Latest news with #TataProjects
India.com
21-05-2025
- Business
- India.com
After burning cash on big projects, this Ratan Tata company is facing penalties like Rs 10 Lakh per day for…, now planning to go…
Tata Projects had recorded profits in 2020-21 but now incurring losses due to project delays and over-costing. To tackle this problem the company is now shifting focus to projects which can be completed in a shorter time span. It will help them to earn profit and revenue growth by FY26. Tata Projects used to handle high-profile projects like India's new Parliament building, the Mumbai trans harbour link, and the upcoming Noida airport. But due to project delays and high cost the management has decided to focus on shorter-duration projects which can give profitability. In 2024-25, Tata Projects incurred a consolidated net loss of Rs 696.57 crore that's it's consolidated net profit of Rs 81.97 crore in FY24, It's revenue also declined 1.63% to Rs 17,470.59 crore. In FY26 the company is planning to earn double-digit revenue growth. 'The game for Tata Projects would now be short-duration and fast- track projects that could be executed in a 12-24 month period,' said Vinayak Pai, managing director and chief executive of Tata Projects, in an exclusive interview to Mint. Tata Projects Challenges Tata Projects has promised a June 30 deadline for Noida International Airport. The construction firm is trying to bring in additional resources from other sites, according to a report of the Times of India. The company is also facing penalties for the delaying construction of the airport. Since January 1, the Uttar Pradesh government has been imposing a daily fine of Rs 10 lakh on Yamuna International Airport Private Ltd (YIAPL). YIAPL has penalized Tata Projects for construction delays. 'We are augmenting our team with workers from nearby projects. Every possible measure is being taken to complete the airport by June 30,' a Tata official said, according to a media report.
Time of India
14-05-2025
- Business
- Time of India
Tata Power to bid for UP discoms in core biz push
Mumbai: Tata Power plans to bid for two electricity distribution companies in Uttar Pradesh — Dakshinanchal Vidyut Vitran Nigam and Purvanchal Vidyut Vitran Nigam — once tender documents are released, said MD Praveer Sinha. This move supports Tata Power's goal to grow its transmission and distribution (T&D) business, which brings in most of its revenue and a large share of its profits. 'Based on our discussions, bid documents are being finalised and are expected by the end of the month. They (UP) are looking to privatise two discoms — Dakshinanchal and Purvanchal — which will be divided into six circles. We will participate actively when the documents are available,' Sinha said. Currently, Tata Power manages electricity distribution in Mumbai, Delhi, Ajmer, and Odisha, serving 12.5 million customers. It aims to have a base of 40 million in fiveyears. UP's goal is to cut losses and improve efficiency in the two discoms. Most likely, govt will choose a public-private partnership, with private companies holding majority stake. Dakshinanchal and Purvanchal serve 42 of UP's 75 districts. Tata Power improved the financial health of the discoms after it checked into them, which also positions it to capitalise on opportunities arising in the power distribution space. 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 For instance, the profit of the Odisha discom, in which it holds 51% and the Odisha govt owns 49%, increased by 86%, reaching Rs 439 crore in FY25 from Rs 236 crore in FY22. Odisha discom came under Tata Power's management between June 2020 and April 2021. Tata Power, which plans to enter the small modular nuclear reactor business, is waiting for legal clarity before moving ahead. 'We are awaiting amendments to the Nuclear Power Act — specifically civil liability and private sector participation. We expect the amendments to be discussed during the monsoon session. We are preparing with site evaluations, water arrangements, and technology reviews, but our next steps depend on legal clarity,' Sinha said. Tata Steel & Tata Motors, are potential customers for the nuclear power that Tata Power intends to offer as part of its clean energy solution. It plans to spend Rs 25,000 crore on capital expenditure in FY26. Sinha said 50% of this amount will be allocated to renewables, 20% to generation, and 30% to T&D. In FY25, it spent Rs 16,000 crore on capex, falling short of the Rs 20,000-crore target. The reduced spend was attributed to delays in transmission and renewable projects, according to the leadership. Tata Power plans to exit Tata Projects, the contractor that built Parliament building after independence, as it wants to focus on its main businesses. It did not participate in the recent rights issue of Tata Projects, causing its ownership share to decline to 23% from 31%. The other shareholders of Tata Projects are Tata Sons (owns more than 50%) and Tata Chemicals. 'Tata Power is focused on growth in core businesses: renewables, hydro, transmission, and distribution. We need capital for this, so we have chosen not to allocate funds to non-core ventures,' said Sinha , adding that 'We have been divesting non-core and overseas assets and will continue to do so.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
