JNPT may sail into Mumbai landmark - Air India Building
Mumbai, June 27: If all goes according to plan, the country's premier container terminal, Jawaharlal Nehru Port Trust (JNPT) may buy out Mumbai's landmark, the Air India Building, the erstwhile headquarters of the country's flag-carrier, official sources indicated here on Wednesday.
The Central government has already set in motion the process for the proposed sale - as part of an innovative measure to raise funds for the beleaguered airline after recent efforts for a strategic disinvestment proposal crash-landed.
Well-placed sources from the JNPT confirmed that a high-level committee from the Civil Aviation Ministry and Shipping Ministry has been constituted to work out the nitty-gritties including the valuation of building sitting on one of the most prime pieces of real estate in the world, Nariman Point.
"So far, we have not received any official communication in this regard, but we are hopeful it will come in due course," an official, who declined to be identified, told here.
The developments follow a green signal from the PMO and an inter-ministerial panel formed to hammer out the modalities of the proposed sale, as well other aspects like the name of building, its existing tenants which are source of huge revenue for the national carrier.
Some prominent realtors in south Mumbai declined to speculate a probable value for the majestic white-hued 23-storeyed tower standing at the entrance of Nariman Point on the Arabian Sea at the southern end of Marine Drive, with the AI's massive revolving logo on its terrace visible from long distances in south Mumbai.
However, they explain that given its "ultra-prime location in the heart of the CBD", it could fetch a very handsome figure for the AI, which is buried under accumulated debts of around Rs 50,000 crore.
After the deal finalizes smoothly, besides the JNPT, only PSU Shipping Corporation of India would be having its own skyscraper at Nariman Point, the area which has the offices of several major Indian and international shipping companies and allied services, plus a couple of five-star hotels and an arts complex, prominent media houses, and the Mantralaya - the Maharashtra government headquarters.
The Air India Building, among the most sought-after commercial addresses in the city, was one of the 13 prominent targets during the March 12, 1993 serial bombings in Mumbai, considered the biggest single act of terror which left 257 dead and 713 injured in a matter of two hours.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Commercial LPG price hiked by Rs 993 per 19-kg cylinder
New Delhi (PTI): The price of commercial LPG was hiked by the steepest ever Rs 993 per 19-kg cylinder on Friday, marking the third straight monthly increase due to rising global energy prices linked to the West Asia conflict.
A 19-kg commercial LPG - used by establishments such as hotels and restaurtants - now costs a record Rs 3,071.5 in Delhi as against Rs 2,078.50 previously.
Rates were last increased by 195.50 per cylinder on April 1. Prior to that, prices had gone up by Rs 114.5 per 19-kg cylinder on March 1.
In three increases, commercial LPG rates have gone up by Rs 1,303.
Prices of domestic cooking gas LPG - the one used in household kitchens - remained unchanged. Domestic LPG rates were last hiked by Rs 60 per 14.2-kg cylinder on March 7. It costs Rs 913 per 14.2-kg cylinder in Delhi.
State-owned Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum revise ATF and LPG prices on the first day of every month based on international benchmarks and the exchange rate.
Global oil prices have shot up almost 50 per cent after the war in West Asia disrupted energy supply chains.
Petrol and diesel prices continue to remain frozen after a Rs 2 per-litre reduction in March last year; petrol currently costs Rs 94.72 per litre in Delhi and diesel Rs 87.62.
