IJM says it can weather the storm
By Zaidi Isham Ismail
Published: 2008/08/27
BTimes
MALAYSIA’S second-largest builder IJM Corp Bhd expects to perform well in fiscal 2009 as a slowdown in its construction division will be offset by its other businesses.IJM group managing director Datuk Krishnan Tan Boon Seng said although the company is affected by rising raw material cost, high oil prices and worldwide inflationary pressures, it will be able to weather the storm for the rest of the year.“The company has five business divisions which are construction, property, plantations, industries and infrastructure and others and each sector poses its own set of challenges.“The construction sector is not doing well right now but at the same time the other four are doing well.
“So, overall IJM should be doing allright this year,” Tan told reporters in Selangor yesterday after the company’s annual general meeting.IJM returned to profitability with a RM91.3 million net profit in the first quarter to June 30 2008 compared with a net loss of RM746.8 million in the same quarter a year ago.
On the listing of its Indian unit, Tan said the plan has been deferred due to the high interest rate of 13 per cent which will affect property demand in the sub-continent.“It is not the right time to list but ultimately we will have to do it,” said Tan.The builder plans to raise as much as RM200 million by selling shares in IJM (India) Infrastructure Ltd, the largest foreign-owned company in the infrastructure and construction sector in India.
On the RM3.2 billion West Coast highway project, Tan said work has not started and cost has risen to double-digit figures.IJM Corp holds a 25 per cent stake in the highway via Kumpulan Europlus Bhd.Tan said IJM wants to grow its other businesses such as its water treatment plant in Vietnam, a power plant in India and is also looking at other seaports.He said international markets especially the Middle East will be the main growth area as it is flushed with oil money.It now has two construction jobs in Bahrain and one each in Dubai and Abu Dhabi in the United Arab Emirates.
Wednesday, August 27, 2008
Monday, August 25, 2008
Senai Airport invests RM145m to expand runway
Senai Airport invests RM145m to expand runway
By Sharen Kaur
Published: 2008/08/25
BTimes
SENAI Airport Terminal Services Sdn Bhd (SATS), which has a 50-year concession to maintain, operate and develop the Senai International Airport in Johor, is investing RM145 million to lengthen and widen the runway to accommodate wide body aircraft.It will also add taxiways and supporting electronics such as lighting and instrument landing system at the airport.SATS general manager for finance, retail and commercial development, Chan Kwai Yew, said the works, financed through loans, will be completed by the end of this year. "There are three major airlines namely Malaysia Airlines (MAS), AirAsia and Firefly currently making stop-overs at Senai Airport and they are increasing their flights, hence the need to improve the airport complex," he said in an interview.
SATS is forecasting passenger arrivals to grow from 1.6 million currently to three million by 2014.It is expecting air cargo volume to hit 40,000 tonnes per year by the end of 2009 from 10,000 tonnes per year, with support from international freighters such as Qatar Airways and Airmark.Belly cargo from passenger airlines like MAS and AirAsia will also contribute to the growth, Chan said.He said the Aero Mall development at Senai Airport, which commenced this month, will support the expected passenger growth.SATS is developing the lifestyle mall for RM93 million, which has been earmarked for completion by end-2009.It will offer a total built-up area of 173,000 sq ft, comprising 50,000 sq ft of new retail lots and 30,000 sq ft of retail area at the open-air piazza. The mall will more than double passenger capacity at the airport from two million currently to 4.5 million, Chan said.SATS also plans to spend an additional RM17 million in 2014 to expand the airport airside and departure hall, and upgrade equipment, to meet its target in passenger arrivals.
By Sharen Kaur
Published: 2008/08/25
BTimes
SENAI Airport Terminal Services Sdn Bhd (SATS), which has a 50-year concession to maintain, operate and develop the Senai International Airport in Johor, is investing RM145 million to lengthen and widen the runway to accommodate wide body aircraft.It will also add taxiways and supporting electronics such as lighting and instrument landing system at the airport.SATS general manager for finance, retail and commercial development, Chan Kwai Yew, said the works, financed through loans, will be completed by the end of this year. "There are three major airlines namely Malaysia Airlines (MAS), AirAsia and Firefly currently making stop-overs at Senai Airport and they are increasing their flights, hence the need to improve the airport complex," he said in an interview.
