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Gammon Infra lowest bidder for NHAI project

If things fall in place, Gammon Infrastructure Projects Ltd (GIPL) will soon have a new project and thus a new wholly-owned subsidiary too. GIPL has claimed to be the lowest bidder for National Highways Authority of India (NHAI) project connecting Patna to Muzaffarpur.

“We are the lowest bidders for the project and are awaiting a notification of intent (NOI) from NHAI,” said Parvez Umrigar, managing director, GIPL.

The project is on an annuity model connecting Patna to Muzaffarpur, to be built on a BOT basis. GIPL has a total committed capital expenditure of Rs10,000 crore across various sectors and Rs2,000 crore in the road sector alone.
 
GIPL creates a new subsidiary or special purpose vehicle for every new project it wins. At present, the company has some 16 projects, out of which it holds majority stake in 13 projects.
- Amritha Pillay [email protected]

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Osian Art Fund disappoints investors with just 5% returns
Osian Art Fund, which was announced as the world’s first art fund in 2006 promising great returns, made a quiet exit in August 2009, disappointing its investors with returns as low as 5% per annum for the past three years.
 
Osian's-Connoisseurs of Art Private Ltd, a leading archive and auction house, had announced the art fund in July 2006. The art fund was a close-ended scheme for a period of thirty- six months. Though the Fund was expected to initiate more art funds all over the world, it exited with low returns in August 2009.
 
The 5% annual returns return translates into Rs115 on Rs100 invested in art through the Fund in 2006. In contrast, the BSE Sensex was above 10,000 when the art fund was launched and it’s flirting with 17,000 today, a rally of 70%.
 
“In retrospect the fund entered at the peak of the art market and is exiting at the bottom of the market. This was not good timing. However, it is easy to say this now on hindsight, no one expected poor performance in  2006,” said a company official from Osian.
 
The art fund matured in August 2009, and the company is in process of distributing the return to its investors. The purchase price per unit was Rs100 and the minimum investment was supposed to be Rs10 lakh. The project was started to create an asset class for Indian cultural artefacts over a period of thirty- six months
- Amritha Pillay

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