New Delhi: Tata Projects, the infrastructure and construction arm of Tata Group, on Thursday said the upcoming Noida International Airport at Jewar, in Uttar Pradesh, will soon begin operations and asserted that the approvals are in progress.
Tata Projects Ltd was given the contract to build the Noida International Airport (NIA).
"Noida International Airport Ltd is working with DGCA (Directorate General of Civil Aviation) to get safety, security clearances, the aerodrome license, as they call it. So now it is into more regulatory approval process rather than the construction.
"So by and large our work is ready for the Prime Minister to come and inaugurate," Vinayak Pai, the CEO and Managing Director of Tata Projects, said during a press meet.
Replying to a question, Pai said that the airport is expected to begin operations "in a short period of time".
The company, he said, is definitely adding new projects to its portfolio, so it aims to maintain the order book in the range of Rs 40,000 crore to Rs 43,000 crore.
The company is engaged in more projects in emerging areas such as 4th generation manufacturing, electronic semiconductor manufacturing, solar panel manufacturing and data centres.
"So our average cycle time is reducing. Many of these projects get completed in 18 months to two years...We are known for our fast track project delivery, predictable project delivery, and we want to maintain that special edge," he explained.
The company had reported a net loss of Rs 751 crore in the last financial year.
On this, Pai said, "These losses are on account of the cumulative effect of projects which were going on during Covid and before that. So a lot of those projects are now getting completed.
"Our portfolio of new projects is steadily profitable. Old projects will be completed this year. From next year, it will be the new portfolio which will reflect in the result, and you will see a very good reflection of that in the profitability."
Tata Projects, a technology-led engineering, procurement and construction (EPC) company, provides ready-to-deploy solutions for semiconductor facilities, giga factories, data centres, etc.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)