Business
Elan Group awards Rs 1,000 cr construction project of ‘The Mark’ to Leighton Asia
Gurugram-based Elan Group has engaged Leighton India, part of CIMIC Group, for the construction of its Elan The Mark project located in Sector 106, Dwarka Expressway. The group has issued a Letter of Intent (‘LoI’) of Rs 1,000 Crores for the project. Elan The Mark is a development of approx. 50-plus acres integrated township, with a blend of retail, commercial, residential and hospitality. It will bring together a high-end mall, high-street retail, A-Grade office spaces, a five-star hotel and branded residences.
The construction contract covers nearly 5.5 million sq.ft. area including current and future phases/developments. The development includes the involvement of Benoy (London, UK) and Meinhardt Façade Technology (Singapore) as the designing agencies; SWA (California, USA) as its architecture; LERA (New York, USA) for the project’s structural design; and Thornton Tomasetti (New York, USA) for global engineering expertise, among others.
Leighton Asia has also been awarded Civil, Structure and MEP contracts by ‘Elan Group’ for its ongoing projects , which include ‘Elan The Presidential’, ‘Elan The Imperial’, ‘Elan The Emperor’ and now ‘Elan The Mark’.
Rakesh Kapoor, Chairman, Elan Group, said, “‘Elan The Mark’ will usher in a transformative new era of ultra-luxury in India. Our continued partnership with ‘Leighton Asia’ further reinforces Elan Group’s commitment to collaborating with the finest global expertise, ensuring excellence, precision and distinction at every stage of delivery.”
Brad Davey, Managing Director, Leighton Asia, said, “With over two decades of deep-rooted experience in India, ‘Leighton Asia’ is committed to setting new benchmarks in quality, sustainability, and excellence across large-scale residential, commercial and mixed-use developments.”
‘Elan Group’s portfolio consists of 15 projects comprised of residential, retail, commercial, mixed-use and hospitality. These projects spread across Gurugram and New Delhi, offering a built-up area of approximately 25 million sq. ft.
Business
‘Friendly nations’ only: Iran allows India, Pakistan, 3 other countries to use Strait of Hormuz amid war – The Times of India
Iran on Thursday said that, despite ongoing military escalation in the Middle East, it has allowed transit through the Strait of Hormuz for “friendly nations,” including India.The consulate general of Iran in Mumbai shared a statement from Iran’s foreign minister Abbas Araghchi, saying: “We have permitted passage through the Strait of #Hormuz for friendly nations, including China, Russia, India, Iraq, and Pakistan.”Araghchi’s remarks came after UN secretary-general Antonio Guterres called for the Strait of Hormuz to remain open.In a post on X, Guterres said, “The prolonged closure of the Strait of Hormuz is choking the movement of oil, gas, and fertilizer at a critical moment in the global planting season. Across the region and beyond, civilians are enduring serious harm and living under profound insecurity. The UN is working to minimise the consequences of the war. And the best way to minimise those consequences is clear: end the war immediately.”
The UN chief also urged US-Israel and Iran to end the ongoing military escalation.“My message to the US & Israel is that it’s high time to end the war – as human suffering deepens, civilian casualties mount & the global economic impact is increasingly devastating. My message to Iran is to stop attacking their neighbours that are not parties to the conflict,” he said.“My message to the US and Israel is that it is high time to end the war, as human suffering deepens, civilian casualties mount, and the global economic impact becomes increasingly devastating. My message to Iran is to stop attacking neighbours that are not parties to the conflict,” he said.However, for Western powers, the key oil lifeline remains the Strait of Hormuz, a critical chokepoint now increasingly volatile amid the US-Israel offensive on Iran. The strong retaliatory action by Tehran regime included the choking of key waterway in the Gulf, with fears that any disruption could effectively choke global energy flows.
Business
Strait of Hormuz disruptions: India buys first LPG cargo from Iran in years; tanker was initially bound for China – The Times of India
For the first time in several years, India has reportedly purchased liquified petroleum gas (LPG) from Iran after the Donald Trump administration granted a 30-day sanctions waiver to keep oil and gas prices in check. India had stopped energy imports from Iran in 2019 amid Western sanctions. Data from LSEG indicated that the tanker carrying the cargo was originally headed for China.India has faced significant disruption to energy supplies routed through the Strait of Hormuz due to the ongoing US-Israeli conflict with Iran.