SATS is forecasting passenger arrivals to grow from 1.6 million currently to three million by 2014.It is expecting air cargo volume to hit 40,000 tonnes per year by the end of 2009 from 10,000 tonnes per year, with support from international freighters such as Qatar Airways and Airmark.Belly cargo from passenger airlines like MAS and AirAsia will also contribute to the growth, Chan said.He said the Aero Mall development at Senai Airport, which commenced this month, will support the expected passenger growth.SATS is developing the lifestyle mall for RM93 million, which has been earmarked for completion by end-2009.It will offer a total built-up area of 173,000 sq ft, comprising 50,000 sq ft of new retail lots and 30,000 sq ft of retail area at the open-air piazza. The mall will more than double passenger capacity at the airport from two million currently to 4.5 million, Chan said.SATS also plans to spend an additional RM17 million in 2014 to expand the airport airside and departure hall, and upgrade equipment, to meet its target in passenger arrivals.
Monday, August 18, 2008
Coping with more commuters
Monday August 18, 2008
Coping with more commuters
By YIP YOKE TENG
The Star
Rangkaian Pengangkutan Integrasi Deras Sdn Bhd (RapidKL), the main service provider for public transportat in the Klang Valley, recorded a 7.5% increase in ridership for its bus services and a 3.9% increase for the LRT services. That, in other words, means the buses are now taking about 392,000 passengers daily, 27,000 more than they previously did while the LRT lines have seen an increase of 12,000 daily.
StarMetro checked with several service providers on the measures they are taking to cope with the increased volume of commuters. RapidKL was the first to respond, KTM has pledged to reply and Monorail had to turn down the interview until a transition of management was completed.
Coping with more commuters
By YIP YOKE TENG
The Star
Many KL folks now leave their cars behind after feeling the pinch of a 40% hike in petrol prices, but upon taking public transport, they cannot help but think that our service providers are not ready for better business. StarMetro finds out more about the situation. RESORTING to public transport has become the only choice, albeit a sometimes inconvenient one, for many KL-ites following a 40% increase in petrol prices recently.
Rangkaian Pengangkutan Integrasi Deras Sdn Bhd (RapidKL), the main service provider for public transportat in the Klang Valley, recorded a 7.5% increase in ridership for its bus services and a 3.9% increase for the LRT services. That, in other words, means the buses are now taking about 392,000 passengers daily, 27,000 more than they previously did while the LRT lines have seen an increase of 12,000 daily.
Can our current system cope with the drastic increase? The scenes seen during peak hours suggest otherwise — commuters squeeze themselves like canned sardines to get into Komuter trains, passengers spill out of bus stops onto roads where traffic is heavy while dozens are “stranded” after disembarking from the LRT as the feeder buses lie idle. “It is getting from bad to worse,” accounts clerk Martin Fernandez, 26, who travels to work by Komuter, said. “There’s an obvious increase in the number of passengers. I need to wait longer for my turn to get into the train and I do not want to be as rough as some just to secure a space,” he said. LRT user Tina Low, 24, said she was frustrated waiting for the feeder bus and often had to resort to taking the taxi to get home. “At the end of the day, I wonder how much I can save and I may as well just drive,” the bank executive said.
StarMetro checked with several service providers on the measures they are taking to cope with the increased volume of commuters. RapidKL was the first to respond, KTM has pledged to reply and Monorail had to turn down the interview until a transition of management was completed.
Measures taken by RapidKL:
·New Four-Car Trains
It is learned that SPNB, the asset owner, and RapidKL will bring in a total of 22 sets of new four-car trains between 2009 and 2011; “We expect to have the complete set of 22 trains by the end of 2011. By the end of 2009, the Kelana Jaya Line service will have a combination of four car and two-car trains in operation during peak hours,” RapidKL chief executive officer Suffian Baharuddin said.
With that, he said, the Kelana Jaya Line could hold a maximum capacity of more than 300,000 passengers per day compared with the current capacity of 160,000 per day.
It is learned that SPNB, the asset owner, and RapidKL will bring in a total of 22 sets of new four-car trains between 2009 and 2011; “We expect to have the complete set of 22 trains by the end of 2011. By the end of 2009, the Kelana Jaya Line service will have a combination of four car and two-car trains in operation during peak hours,” RapidKL chief executive officer Suffian Baharuddin said.
