Internal finishing work of new Parliament in progress: Tata Projects CEO

The main structure of the new Parliament building has been completed and now the internal finishing work is going on, 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, multiple committee rooms, dining areas and ample parking space.

"The main structure (of the new Parliament building) has been completed. We are now at the stage where we are doing a lot of internal finishing work," Pai told PTI in an interview.

"... it is one of its kind, so the finishes are very well thought out by the architects, procuring that and doing all the finishing," he added.

The government has maintained that the winter session of Parliament will be held in the new building being built under the Narendra Modi government's ambitious Central Vista redevelopment project.

Replying to a question on how Tata Projects is coping with the challenge of high inflationary pressure, Pai said there are definitely challenges which most of the industries are facing as they rely on a lot on commodities.

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

The other thing by now, he said, many of the contracts have matured where the procurement agreements have price variation clauses.

"So, that gives us protection, it might not really give us the full nature of the increase, but a good part of it gets mitigated by those clauses where we get support for that," Pai said.

Asked if the input cost of construction has risen due to the Russia-Ukraine conflict, he said that the steel prices have gone up, and there are some speciality items including speciality steel which is getting delayed.

"The oil prices have gone up, we have a lot of mobility requirements within our project site. We use a lot of diesel generators and equipment.

"So, yes the input costs have gone up to some extent," he said.

Russia started its military offensive against Ukraine on February 24. Western nations, including the US, have imposed major 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 the renewables.

"In addition to infrastructure, sustainability and green energy related opportunities we are seeing as something very strong," Pai said.