile Five economies. Today once again we hear about India s efforts to achieve five-trillion-dollar growth by 2025. Now this confidence has come from development policies which are growth-oriented and investor-friendly. It also reflects the visionary leadership and efforts of the government and its positive impact on the people he said. At 2.5 trillion India is now the sixth largest economy in the world behind the US China Japan Germany and the UK. He said The New India is to accommodate the aspirations of the people and usher in a transparent and accountable ecosystem. He added that in a span of three-and-a-half years we have brought a new work culture . Lauding Chief Minister Devendra Fadnavis he said Maharashtra s leadership in industries and infrastructure will make it the first trillion-dollar-economy state of the country. Among the projects that drew his attention were the Samruddhi Corridor the proposed Navi Mumbai International Airport and the Mumbai Trans Harbour Link. The Delhi-Mumbai Industrial Corridor he said has been enlisted among the ten best projects globally. The budgets are no longer confined to outlays and output but transcend to outcomes. The government has provided additional Rs 1 lakh crore for rural growth and economy. We have initiated major reforms in the agriculture and rural sectors in the last two successive years. In the present budget our focus was health and clean energy he said. Referring to the policy reforms Modi said: We have abolished 1 400 laws which were obsolete. And instead we are moving towards simplifying the procedures and rules which are people-centric. On the first day of the conclave Dubai-based Bin Zayed Group committed to a direct infrastructure investment of US 7 billion in Fadnavis s pet project the Mumbai Nagpur Samruddhi Corridor. The 711-km corridor is aimed at cutting travel time between Mumbai and Nagpur to just six hours. Several industrial development nodes have been proposed along the corridor especially in lesser developed pockets in Vidarbha and Marathwada. The ambitious project of setting up a pod-based high speed mass transit network between Mumbai and Pune was also flagged off with the government signing an intent agreement with British billionaire Richard Branson-led Virgin Group for building a hyperloop network between the two cities. Branson who was at the event said I m incredibly excited about the potential to transform not just transportation but wider society. For all the latest India News download Indian Express App More Top News India vs South Africa: First hammer then cutlass from the visitors in Johannesburg The irony: In three years PNB won three awards for vigilance No Comments.
Prime Minister Narendra Modi on Sunday dedicated the first phase of the Rs 7 900-crore 4th terminal project of the Jawaharlal Nehru Port Trust (JNPT) to the nation which will raise the cargo handling capacity of the nation s largest container port by 50 percent. The 4th container terminal at @JNPort is a vital step towards port-led development. pic.twitter.com/SyEOtmj9sw Narendra Modi (@narendramodi) February 18 2018 The fourth terminal project seeks to double JNPT s capacity to nearly 10 million standard container units and will make it the 33rd biggest port globally. In contrast the global export powerhouse China already has 15 ports with over 20 million TEUs capacity. The nation s largest port JNPT has a capacity of 4.8 million standard container units capacity now and with this inauguration 2.4 million standard container units are added. On completion of the second phase by 2022 which will also have a capacity of 2.4 million standard container units total capacity will go up to almost 10 million. Inaugurating the first phase of the fourth terminal of the JNPT to be operated by the Singapore Ports through a remote control Modi who also laid the foundation stone for the first phase of the Rs 16 700-core Navi Mumbai international airport said his government is focusing on port-led development. If we have to carve out a place for ourselves in a globalised world we need to enhance our waterways Modi said. File image of Prime Minister Narendra Modi. Reuters The Port of Singapore Authority (PSA) has invested Rs 4 719 crore in the first phase of terminal at Uran through its subsidiary Bharat Mumbai Container Terminal (BMCT). The work on the terminal began in 2015. The overall capacity of the first phase which entails a 1-km-long berth mostly built on reclaimed land can handle three ships simultaneously is 2.4 million standard container units. PSA Group chief executive Tan Chong Meng said the port is targeting to handle 5 00 000 TEUs in 2018 and then add further. He said the JNPT which awarded the fourth terminal to the PSA in May 2014 after long delays has struggled with capacity till now due to which ports like Mundra in the private sector have been able to attract more traffic. Because of this capacity constraint cargo movements have been sought to move to other places. Perhaps not their first choice to do so. They would prefer to go through Mumbai as this city has a very big hinterland Meng said. Now that the capacity has been added the government will also be able to seek investments for the economy he added and underlined the need to have the pricing power for operators. The first phase took a lot of energy we learnt a lot he said without elaborating. The project has been executed with the support of Singaporean banks Meng said adding that features like a longer berth and modern cranes which can handle larger ships distinguish it from other terminals of JNPT located off the financial capital s eastern coastline. Expressing reservations about the BMCT being seen as a new kid on the block despite adding 50 percent to the capacity he said there is a need for all the stakeholders to work together. BMCT is not built for its own sake it is built for the sake of the whole port of Mumbai. If BMCT has a good reputation the whole port of Mumbai will have a good reputation he said.
