Main structure of the new Parliament completed, finishing works in progress: CEO of Tata Projects

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The main structure of the new parliament building has been completed and internal finishing works are underway, Tata Projects CEO and Managing Director Vinayak Pai said on Sunday.

Tata Projects Ltd is constructing the new parliament building which will have a grand constitution hall to showcase India’s democratic heritage, a lounge for members of parliament, a library, several committee rooms, dining rooms and ample parking.

“The main structure (of the new parliament building) is complete. We are now at the stage where we are doing a lot of internal finishing work,” Pai told PTI in an interview. “…it’s one of a kind, so the finishes are very well thought out by the architects, who source this and do all the finishing,” he added.

The government has maintained that the winter session of parliament will be held in the new building being constructed as part of Narendra Modi government’s ambitious Central Vista redevelopment project.

Smart Sourcing

Responding to a question on how Tata Projects is coping with the challenge of high inflationary pressure, Pai said that there are certainly challenges that most industries are facing as they rely heavily on raw materials.

“So one thing that we have to constantly look at is smart sourcing. So we have long-term contracts on a lot of our bulk material purchases that we do,” Pai said.

The other thing now, he said, is that many contracts have matured where supply agreements have price variation clauses. “So it protects us, maybe it doesn’t really give us the full nature of the increase, but a lot of it is mitigated by the clauses where we get support for it,” Pai said.

Impact due to the Russian-Ukrainian war?

When asked if the cost of construction inputs had increased due to the Russian-Ukrainian conflict, he said steel prices had risen and some specialty items, including special steel, were delayed.

“Oil prices have gone up, we have a lot of mobility needs at our project site. We use a lot of diesel generators and equipment. So yes, input costs have gone up to some extent,” said he declared.

Russia launched its military offensive against Ukraine on February 24. Western nations, including the United States, have imposed significant economic and other sanctions on Russia following the aggression. He observed that there is a huge opportunity in the infrastructure sector in India, especially in renewable energy.

“In addition to infrastructure, sustainability and green energy opportunities, we see something very strong,” Pai said.

Published on

August 28, 2022

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