With that, he said, the Kelana Jaya Line could hold a maximum capacity of more than 300,000 passengers per day compared with the current capacity of 160,000 per day.
·Park-and-ride facilities to encourage use on the Ampang LRT Line
RapidKL has made available park-and-ride facilities at stations along its Ampang LRT Line where the current capacity is about 70% (see table). LRT users can also consider going to the stations by car-pool. The Maluri, Cempaka, Pandan Jaya and Pandan Indah stations have more than 200 parking bays each, while the Pudu, PWTC, Sungai Besi, Sentul and Sentul Timur stations have about 100 each. The Cahaya station was recently equipped with a footbridge linking both platforms. Formerly, passengers would have to use an overhead bridge about 30m away to cross to the other side. “Therefore, we encourage the public living near LRT stations to use the LRT services. RapidKL can also increase the number of trains to cater to any significant growth in passenger demand for the Ampang Line,” Suffian added.
RapidKL has made available park-and-ride facilities at stations along its Ampang LRT Line where the current capacity is about 70% (see table). LRT users can also consider going to the stations by car-pool. The Maluri, Cempaka, Pandan Jaya and Pandan Indah stations have more than 200 parking bays each, while the Pudu, PWTC, Sungai Besi, Sentul and Sentul Timur stations have about 100 each. The Cahaya station was recently equipped with a footbridge linking both platforms. Formerly, passengers would have to use an overhead bridge about 30m away to cross to the other side. “Therefore, we encourage the public living near LRT stations to use the LRT services. RapidKL can also increase the number of trains to cater to any significant growth in passenger demand for the Ampang Line,” Suffian added.
·Crowd management
RapidKL also claimed that they had not encountered major glitches in managing the higher traffic volume, with adequate staff at the LRT stations to manage the crowd.
Big plans: Suffian explaining some of Rapid KL’s plans.
“When the crowd at the platform is large, the staff will stop the crowd at the concourse level until the passengers clear the platform.
This is part of our safety measures to prevent any incidents,” Suffian said.
He said in cases of disruption in the LRT service, passengers were updated with frequent announcements over the PA system so that they could make alternative arrangements. Buses would also be deployed to the affected stations.
RapidKL also claimed that they had not encountered major glitches in managing the higher traffic volume, with adequate staff at the LRT stations to manage the crowd.
Big plans: Suffian explaining some of Rapid KL’s plans.
“When the crowd at the platform is large, the staff will stop the crowd at the concourse level until the passengers clear the platform.
This is part of our safety measures to prevent any incidents,” Suffian said.
He said in cases of disruption in the LRT service, passengers were updated with frequent announcements over the PA system so that they could make alternative arrangements. Buses would also be deployed to the affected stations.
·Wider bus coverage
Suffian said RapidKL was constantly reviewing its bus network in order to feed the demand, including the local shuttle service that serves as the feeder bus.
He said RapidKL now covered 166 routes compared with 140 in 2005 when it first came on board. It covered 980 housing estates compared with 638 before and 650 buses are scheduled for deployment during peak hours compared with 470 in 2005.
“There are 18 other stage bus operators in the Klang Valley. RapidKL only provides an estimated 55% out of the overall stage bus services here.
“RapidKL serves 23 social routes where demand for the bus service is still low and, in many instances, we are the only bus operator in the area. It is hoped that all bus operators could also serve a mixture of high and low demand routes to improve the overall stage bus services,” he said.
Suffian said RapidKL was constantly reviewing its bus network in order to feed the demand, including the local shuttle service that serves as the feeder bus.
He said RapidKL now covered 166 routes compared with 140 in 2005 when it first came on board. It covered 980 housing estates compared with 638 before and 650 buses are scheduled for deployment during peak hours compared with 470 in 2005.
“There are 18 other stage bus operators in the Klang Valley. RapidKL only provides an estimated 55% out of the overall stage bus services here.
“RapidKL serves 23 social routes where demand for the bus service is still low and, in many instances, we are the only bus operator in the area. It is hoped that all bus operators could also serve a mixture of high and low demand routes to improve the overall stage bus services,” he said.
