Business
Agreement on freight corridor revised | The Express Tribune
ISLAMABAD:
The government has revised a draft commercial agreement on the dedicated freight corridor that gives Pakistan Railways the right to buy back assets.
Sources told The Express Tribune that a meeting of different stakeholders, chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, decided that the Railways Division would limit the timeframe for signing a phase-II commercial agreement. It was agreed that the phase-I commercial agreement would be revised by adding an exit clause whereby Pakistan Railways would have the right to buy back the concessionaire’s assets at the net book value and the stakeholders involved would initiate negotiations within 12 months of the commercial operation date (COD) for phase-II.
It was also decided to conclude negotiations within 45 days to finalise and sign the commercial agreement for phase-II. In case the negotiations remain unsuccessful, both parties will have the right to terminate the commercial agreement and Pakistan Railways will enjoy the right to buy back the concessionaire’s assets at the net book value.
The Ministry of Railways informed the meeting that the exit clause had been examined by a negotiation committee, which met on May 25, 2025. Committee members unanimously agreed on the exit clause, which was incorporated into the draft commercial agreement. It was also highlighted that the Ministry of Law and Justice had vetted the revised draft commercial agreement.
The Ministry of Railways apprised the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) that the government of Pakistan, represented by the Ministry of Railways, and the government of Dubai, represented by Ports, Customs and Free Zone Corporation, had signed on January 17, 2024 the Inter-Governmental Framework Agreement on Cooperation in the Railways Sector for investment and construction of a dedicated freight corridor including social logistics parks and rail freight terminals on the Pakistan Railways network.
It was recalled that the CCoIGCT had approved the constitution of a negotiation committee to deliberate on the draft commercial agreement along with variables and parameters for the price discovery mechanism during its meeting held on February 1, 2024. The decision of the CCoIGCT was ratified by the cabinet on February 5, 2024.
Furthermore, in a sitting of the Special Investment Facilitation Council (SIFC), held on October 28, 2024 and attended, amongst others, by DP World (a Dubai-nominated entity) and Pakistan Railways (a Pakistan-nominated entity), it was decided that the project would be executed in two phases. Therefore, as informed by the Ministry of Railways, the draft commercial agreement was based on phase-I of the project.
The railways ministry told the CCoIGCT that the negotiation committee had made recommendations for the commercial agreement, as negotiated between the parties, which may be approved by the CCoIGCT and exemptions from procurement and competition laws may be granted in accordance with Section 5 of the Inter-Governmental Commercial Transactions Act, 2022.
CCoIGCT was requested to approve the revised draft commercial agreement along with recommendations of the negotiation committee, as recorded in para-6 of the summary, to enable the Ministry of Railways to proceed further under the Inter-Governmental Commercial Transactions Act. During discussions, the railways ministry apprised the forum of compliance with the CCoIGCT decisions taken in July 2025, under which the ministry had been directed to explore domestic resources for the project and limit the timeframe for signing the commercial agreement for phase-II.
The ministry said that after extensive consultations with the stakeholders, a revised commercial agreement on the dedicated freight corridor had been drafted by incorporating the CCoIGCT’s directives. The forum appreciated the efforts made by the ministry in compliance with its directives and approved the proposals contained in para-6 of the summary. The CCoIGCT considered the summary titled “Approval of Modified Draft Commercial Agreement on Dedicated Freight Corridor” and gave the green-light to the proposals.
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From a modest garage to a IT powerhouse, his journey reshaped India’s tech dreams. But what truly sets him apart is how quietly his wealth flows back into society every single day
Shiv Nadar founded HCL in a garage in 1976, growing it into a global IT giant. (Photo Credit: Shiv Nadar Foundation)
Success Story: One name stands out whenever India’s IT success stories are told: Shiv Nadar. What began in a modest garage in 1976 went on to become Hindustan Computers Limited (HCL), one of India’s leading global IT companies.
Today, Shiv Nadar is not only a celebrated entrepreneur but also one of the country’s most generous philanthropists, donating nearly Rs 7.4 crore every day.
From A Small Garage: The Birth Of HCL
Shiv Nadar was born on July 14, 1945, in the Tiruchirappalli district of Tamil Nadu. After completing his engineering education, he joined the DCM Group. During his time there, discussions with colleagues about the future of computers and electronics in India sparked a bold idea, that is, to start something of their own.
In 1976, Shiv Nadar and a small group of engineers founded HCL from a garage in Delhi. Initially, the company focused on computer hardware and electronic products, with a clear aim: to bring computer technology to India and create employment opportunities for young professionals.
Challenges On The Road To Success
The early years were far from easy. HCL faced financial constraints, technical hurdles, and intense market competition. However, Shiv Nadar’s long-term vision and commitment to innovation kept the company moving forward. He firmly believed that technology should simplify lives and drive progress for everyone.
During the 1980s and 1990s, HCL diversified from hardware manufacturing into software development and IT services. The company steadily expanded beyond India, establishing operations across the US, Europe, and Asia.
Today, HCL Technologies operates in nearly 60 countries and employs more than 2,22,000 people. It is a major player in areas such as cloud computing, cyber security, digital transformation, and enterprise software solutions.
Passing The Baton To Roshni Nadar Malhotra
After leading HCL for over four decades, Shiv Nadar stepped down as chairman in 2020. He appointed his daughter, Roshni Nadar Malhotra, as the new chairman, making her the first woman to hold the position in the company’s history.