Iran LPG headed to India
The sanctioned vessel Aurora, transporting Iranian LPG, is expected to arrive today at the west coast port of Mangalore, sources told Reuters. Sources said the cargo was procured through a trader, with payment to be made in rupees. They added that India is also considering additional purchases of Iranian LPG cargoes.
Also Read | US-Iran war: Why India is facing an LPG crisis — explained in chartsThe LPG shipment will be distributed among three state-run fuel retailers: Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited.However, an official said he was not aware of any purchases of Iranian cargoes. “(There are) no loaded cargoes from Iran, we have not heard of that,” Rajesh Kumar Sinha, Special Secretary in the federal shipping ministry, said at a press conference on Wednesday.India, the world’s second-largest importer of LPG, is grappling with its most severe gas supply crunch in decades, prompting the government to cut allocations to industries in order to safeguard household cooking fuel needs.The country consumed 33.15 million metric tonnes of LPG last year, with imports meeting roughly 60% of the demand. A significant majority of these imports originated from the Middle East.India is also working to clear LPG cargoes stranded in the Strait of Hormuz, with four tankers — Shivalik, Nanda Devi, Pine Gas and Jag Vasant — already moved. In addition, the country has begun loading LPG onto empty vessels that had been stuck in the Persian Gulf.
A mothballed carbon dioxide plant is to be reopened with a Government grant of up to £100 million amid fears of shortages caused by the Iran war.
Business Secretary Peter Kyle signed off the grant to reopen the Ensus plant on Teesside, according to the Financial Times.
It is understood the grant will pay to get the plant up and running again for an initial three-month period.
The plant was mothballed last year after a trade deal with the US cut tariffs on bioethanol, its main product.
It will be reopened due to its ability to produce CO2 as a by-product. The gas is vital for several sectors, including drinks and the nuclear industry, but supply has been disrupted thanks to soaring energy costs on other sources such as fertiliser factories.
The grant for the Ensus plant is the first major intervention by the UK Government aimed at tackling possible shortages caused by the Iran conflict.
But fears range much wider than CO2, with former BP executive Nick Butler telling Times Radio the UK could face oil and gas shortages in two to three weeks.
He said: “There will be shortages and I think the Government now should be seriously planning how they’re going to handle that and part of that is maximising supply.”
On Tuesday, Shell chief executive Wael Sawan issued a similar warning at an industry conference.
Ministers continue to insist the supply of petrol remains reliable.
Energy minister Michael Shanks told MPs on Wednesday the Government was “absolutely not” planning for blackouts or petrol rationing, insisting the UK had a “strong and diverse range of supplies”.
The key question remains how long Iran’s effective blockade of the vital Strait of Hormuz will last.
On Thursday, Foreign Secretary Yvette Cooper will urge Iran to reopen the Strait of Hormuz as she travels to the G7 Foreign Ministers’ meeting in France.
She will make clear that the UK will help ensure safe passage for ships through the strait and provide an additional £2m in humanitarian aid to Lebanon.
Ms Cooper is expected to hold talks with counterparts, including US secretary of state Marco Rubio, France’s Jean-Noel Barrot, and Germany’s Johann Wadephul.
The strait remained closed on Wednesday evening, despite Iran’s foreign minister Abbas Araghchi claiming it was open to “non-hostile” shipping.
The conflict continued with Washington saying it would hit Iran “harder” if Tehran refused to accept it had been “defeated militarily”.
White House spokeswoman Karoline Leavitt insisted “productive” talks were continuing between Washington and Tehran.
But Mr Araghchi said in a message on his Telegram channel, translated from Farsi, that there had been “no negotiations or discussions with the American side” and suggested the US had effectively admitted defeat.
He said: “Didn’t they talk about ‘unconditional surrender’ before? What happened now that they are talking about negotiations and calling for them?
“I will explain that there are no negotiations, but the fact that they are mobilising their highest officials to negotiate with the Islamic Republic indicates their acceptance of defeat.”
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‘Friendly nations’ only: Iran allows India, Pakistan, 3 other countries to use Strait of Hormuz amid war – The Times of India
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