·Recruitment of drivers
RapidKL has started an “aggressive” recruitment programme for new bus drivers with attractive remunerations where they can earn more than RM1,500 a month. Suffian also noted that bus services were largely affected by traffic conditions. “Bus delays faced by commuters in Klang Valley are generally due to traffic congestion and other factors beyond RapidKL’s control, including road diversion and closures, haphazard parking, adverse weather conditions as well as traffic accidents,” he said.
RapidKL has started an “aggressive” recruitment programme for new bus drivers with attractive remunerations where they can earn more than RM1,500 a month. Suffian also noted that bus services were largely affected by traffic conditions. “Bus delays faced by commuters in Klang Valley are generally due to traffic congestion and other factors beyond RapidKL’s control, including road diversion and closures, haphazard parking, adverse weather conditions as well as traffic accidents,” he said.
·More sheltered bus stops
RapidKL is working with the local authorities to help in providing more sheltered bus stops for their comfort and convenience; and
RapidKL is working with the local authorities to help in providing more sheltered bus stops for their comfort and convenience; and
·Bus lanes
RapidKL hails Kuala Lumpur City Hall’s initiative to extend and enforce bus lanes in the city, urging other local authorities to emulate the move.
RapidKL hails Kuala Lumpur City Hall’s initiative to extend and enforce bus lanes in the city, urging other local authorities to emulate the move.
Friday, August 15, 2008
Interstate water tunnelling
Contractor picked for interstate water tunnelling job
By Ooi Tee Ching
Published: 2008/08/15
BTimes
THE government has decided on the contractor to undertake the 45km tunnelling package of the Pahang-Selangor interstate Raw Water transfer project. The job will be awarded next month.The multi-billion ringgit project involves the construction of the Kelau dam in Pahang and a 44.6km transfer tunnel under the Main Range to bring 2,260 million litres of raw water per day to Hulu Langat treatment plant in Selangor. "The Finance Ministry has approved of the contractor to undertake the tunnelling package," said Energy, Water and Communications Minister Datuk Shaziman Abu Mansor. "We will recommend to JBIC (the Japan Bank for International Co-operation) and the announcement will be made next month," he told reporters after officiating at the opening of the National Solar Photovoltaic conference in Putrajaya yesterday.
In March 2005, the government signed a 82.04 billion yen loan (RM) with JBIC for the project. The loan was to be repaid over 40 years, with an annual interest rate of 0.95 per cent. However, the government can only activate the loan after completing the pre-qualification and tender process. It was reported that three Japanese firms have been shortlisted to carry out the tunnelling package; Shimizu Corp which has UEM group and IJM Corp Bhd as its partners, Taisei Corp (with HRA Teguh Sdn Bhd) and a stand-alone bid by Kajima Corp. Initially slated to commence in 2003, this project was met with protests from both local and international non-governmental organisations like the Centre of Orang Asli Concerns, Sahabat Alam Malaysia and Friends of the Earth-Japan. Due to the protests, the project period had to be revised twice, first to 2005-2012 and then 2008-2015.
By Ooi Tee Ching
Published: 2008/08/15
BTimes
THE government has decided on the contractor to undertake the 45km tunnelling package of the Pahang-Selangor interstate Raw Water transfer project. The job will be awarded next month.The multi-billion ringgit project involves the construction of the Kelau dam in Pahang and a 44.6km transfer tunnel under the Main Range to bring 2,260 million litres of raw water per day to Hulu Langat treatment plant in Selangor. "The Finance Ministry has approved of the contractor to undertake the tunnelling package," said Energy, Water and Communications Minister Datuk Shaziman Abu Mansor. "We will recommend to JBIC (the Japan Bank for International Co-operation) and the announcement will be made next month," he told reporters after officiating at the opening of the National Solar Photovoltaic conference in Putrajaya yesterday.
In March 2005, the government signed a 82.04 billion yen loan (RM) with JBIC for the project. The loan was to be repaid over 40 years, with an annual interest rate of 0.95 per cent. However, the government can only activate the loan after completing the pre-qualification and tender process. It was reported that three Japanese firms have been shortlisted to carry out the tunnelling package; Shimizu Corp which has UEM group and IJM Corp Bhd as its partners, Taisei Corp (with HRA Teguh Sdn Bhd) and a stand-alone bid by Kajima Corp. Initially slated to commence in 2003, this project was met with protests from both local and international non-governmental organisations like the Centre of Orang Asli Concerns, Sahabat Alam Malaysia and Friends of the Earth-Japan. Due to the protests, the project period had to be revised twice, first to 2005-2012 and then 2008-2015.
