14 july 2000

vizag "fast track" power project faces rs 1,200 crore cost escalation
new delhi: thanks to the delays in getting requisite clearances, the 1,040 mw vizag power project, planned by the hinduja group, has suffered a massive cost escalation of rs 1,200 crore. the forward-looking andhra pradesh government is yet to approve the financial plan for the execution of the fast-track project, even though the financial plans have been submitted to the government in october 1999.

the group’s project has incurred a cost escalation of about rs 1,200 crore due to hike in customs duty, interest during construction and financial charges to be paid by the promoters due to change in the funding pattern

13 july 2000

zee’s subhash chandra invests additional $42.5 million in ico-teledesic
seattle: ailing satellite telephone company, lico global, which was taken over by a partnership between wireless telephone pioneer craig mccaw and india’s subash chandra, has managed to secure nearly $1 billion from investors.