Shiv Nadar now serves as Chairman Emeritus and Strategic Advisor.
According to the Bloomberg Billionaires Index, Shiv Nadar’s net worth stands at $38.2 billion (approx. Rs 3.17 lakh crore), placing him among the world’s richest individuals at 54th position globally. As of now, HCL’s market capitalisation is Rs 4,49,369 crore.
Commitment To Social Service and Philanthropy
Shiv Nadar’s legacy extends far beyond business. Through the Shiv Nadar Foundation, he has made significant contributions to education by establishing schools and universities across India.
As per the ‘EdelGive-Hurun Philanthropy List 2025’, Shiv Nadar and his family topped the list of India’s biggest philanthropists for the fourth time in five years. In the past year alone, the family donated Rs 2,708 crore, averaging Rs 7.4 crore every day. In recognition of his contribution to the IT sector and his vision for empowering India’s youth, Shiv Nadar was awarded the Padma Bhushan in 2008. Today, HCL symbolises India’s technological strength on the global stage.
Shiv Nadar’s journey proves that extraordinary success can begin with the smallest of steps. From a single garage to a global IT empire, his story remains one of vision, perseverance, and purpose.
Click here to add News18 as your preferred news source on Google. December 17, 2025, 08:07 IST
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Business
Misty Winter Mornings Slow Flights Across North and East India: IndiGo Urges Passengers To Plan Ahead
New Delhi: IndiGo has issued a travel advisory for Wednesday (December 17) morning as thick winter mist and dense fog are expected to blanket parts of North and East India, leading to reduced visibility and slower flight movements.
In a post shared on X, the airline said, “As the morning approaches under misty winter skies, fog is predicted across parts of North and East India, which may lead to reduced visibility and a slower pace of flight movements during the early hours. In the interest of safety, some flights may experience delays or adjustments.”
The airline emphasised that it is taking proactive steps to ensure passenger safety. “Our teams across airports are fully prepared and working in close coordination to manage schedules smoothly, assist customers and maintain a steady flow of operations,” the post added.
Passengers are being urged to plan ahead, allowing extra travel time to reach the airport and to check the latest flight status through IndiGo’s website or mobile app.
“Foggy conditions may also impact road traffic, with slower movement and longer travel times expected while commuting to the airport. Customers travelling early are advised to plan with additional buffer time and check the latest flight status on our website or app before leaving home,” the advisory stated.
IndiGo also expressed gratitude to passengers for their patience. “Thank you for your patience and continued trust as we work steadily through the early hours, with visibility expected to improve as the day progresses,” the airline added.
The advisory coincides with similar warnings from the Indira Gandhi International (IGI) Airport in Delhi. On Tuesday (December 17) morning, the IGI Airport issued a fog advisory, cautioning that departures and arrivals might face disruptions due to low visibility. Around 6:06 am, Delhi Airport reported that flight operations were “steadily recovering” but warned that some delays could persist.
The airport urged passengers to remain in touch with their respective airlines for the most accurate schedule updates. “We appreciate your cooperation and understanding,” the airport said, adding that ground staff and personnel have been deployed across terminals to assist travellers.
The situation is further complicated by Delhi’s deteriorating air quality. According to data from the Central Pollution Control Board (CPCB), the city’s overall Air Quality Index (AQI) was recorded at 378 around 8 am on Tuesday, placing it in the “very poor” category.
The combination of dense fog and heavy pollution has reduced visibility in the early morning hours, disrupting air traffic and prompting repeated advisories from both airlines and airport authorities. Passengers are being urged to remain vigilant and plan their journeys with extra time, as conditions are expected to improve gradually as the day progresses.
Finance Minister Muhammad Aurangzeb is interviewed during the G20 Finance Ministers and Central Bank Governors’ Meeting at the IMF and World Bank’s 2024 annual Spring Meetings in Washington. PHOTO: REUTERS
ISLAMABAD:
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday said Pakistan and Azerbaijan were working to translate their strong relations into tangible trade and investment outcomes, with Azerbaijan expressing an appetite to invest close to $2 billion in Pakistan.
In an interview with Report, the minister said bilateral relations, particularly with Azerbaijan, had grown stronger since the current government assumed office, with frequent high-level engagements including visits by Prime Minister Muhammad Shehbaz Sharif and Pakistan’s participation during the COP29 timeframe in Baku.
He said the focus was now on enhancing trade and investment flows, adding that energy, oil and gas, as well as minerals and mining, had emerged as key sectors for potential joint projects. “These are clear areas of focus as we move forward,” he remarked.
Providing details on the proposed investment package, Aurangzeb said discussions were underway with Azerbaijan’s state oil company SOCAR, which was exploring the possibility of investing in an oil pipeline project in Pakistan. He termed the talks as being at an early stage but expressed hope that it could be among the first projects to materialise.
Commenting on Azerbaijan’s readiness to provide a further $1 billion loan to Pakistan, the finance minister said the financing could take multiple forms, including placements with the State Bank of Pakistan or support for Azerbaijani investors operating in Pakistan. He said the current bilateral trade of less than $50 million did not reflect the true potential, and efforts were underway to identify priority sectors to make trade flows more meaningful.
He Started In A Garage, Built An Indian IT Empire, And Now Donates Rs 7 Crore Daily
Misty Winter Mornings Slow Flights Across North and East India: IndiGo Urges Passengers To Plan Ahead
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