Scomi consortium believed to have won India rail job
Friday August 15, 2008
Scomi consortium believed to have won India rail job
The Star
NEW DELHI: A consortium comprising Scomi Engineering Bhd and co-partner Larsen & Toubro Ltd (L&T) is believed to be the successful bidder for the first monorail project in Mumbai costing RM1.01bil.
The other bidder was Reliance Infrastructure, which had partnered Japan’s Hitachi, to build the 20km elevated monorail in India’s financial capital.
The Times of India reported Mumbai Metropolitan Region Development Authority (MMRDA) commissioner Ratnakar Gaikwad as saying the main deciding factor was the timeframe to complete the project.
“The bid submitted by L&T and Scomi was more sound and promising than the one submitted by Anil’s Reliance Infrastructure and Hitachi of Japan,” Gaikwad said.
He said L&T and Scomi promised to complete the project within 24 months while Reliance Infrastructure, headed by Indian business tycoon Anil Ambani, needed more than 50 months for the first phase of the project.
People familiar with the project told Bernama in Mumbai that Scomi and L&T were fine-tuning the pricing details and the final announcement could come soon.
Seven companies had initially submitted bids for the project, which would be implemented on a built, operate and transfer basis and expected to come onstream within two years. MMRDA shortlisted the bidders to two,
The metro lines will complement the present railways and help ease traffic in the city, where nearly 11 million people use public transport daily. — Bernama
Scomi consortium believed to have won India rail job
The Star
NEW DELHI: A consortium comprising Scomi Engineering Bhd and co-partner Larsen & Toubro Ltd (L&T) is believed to be the successful bidder for the first monorail project in Mumbai costing RM1.01bil.
The other bidder was Reliance Infrastructure, which had partnered Japan’s Hitachi, to build the 20km elevated monorail in India’s financial capital.
The Times of India reported Mumbai Metropolitan Region Development Authority (MMRDA) commissioner Ratnakar Gaikwad as saying the main deciding factor was the timeframe to complete the project.
“The bid submitted by L&T and Scomi was more sound and promising than the one submitted by Anil’s Reliance Infrastructure and Hitachi of Japan,” Gaikwad said.
He said L&T and Scomi promised to complete the project within 24 months while Reliance Infrastructure, headed by Indian business tycoon Anil Ambani, needed more than 50 months for the first phase of the project.
People familiar with the project told Bernama in Mumbai that Scomi and L&T were fine-tuning the pricing details and the final announcement could come soon.
Seven companies had initially submitted bids for the project, which would be implemented on a built, operate and transfer basis and expected to come onstream within two years. MMRDA shortlisted the bidders to two,
The metro lines will complement the present railways and help ease traffic in the city, where nearly 11 million people use public transport daily. — Bernama
Monday, August 11, 2008
Selangor to honour water pact with Pahang
Selangor to honour water pact with Pahang
By Ooi Tee Ching
Published: 2008/08/11
Business Times
SELANGOR, now ruled by the Pakatan Rakyat, will maintain the purchase price of raw water under the Pahang-Selangor water transfer project at 10 sen per 1,000 litres."We honour the contract signed with the Pahang state government and we stick to the raw water purchase rate," said Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim.In November 2007, Pahang signed a contract with the previous Selangor administration to supply raw water to Selangor at 10 sen per 1,000 litres of water from the Pahang-Selangor Inter-State Raw Water Transfer Project.Pahang is expected to receive an annual income of RM82.5 million from the water sale to Selangor. Once implemented, the rate is to be reviewed every five years.
The Pahang-Selangor raw water transfer project involves developing water resources in Pahang and constructing a 45km tunnel to transport water to water-starved Selangor to host its diverse industries."I was informed that the pipe linkage between Pahang and Selangor could materialise by 2012," Khalid said.He was speaking to reporters after a working visit to the Sungai Semenyih Water Treatment Plant and Labs at Putrajaya over the weekend.The treatment plant is being operated and maintained by Konsortium Abass Sdn Bhd, a 55 per cent subsidiary of Kumpulan Perangsang Selangor Bhd.
