The Indian rupee, which opened marginally higher on Tuesday, fell below the 57-level against the US dollar for the third time. Traders said any RBI intervention will be closely watched if the rupee continues its downward trajectory towards its record low of 57.32 hit on Friday. At 9:55, dated 26-06-12 the rupee was at 57.06 to the dollar, 5 paise or 0.09 per cent lower than Monday’s close of 57.01. It had earlier touched a day’s high of 56.90 to the dollar. The rupee had soared over one per cent…

New Delhi : Reflecting economic slowdown and delays in land acquisition, 32 developers including Uttam Galva Steels, Unitech Infracon and Navi Mumbai SEZ have sought more time from the government for implementing their special economic zone projects. Mahindra & Mahindra, Mumbai SEZ Ltd and GMR Hyderabad International Airport have also requested for additional time for project implementation from the Board of Approval (BoA), headed by Commerce Secretary S R Rao. The BoA, a 19-member inter-ministerial body that deals with special economic zone (SEZ) related matters, will consider these applications on…

Even as a letter from India’s Attorney General to the Maharashtra State Road Development Corporation (MSRDC) said the Worli-Haji Ali Sea Link and the proposed coastal road cannot co-exist, officials maintained that the letter does not recommend that the project be scrapped. Last week, Attorney General G E Vahanvati sent a letter to the MSRDC recommending the future course of action on the sea link, which has been stalled for two years now, after the latter asked him for his opinion. “The letter only says that the sea link and…

The Mumbai Metropolitan Region Development Authority (MMRDA) plans to alter the alignment of the planned Virar-Alibaug Multi Modal Corridor near Thane to make way for a ‘New Thane,’ as proposed by the Thane Municipal Corporation. The Thane Municipal Corporation, along with the MMRDA and Ney & Paullsen, a Belgian consultant, has come up with the plan to create ‘New Thane’ in the non-agricultural land, which is 100 sq m in area between Ghodbunder Road in Thane and Vasai Creek. “For this, the whole alignment of the Multi Modal Corridor in…

Mumbai: Taking a serious note of the delay in clearing redevelopment projects, the Bombay High Court has directed Maharashtra Coastal Zone Management Authority (MCZMA) and the state government to forthwith form committees to clear such proposals. Hearing a petition filed by a developer, a bench of the High Court, on June 14, said such committees should be formed to clear proposals, where existing old properties are to be redeveloped on small parcels of land in CRZ II area. The bench of Chief Justice Mohit Shah and Justice Nitin Jamdar further…