14-05-2025
- Business
- Time of India
CMRL phase 2: 11th tunnel breakthrough after delays, tough terrain at Perambur
1 2 Chennai: The metro rail phase 2 project on Tuesday achieved its 11th tunnel breakthrough as tunnel boring machine Kalvarayan (S 1331) emerged at Perambur south shaft after completing an 867m up-line drive from Ayanavaram. While the event marked technical progress, it also drew attention to the challenges and delays affecting the 9km underground stretch between Madhavaram and to Tata Projects Limited, this stretch involves building twin tunnels using seven tunnel boring machines (TBMs). Kalvarayan's drive was delayed for months due to pending construction at the Perambur underground metro station. Both Kalvarayan and another TBM had to remain idle during this station construction encountered issues after initial tenders were scrapped when contractors quoted excessively high rates. The retendering process pushed the project deadline from Dec 2027 to July after work resumed, engineers faced a major obstacle water seepage from below the existing diaphragm wall at the station. To tackle the leakage, Tata Projects had to construct two to three additional diaphragm Ayanavaram-Perambur tunnel then presented other technical difficulties. Kalvarayan had to tunnel under active railway tracks and platforms at Perambur railway station and pass through densely populated residential zones. Along the way, engineers had to protect more than 32 borewells. CMRL ( Chennai Metro Rail Limited) arranged alternate water sources in advance to avoid public the tunnel drive, advanced instrumentation was used to monitor ground settlement, ensuring safety and structural stability. All operations were carried out within prescribed limits, avoiding disruption to surface infrastructure and rail operations, said an official these setbacks, CMRL maintains that overall progress remains on track. Officials said that non-civil components such as utility relocation and interior work can be completed quickly, and they aim to meet the final operational target of July 2028.
News18
02-05-2025
- Business
- News18
Noida International Airport Faces Delays, Now Aims For June 2025 Completion
Last Updated: Noida International Airport CEO said that the domestic terminal is nearly ready, while the international terminal is around 75% complete. The much-anticipated Noida International Airport, initially slated for completion by September 29 last year, remains an unfinished ambition. Officials now pin their hopes on a new deadline: June 30, 2025. Yet, with construction visibly lagging, skepticism is mounting both within government corridors and among stakeholders on the ground. Acknowledging the mounting concerns, Uttar Pradesh Chief Secretary Manoj Kumar Singh convened a high-level meeting this week, directing all parties to accelerate efforts. Tata Projects Limited, the firm responsible for construction, assured the government that the revised deadline would be met. To bolster confidence, the company presented a 'catch-up plan", vowing to compensate for the months-long delay by intensifying labour and operations. According to Tata Projects, an additional 2,000 workers are being mobilised from other construction sites to expedite progress at the airport. Currently, around 6,500 workers are deployed, though the figure temporarily dipped during the harvesting season as many labourers returned to their villages. Despite manpower challenges, the company maintains that 90% of the physical construction is already complete. Major structural components including the runway, airside infrastructure, and 10 aerobridges are largely finished. Installation of the baggage handling system, lifts, and signage has also been completed. Final touches, such as imported textile panels for the international terminal, are being prepared in Mumbai. However, significant hurdles remain. The water treatment plant (WTP) and sewage treatment plant (STP) – both critical to operational readiness – are far from completion, standing at just 40% and 43%, respectively. The situation worsened after two contractors abandoned the project midway, leaving Tata Projects scrambling to find replacements and avoid further delays. Arun Veer Singh, CEO of Noida International Airport Limited (NIAL), expressed optimism about the pace of terminal construction. He confirmed that the domestic terminal is nearly ready, while the international terminal is around 75% complete, with roofing work currently underway on the upper floor. A crucial milestone looms on May 10, when a joint team from the Directorate General of Civil Aviation (DGCA) and the Bureau of Civil Aviation Security (BCAS) is scheduled to inspect the site. The inspection will evaluate the airport's readiness for aerodrome licensing following the 