Adani to acquire MAIF’s stake in toll roads in Gujarat, AP for Rs 3,110 crore

Times of India | 5 days ago | 05-08-2022 | 02:50 am

Adani to acquire MAIF’s stake in toll roads in Gujarat, AP for Rs 3,110 crore

AHMEDABAD: Adani Road Transport Limited, a wholly-owned subsidiary of diversified conglomerate, Adani Enterprises Limited (AEL) is set to acquire Macquarie Asia Infrastructure Fund (MAIF)’s stake in toll roads portfolio in Gujarat and Andhra Pradesh. ARTL will acquire MAIF’s 56.8% stake in Gujarat toll roads portfolio and a 100% stake in Andhra Pradesh toll roads portfolio at an enterprise value of Rs 3,110 crore. The transaction is expected to close in September this year. ARTL has entered into a definitive agreement to acquire Gujarat Road and Infrastructure Company Ltd (GRICL) and Swarna Tollway Private Ltd (STPL), subject to regulatory approvals. Besides MAIF, even IL&FS holds 26.8% stake in GRICL whereas the balance is owned by the state government. ARTL is also eyeing the acquisition of IL&FS 26.8% stake in GRICL, once the MAIF transaction is complete. GRICL has two stretches of toll roads in Gujarat – the Ahmedabad to Mehsana State Highway (SH)-41 spanning 51.6km and the Vadodara to Halol SH-87, spanning 31.7 km, which also falls along the Delhi Mumbai Industrial Corridor (DMIC). On the other hand, two stretches of toll roads in Andhra Pradesh operated by STPL – a 110km stretch on NH 16 from Tada to Nellore connecting key ports of Chennai and Krishnapatnam and another 48-km stretch on NH-65 from Nandigama to Ibrahimpatnam to Vijayawada. Krishna Prakash Maheshwari, CEO, ARTL, said, “This is one of the largest portfolios of toll road assets with high quality, strong team, long and robust track record of growth and strong cash flow generation with low leverage.” ARTL has projects worth Rs 41,000 crore under management including eight Hybrid Annuity Mode projects, five Build-Operate-Transfer projects, and one Toll-Operate-Transfer road project across 10 Indian states.

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Sardar Sarovar Narmada Nigam Limited sets up probe over farmers ‘seizing’ computers
The Indian Express | 6 hours ago | 10-08-2022 | 12:50 am
The Indian Express
6 hours ago | 10-08-2022 | 12:50 am

The Sardar Sarovar Narmada Nigam Limited (SSNNL) Tuesday set up a probe into the incident of a group of farmers from Vadodara allegedly taking possession of moveable assets from the department’s office in Gandhinagar on Saturday to recover their long-pending dues as ordered by a civil court.JP Gupta, Managing Director of SSNNL, said Tuesday that the department has set up an inquiry into the matter where a group of farmers allegedly “seized computers and peripherals” from the office of the department, citing the “execution of an attachment warrant” issued by a Vadodara court over pending compensation to be handed out by the SSNNL to the farmers for land acquired in 1988 to build the Narmada canal. Gupta said, “There were multiple litigations in this particular case– which is of the several land acquisitions made by SSNNL in the 1980s. The SSNNL had even paid the compensation decided by one local court. Thereafter, the matter went to the Gujarat High Court and was referred back to the district court, which again specified the amount of compensation… The total amount that is yet to be paid is only about Rs 30 lakh as a majority of the compensation has been paid. The only reason why this sum was yet to be handed out was that the legal department was in the process of deciding on a review of the matter. There was a miscommunication otherwise SSNNL has paid nearly Rs 300 crores as land compensations for the projects so far.”Gupta added that he has sought a report from the department to ascertain if the group of farmers and their advocate indulged in vandalism in the name of the court warrant. “We had even sanctioned depositing the amount in court but there was a lag… However, even if the court has issued an attachment warrant, it cannot be executed by a group of persons and their lawyer. The court officers arrive to oversee the procedure of property attachment and we would have complied with court orders. We are yet to determine how the group of persons and their advocate gained entry and seized property… We do not know if the officers present in that office on the day have seen the court notice cited by the group. I have sought a report from the officer and we will decide our further course of action based on it,” Gupta said.A group of 25 farmers from Abhol village in Padra taluka of Vadodara district have claimed that the SSNNL owes them a total of Rs 68.92 lakh at the rate of Rs 1,625 per arey (about 100 sq metres) of land acquired in 1988. The litigants have contended that the SSNNL paid them Rs 1,400 per arey in 2005, which was Rs 225 per arey lesser than the promised compensation. The advocate of the farmers has said that the court had dismissed the SSNNL’s review petition earlier this month and once again issued attachment warrants so that farmers can seize the movable property and recover their dues by selling it.