GVK Power and Infrastructure which is building Mumbai s second airport to ease congestion at India s commercial nerve-center will raise up to 1b by issuing dollar bonds to fund the greenfield project and refinance existing debt three people with knowledge of the plan told ET. GVK is in talks with at least half a dozen investment bankers to raise between 500 million and 1 billion sources said. The company is looking at bonds to lighten the upfront repayment load. If it raises bank loans every year it has to repay principal and interest together. But bonds only require the borrower to pay interest every year deferring the immediate liability said one of the persons cited above. The proposed overseas securities would be of 144A nature where institutional buyers across Asia Europe and the US can invest. A GVK spokesperson declined to comment. The formal launch may be announced in a month through overseas road shows. The bonds may have five-ten year maturities. Going by the latest market trend the bonds may offer coupons in the range of 5-10% as the company is rated below investment grade. Domestic credit rating company CARE had graded GVK Power as D or default category in October 2016. The company has to seek a fresh re-rating for its proposed offshore bond-sale which could be marked as high-yield by any global rating company. GVK is seen improving its financials in the past few months. Airports form more than three-fourths of GVK s asset base. It runs Mumbai airport and held ownership in Bangalore Airport too. The company is saddled with debt said Sanjiv Bhasin Executive VP-Markets and Corporate Affairs IIFL. It is natural for GVK to raise money either to refinance or fund new projects. But it is to be seen how it creates value for investors through asset creation. There would be relative value on how GVK Power sells its land parcels he said. In October last year the Maharashtra government approved GVK s bid for the Rs 16 000-crore Navi Mumbai airport project. A special purpose vehicle (subsidiary) Navi Mumbai International Airport Pvt Ltd is building the airport. GVK holds about three-fourths ownership in the company while City and Industrial Development Corporation (CIDCO) the nodal authority of the government of Maharashtra owns the rest. GVK s total debt was about Rs 15 811 crore as on March 31 2017 which was 5% less a year earlier show data from Bloomberg. Total debt was Rs 22 464 crore three years ago. During the July-September quarter GVK reported a net loss of Rs 77 crore. In the past three months GVK Power shares have climbed 25% coedmpared with the 5.2% rise in BSE Sensex.
.story-content span .story-content p .story-content div color:#000!important;font-family: open sans Arial!important;font-size:15px!important ALSO READ GVK Cidco set 2021-end as deadline for Navi Mumbai airport s first flight Maharashtra govt okays MIAL bid to build Rs 16 000 cr Navi Mumbai airport Five engineers hurt in freak mishap at Navi Mumbai airport site GVK Power at 52-week high on pact with CIDCO to develop Navi Mumbai Airport span.p-content div id = div-gpt line-height:0;font-size:0 Prime Minister Narendra Modi will lay the foundation of the Rs 160-billion Navi Mumbai airport project on Sunday. First conceived nearly two decades ago the airport project has missed several deadlines and has been mired in issues related to land acquisition and environment. With the existing Mumbai airport reaching saturation the need for a second airport has become urgent. The prime ministerial push is expected to expedite the work. Last month the GVK group and the City and Industrial Development Corporation of Maharashtra (Cidco) signed the concession agreement for the airport. The GVK group won the bid to construct the airport last February but the award letter was issued only in October. The group runs the existing Mumbai airport. Here are all the top details of the airport project: 1) Master plan to be ready by April: According to the concession agreement the first phase of the airport will have the capacity to handle a minimum of ten million passengers and 0.26 million tonnes of cargo each year. The airport master plan is being prepared and will be submitted to the government by April -- within 90 days of the signing of the concession agreement. Consulting firm Jacobs UK is working with the GVK group on the master plan. An architect will soon be selected through a competition to design the terminal building. However the first phase could be built to handle more than ten million passengers per year and the same is being evaluated by GVK group. The evaluation will take into account factors such as traffic forecast capacity at the existing airport in Mumbai connectivity and project financing among other things. 2) Twenty per cent pre-development work complete: The core airport land covers 1 160 hectares and much of it comprises hillock marshland and river. Pre-development works which include flattening a hillock reclaiming marshland diverting a river and shifting of power transmission lines began last June. The work was held up many times by project-affected villagers but Cidco officials claim that the work has been completed on around 20 per cent of the 1 160 hectares. The hillock is being excavated and rock is being used to fill land to increase the land level to 5.5 metres above sea level. The work of shifting power transmission lines is yet to begin. The work requires clearance of the high court as it involves the construction of two stilt bridges over mangroves and creek. Over 400 of the 3 000 project-affected families have shifted their homes and Cidco is offering an extra incentive of Rs 100-500 per square foot to villagers to encourage them to vacate their homes by May. Those who vacate in March will get Rs 500 per sq foot incentive and those leaving in April and May will get Rs 300 and Rs 100 per sq foot respectively. 3) When will the airport be ready -- December 2019 or 2022-23? The answer to that question depends on whom you ask. CIDCO maintains that the terminal building and single runway will be ready by December 2019 while earlier this month minister of state for civil aviation Jayant Sinha stated that it will take 4-5 years for the airport to become operational. According to the concession agreement the airport launch deadline has been set at 2021 end. 4) Thirty-year concession agreement: Under the concession agreement the initial concession period is for 30 years which is extendable by another ten years. The financial closure will be done six months after signing the concession agreement. The civil aviation ministry and Airport Authority of India will now sign an MOU with the developer for the provision of services such as customs immigration and air navigation. The airport is being jointly developed by GVK group-run Mumbai International Airport Limited (MIAL) and Cidco. While MIAL owns 74 per cent Cidco holds 26 per cent in the company developing the project. The airport development company will pay 12.6 per cent of its gross revenue and a concession fee ranging from Rs 50 million to Rs 12.5 billion over a period of sixty years to Cidco.