70-day Aeronautical Information Publication process. BCAS has indicated it will issue the necessary security clearance within 45 days of receiving all required documentation. The DGCA is currently weighing three phased operational scenarios: beginning with cargo operations on May 15, permitting limited passenger flights, or launching full Phase-1 services. Meanwhile, financial penalties have started to stack up. From January 1, 2025, the Uttar Pradesh government has been imposing a daily fine of Rs 10 lakh on Yamuna International Airport Private Limited (YIAPL), the airport's concessionaire, deducting it from their performance guarantee. In turn, YIAPL has reportedly passed on penalty charges to Tata Projects, reflecting the mounting pressure across all tiers of the project. First Published:
Time of India
02-05-2025
- Business
- Time of India
Facing penalties, Tata Projects promises to make Noida International Airport ready in two months with 2,000 extra workers
Facing penalties, Tata Projects has promised June 30 deadline for Noida International Airport . The construction firm is ramping up its efforts by bringing in additional manpower and resources from other sites, according to a report of the Times of India. #Pahalgam Terrorist Attack India's Rafale-M deal may turn up the heat on Pakistan China's support for Pakistan may be all talk, no action India brings grounded choppers back in action amid LoC tensions Notably, the company is facing penalties for the delay in construction of the airport. Since January 1, the Uttar Pradesh government has been imposing a daily fine of Rs 10 lakh on Yamuna International Airport Private Ltd (YIAPL), the concessionaire, which is being deducted from their performance security. YIAPL, in turn, has penalized Tata Projects for construction delays. Originally slated for completion by September 29, 2024, the airport's timeline has been revised several times. The latest plan targeted domestic flight operations by May 15 and international services by June 25 — a full year behind the initial schedule. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo Tata's catch-up plan During a high-level review chaired by Uttar Pradesh chief secretary Manoj Kumar Singh on Wednesday, Tata Projects presented a catch-up plan to recover from recent delays that led to multiple missed deadlines. Officials said the company plans to deploy an additional 2,000 workers from other ongoing projects to support the existing 6,500-strong workforce, which had temporarily declined during the harvest season. Live Events 'We are augmenting our team with workers from nearby projects. Every possible measure is being taken to complete the airport by June 30,' a Tata official said. Arun Vir Singh, CEO of Noida International Airport Ltd (NIAL) — the state government's special purpose vehicle overseeing the project — reported that the terminal building's construction is progressing steadily. The domestic passenger section is nearly complete, while work on the international section's upper-level roof is underway. 'Tata has committed to completing the remaining terminal work within the next two months,' Singh added. The project is approximately 90% physically complete. The runway and airside infrastructure are nearly finished, while the passenger terminal building is at about 85%. Ten aerobridges, along with baggage systems, elevators, and signage, have already been installed. The domestic terminal is nearly ready; the international section stands at roughly 75%, pending final installations like imported textile panels currently being fabricated in Mumbai. However, challenges remain. The water and sewage treatment plants are only 40-43% complete after two contractors withdrew. Officials are now considering alternative options to avoid operational setbacks. A key milestone is scheduled for May 10, when a joint team from the Airports Authority of India (AAI), Directorate General of Civil Aviation ( DGCA ), and Bureau of Civil Aviation Security (BCAS) will assess the airport's readiness for aerodrome licensing. This inspection aligns with the end of a 70-day aeronautical information publication (AIP) period that began in mid-March. BCAS has indicated it will require 45 days from the receipt of all necessary documentation to issue a security clearance. In the event of a partial terminal opening, a structural stability certificate will also be required. According to officials, the DGCA has outlined three possible operational scenarios: launching cargo services by May 15, allowing partial passenger operations, or achieving full Phase 1 readiness. 'If the inspection team gives a green signal, it will be a major step toward launching airport operations,' Singh said. 'The government — likely the chief minister and prime minister — will decide the date for commercial flights. But we're aiming to have the airport itself ready, potentially even before June 30.' 'Construction teams are working around the clock. We hope to meet the June 30 deadline — the third one set so far,' an NIAL official told the Times of India.