Sardar Sarovar Narmada Nigam Limited sets up probe over farmers ‘seizing’ computers
Monsoon Session adjourned 4 days ahead of schedule
The Indian Express | 1 day ago | 09-08-2022 | 03:50 am
The Indian Express
1 day ago | 09-08-2022 | 03:50 am

The Monsoon Session of Parliament ended on Monday, with both Lok Sabha and Rajya Sabha adjourned sine die four days ahead of schedule.The session, which began on July 18 and was scheduled to go on till August 12 , saw protests by the Opposition over various issues, including price-rise, Agnipath scheme and purported misuse of central probe agencies by the Centre.During the session, the two Houses held only 16 sittings each. In terms of number of sittings, this was the second-shortest session of 17th Lok Sabha. So far, nine sessions of 17th Lok Sabha have been held and the fourth session was the shortest, with 10 sittings.Criticising the government for its decision to cut short the session, Trinamool MP Derek O’Brien tweeted, “This is the seventh consecutive time Parliament session has been cut short. Stop mocking Parliament. We will fight for its sanctity and prevent PM Narendra Modi and Amit Shah from turning this great institution into the Gujarat Gymkhana.”In his valedictory remarks, outgoing Rajya Sabha Chairman M Venkaiah Naidu said, “In all, the House had 16 sittings, during which it conducted its business for more than 35 hours. More than 47 hours were lost due to interruptions, which is a sad reflection on the functioning of the Upper House…”Lok Sabha Speaker Om Birla said six government Bills were introduced and seven Bills passed during the session.The six Bill introduced in the Lower House are The Family Courts (Amendment) Bill, 2022; Central Universities (Amendment) Bill, 2022; Energy Conservation (Amendment) Bill, 2022; New Delhi International Arbitration Centre (Amendment) Bill, 2022; Competition (Amendment) Bill, 2022; and Electricity (Amendment) Bill, 2022.The seven Bill passed in Lok Sabha are The Indian Antarctic Bill, 2022; Family Courts (Amendment) Bill, 2022; National Anti-Doping Bill, 2021; Wildlife Protection (Amendment) Bill, 2021; Central Universities (Amendment) Bill, 2022; Energy Conservation (Amendment) Bill, 2022; and New Delhi International Arbitration Centre (Amendment) Bill, 2022.In fact, the energy conservation Bill and arbitration centre Bill were passed on the last day of the session.Replying to the debate on the energy Bill, Power Minister R K Singh said India’s rate of renewable energy capacity has been the “fastest” in the world. The House later passed the Bill via voice vote.The Central Universities (Amendment) Bill, 2022, which seeks to establish Gati Shakti Vishwavidyalaya in Vadodara, Gujarat, was passed by voice vote in Rajya Sabha on the last day of the session, becoming one of five Bills to be passed by the House in the session.Introducing the Bill, Railways Minister Ashwini Vaishnaw said the university would be conducted by his department and coordinated under the Nation Education Policy of the Education Ministry.

Monsoon Session adjourned 4 days ahead of schedule