By: Express Web Desk | New Delhi | Updated: February 19 2018 7:44 am The system which will also connect Navi Mumbai International Airport will benefit 26 million people. (Source: Virgin Hyperloop One) Related News Justin Trudeau India visit LIVE UPDATES: Canadian PM to meet IIM students film personalities in Mumbai todayNarendra Modi in Karnataka LIVE UPDATES: Ahead of polls PM kicks off second round of BJP campaignWhat is Shravanabelagola? The Richard Branson-led Virgin Group on Sunday signed a framework agreement with Maharashtra to build a hyperloop transportation system between Mumbai and Pune which would reduce travel time between the two cities to just 25 minutes from the three hours at present. The system which will also connect Navi Mumbai International Airport will benefit 26 million people and ease the burden on local trains. The foundation stone for the transport system was laid by Prime Minister Narendra Modi along with Maharashtra Chief Minister Devendra Fadnavis during the Magnetic Maharashtra investor summit. We have signed an agreement with Maharashtra to build a Virgin Hyperloop between Mumbai and Pune beginning with an operational demonstration track in the region Virgin Group chairman Richard Branson said. With easier access to airport gates the loop will be able to ferry 150 million passengers every year. Branson said the Pune-Mumbai route could result in Rs 3 50 000 crores in socio-economic benefits time saving accident reduction and operational cost savings on over 30 years of operation. Hyperloop transport system will allow for passengers freight to be transported at super-fast speeds more than 1 000 km per hour. (Source: Virgin Hyperloop One) Hyperloop transport system will allow for passengers freight to be transported at super-fast speeds more than 1 000 km per hour which is faster than airlines in a levitating pod that will travel in a vacuum tube. Last year the Andhra Pradesh government signed a memorandum of understanding with Hyperloop Transportation Technologies (HTT) for developing the project. Branson said the the fifth generation transport system will create tens of thousands of jobs helping to attract new business and investment in the region. The 100 per cent electric efficient system will also ease severe expressway congestion and could reduce greenhouse gas emissions up to 86 000 tons over 30 years he said. The proposed Maharshtra project will begin after a six-month in-depth feasibility study which will analyse and define the route alignment including environmental impact economic and commercial viability the regulatory framework and cost and funding model suggestions. For all the latest Business News download Indian Express App IE Online Media Services Pvt Ltd More Related News Moving ahead while keeping allies along necessary: PM Modi Artificial intelligence will help improve productivity: PM Modi at Mumbai University Tags: Hyperloop Narendra Modi PPrachiFeb 19 2018 at 8:20 amGovernment should complete already declared projects first . Electricity should reach the peolpe in rural area so that children can study in night also and irrigation can be done Padega India toh Badega India . India is agriculture based http://www.ogoing.com/kkmytata country should promote agriculture Invest in plantation to get rain and reduce pollution. Pls 70saal SE Jo buniyaadi kaam nahi hue hai unhe pura karana chaahiye tabhi Make in India ka sapna pura hoga(2)(0) Reply DDFeb 19 2018 at 3:25 amWhen normal trains cannot run smoothly without frequent accidents then hyperloop at so huge costs? Who has experimented with it and ensured safety?(1)(1) Reply Aleko GreatFeb 19 2018 at 1:39 amMY TESTIMONY ABOUT A GREAT SPELLCASTER CALLED (DR ALEKO) Your love spell has huge powers! I cant believe what s happening to me! It s been only 3 weeks since you did that spell and Victor is already after me. Since the last week-end he phoned at least 5 times. I believe he seems to realize his mistakes. It s absolutely happening as you said!! Thank you! Your work is helping me so much Without you I would feel so lonely and miserable... Thank you sir! here is the Doctor contact incase you are passing through problem ( Alekospellcaster009 or whatsapp him 1-442-243-3652)(0)(0) Reply DDilip DamleFeb 19 2018 at 12:12 amI have read and now reread a lot of material from renown scientists and physicists and most agree that Hyperloop is not practically feasible system to transport humans safely. No trial has yet been done anywhere with humans and may not be done in near future it is still a long way may be never.(4)(2) Reply Ashish MFeb 18 2018 at 11:28 pmNot sure what the clauses are hyperloop seems to be a fancy technology in which there haven t been any successful trial runs for short distances. Hope there is no investment done by government until a working prototype is made.(6)(0) Reply Load More Comments
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