Asked on the progress of the state government taking over all four companies involved in the treatment and distribution of water in Selangor, he replied: "We hope to complete the restructuring by the end of the year."The four companies are Puncak Niaga Holdings Bhd, Syarikat Bekalan Air Selangor (Syabas) Sdn Bhd, Konsortium Abass Sdn Bhd and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).Puncak Niaga's 70 per cent subsidiary Syabas distributes water in Selangor and owns 29 water treatment plants.Splash, which is 40 per cent-owned by Gamuda Bhd, is the concessionaire of the Sungai Selangor Water Supply Scheme Phase 1 and 3. As the nation's largest water supplier, Splash is capable of treating 2,000 million litres per day.
By Ooi Tee Ching
Published: 2008/08/11
Business Times
SELANGOR, now ruled by the Pakatan Rakyat, will maintain the purchase price of raw water under the Pahang-Selangor water transfer project at 10 sen per 1,000 litres."We honour the contract signed with the Pahang state government and we stick to the raw water purchase rate," said Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim.In November 2007, Pahang signed a contract with the previous Selangor administration to supply raw water to Selangor at 10 sen per 1,000 litres of water from the Pahang-Selangor Inter-State Raw Water Transfer Project.Pahang is expected to receive an annual income of RM82.5 million from the water sale to Selangor. Once implemented, the rate is to be reviewed every five years.
The Pahang-Selangor raw water transfer project involves developing water resources in Pahang and constructing a 45km tunnel to transport water to water-starved Selangor to host its diverse industries."I was informed that the pipe linkage between Pahang and Selangor could materialise by 2012," Khalid said.He was speaking to reporters after a working visit to the Sungai Semenyih Water Treatment Plant and Labs at Putrajaya over the weekend.The treatment plant is being operated and maintained by Konsortium Abass Sdn Bhd, a 55 per cent subsidiary of Kumpulan Perangsang Selangor Bhd.
Asked on the progress of the state government taking over all four companies involved in the treatment and distribution of water in Selangor, he replied: "We hope to complete the restructuring by the end of the year."The four companies are Puncak Niaga Holdings Bhd, Syarikat Bekalan Air Selangor (Syabas) Sdn Bhd, Konsortium Abass Sdn Bhd and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (Splash).Puncak Niaga's 70 per cent subsidiary Syabas distributes water in Selangor and owns 29 water treatment plants.Splash, which is 40 per cent-owned by Gamuda Bhd, is the concessionaire of the Sungai Selangor Water Supply Scheme Phase 1 and 3. As the nation's largest water supplier, Splash is capable of treating 2,000 million litres per day.
DPM: Contracts will be revised for rising prices
KUALA LUMPUR: Existing government contracts will be revised to take into account the rising cost of construction materials, Deputy Prime Minister Datuk Seri Najib Razak said.
He said details on the revision would be contained in circulars to be issued by the Finance Ministry soon."This is another effort by the government to help contractors by reviewing the old prices quoted in the contracts."Usually, signed contracts cannot be reviewed. But in the light of the abnormal situation today, the government has agreed to do so," he said after launching the Bumiputera Property Convention and Exhibition 2008 yesterday.Also present was Federation of Malay Economic Bodies (Gabem) chairman Tan Sri Rahim Tamby Chik
Another measure in favour of the construction industry was the introduction of a new contract clause for price variations in steel for all government design-and-build projects, said Najib.The Finance Ministry had said in a statement recently that the clause would minimise the risk for contractors when the ceiling price of steel was abolished.The present design-and-build contract does not take into consideration changes in the price of steel.
He said details on the revision would be contained in circulars to be issued by the Finance Ministry soon."This is another effort by the government to help contractors by reviewing the old prices quoted in the contracts."Usually, signed contracts cannot be reviewed. But in the light of the abnormal situation today, the government has agreed to do so," he said after launching the Bumiputera Property Convention and Exhibition 2008 yesterday.Also present was Federation of Malay Economic Bodies (Gabem) chairman Tan Sri Rahim Tamby Chik
Another measure in favour of the construction industry was the introduction of a new contract clause for price variations in steel for all government design-and-build projects, said Najib.The Finance Ministry had said in a statement recently that the clause would minimise the risk for contractors when the ceiling price of steel was abolished.The present design-and-build contract does not take into consideration changes in the price of steel.
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