Central Bank to put Wadia's land on sale for Rs 196 billion

11 Jun 2024 CW Team

In order to recoup debts given to Go Airways, the Central Bank of India will auction off more than 94 acres of land owned by Wadia Realty, which is located at Bhayandarpada on Ghodbunder Road in Thane. The Times of India said that Rs 196 billion has been set aside as the reserve price for this auction. An auction has been set for after Wadia Realty's role as the airline's corporate guarantor and mortgagor ended. The property will be auctioned in accordance with the terms of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002, which has the property committed to the Central Bank of India, the Bank of Baroda, and IDBI Bank. The Central Bank has already published a public notice under the SARFAESI Act for the purchase of the land block, which is currently scheduled for auction, and has already declared full provision for its loan to the airline. Another lender, Bank of Baroda, expressed confidence in selling real estate security to meet all of its obligations. Go Air declared bankruptcy in May of last year, claiming it owed creditors $798 million. Go Air has not fallen behind on any of these payments as of April 30. The firm stated in a filing that "defaults to financial creditors would be imminent, considering the corporate applicant's current financial situation." In the filing, the company listed the Central Bank of India Ltd., Bank of Baroda Ltd., IDBI Bank Ltd., Axis Bank Ltd., and Deutsche Bank among Go Air?s financial creditors.

Infrastructure Energy

14 Oct 2025

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..