NBM Media - Disseminates in Develop www.nbmcw.com10 August, 2024 INDIAN INFRASTRUCTURE & TENDERS WEEK1 Sole Official Publication of India Expo Centre Greater Noida / Delhi NCR Haryana CM Lays Foundation for 87 Projects Worth ₹184 Cr in Gurugram H aryana Chief Minister Nayab Saini has laid the foundation stones for 87 projects totaling nearly ₹184 crore in Pataudi, Gurugram. These initiatives aim to enhance local infrastructure, public services, and community facilities. Key projects include a veterinary polyclinic and animal trauma center worth ₹1 crore in Tajpur Nagar, and a polytechnic at Majri costing ₹3.5 crore. The Pataudi-Farukhnagar zone has been upgraded from low-potential to medium-potential, with ₹2.5 crore allocated for road improvements. Additionally, the government will construct 33-kilovolt powerhouses in Siwari, Jasat, and Daulatabad for ₹20.5 crore to address regional electricity shortages. Manesar will see a new municipal corporation office worth ₹76 crore. The state also plans to request the National Highway Authority of India (NHAI) to upgrade the Hodal-Nuh and Pataudi-Patauda roads to national highways. The CM has promised to consider all feasible demands made by legislator Satya Prakash Jrawta. India and Maldives Inaugurate Key Infrastructure Projects in Addu City I ndia and the Maldives have inaugurated several New Delhi-funded infrastructure projects in Addu City, including land reclamation and shore protection initiatives. India partnered with the Maldives government on an $80 million project to reclaim 184 hectares of land, completed earlier this year, to develop Addu as a regional hub and boost tourism and economic growth. Additionally, a $70 million project for road and drainage redevelopment in Addu, funded by India, is nearing completion. Under the Indian line of credit, the Maldives government is also redeveloping Gan International Airport, enhancing connectivity between Addu Atoll, the Maldives, and the world. Wipro Hydraulics Acquires Columbus Hydraulics W ipro Hydraulics, part of Wipro Infrastructure Engineering, has acquired Columbus Hydraulics, a prominent US-based hydraulic cylinder manufacturer. Founded in 1952, Columbus Hydraulics is renowned for its custom hydraulic solutions across various industries, including agriculture, construction, turf maintenance, and marine applications. Pratik Kumar, CEO of Wipro Infrastructure Engineering and Managing Director of Wipro Enterprises, commented, “This acquisition enhances our North American manufacturing capabilities and strengthens our market presence. By integrating Columbus Hydraulics’ expertise, we aim to offer more comprehensive solutions to our customers.” IRB Infrastructure Reports 13% Income Growth in Q1 FY25 I RB Infrastructure Developers Ltd., a leading multinational highway infrastructure developer, reported a net profit of ₹140 crore for Q1 FY25, up from ₹134 crore in Q1 FY24. The company also posted a 13% year-on-year increase in consolidated income, reaching ₹1,972 crore compared to ₹1,745 crore in the same period last year. Announcing the results in a board meeting in Mumbai, Chairman and Managing Director Virendra D. Mhaiskar highlighted the strong start to FY25, driven by continued growth in toll collections and new assets. He expressed optimism about future growth, citing robust GDP forecasts, government focus on PPP projects, and upcoming opportunities in the sector. NBCC Secures ₹15,000 Cr Order for Srinagar Township Development N BCC India, a public sector enterprise, has received a ₹15,000 crore order to develop a Satellite Township in Srinagar, Jammu & Kashmir. The project, covering 406 acres in Rakh-e-Gund Akshah, Bemina, aims to enhance urban infrastructure and improve living conditions in the region. The order was awarded by the Srinagar Development Authority. H1 2024 Warehouse Absorption Sees 8% YoY Increase I n H1 2024, the warehousing sector absorbed 16.6 million sq. ft., marking an 8% increase from the same period in the previous year but a 26% decline from H2 2023. This reduction is primarily due to a significant 74% drop in absorption in NCR. Mumbai and Pune combined accounted for 63% of the total absorption, with southern cities (Bengaluru, Chennai, and Hyderabad) contributing 29%. Mumbai's share rose from 25% in H1 2023 to 41% in H1 2024, driven by increased demand for grade-A warehouses in areas like Bhiwandi, Panvel, Uran, Taloja, and Ambernath. NCR's share fell sharply from 31% to 6%. Chennai saw a 191% rise in absorption to 1.5 million sq. ft. due to the low base effect. 3PL (Third-Party Logistics) companies dominated the sector, holding a 39% share in H1 2024, up from 26% in H1 2023. The Engineering & Manufacturing and Automobiles & Auto Components sectors also increased their shares from 16% and 4% in H1 2023 to 22% and 9% in H1 2024, respectively. The sector received USD 1.6 billion in investments in H1 2024, making up 42% of the total institutional investment in the real estate sector. With major global economies expanding and foreign investor participation growing in the Indian warehousing sector, investments in H1 2024 equaled one-third of the total institutional investment received in the past four years, increasing by 4.5 times compared to H1 2023. Shrinivas Rao, FRICS, CEO of Vestian, stated, "With the increased participation of foreign investors, funds have become more accessible. Additionally, recent government announcements aimed at boosting infrastructure developments are expected to reduce logistics costs from 8-9% to 5-6% of GDP, leading to increased real estate activities in the warehousing sector." Published Fortnightly An NBM Media Group Publication2 INDIAN INFRASTRUCTURE & TENDERS WEEK Cabinet Approves Eight New Rail Projects Across Seven States T he Cabinet Committee on Economic Affairs has approved eight new rail line projects across seven states, including Odisha, Maharashtra, Jharkhand, Bihar, Andhra Pradesh, Telangana, and West Bengal. With an estimated cost of ₹24,657 crore, these projects aim to improve connectivity, reduce logistical costs, minimize oil imports, and cut carbon footprints. One of the projects will enhance rail connectivity to Ajanta Caves, a UNESCO World Heritage site, boosting tourism. The approved projects will expand the Indian Railways network by 900 km, covering 14 districts and constructing 64 new stations. They will improve logistical efficiency, streamline supply chains, and accelerate economic growth. Notably, four of the projects are in Odisha, benefiting 510 villages and approximately 4 million people. The projects are expected to be completed by 2030-31. Kerala Proposes Development of Ponnani Port Under Sagarmala Scheme T he Kerala Maritime Board has submitted a proposal to the Ministry of Ports, Shipping, and Waterways for the construction of a Multi-Purpose Berth at Ponnani, a non-major port, at an estimated cost of ₹20 crore. The Kerala government is considering developing the port under a Public-Private Partnership (PPP) model, aiming to enhance regional connectivity, boost cruise tourism, and drive economic growth. An Expression of Interest (EoI) has been issued to private service providers for initiating cruise shipping that would connect various non-major ports and ports in neighboring states. Rajasthan Prepares Feasibility Report for Port Development at Bhawtara T he Government of Rajasthan has completed a pre-feasibility report for developing a port at Bhawtara, near Bakhasar in Barmer district. The Inland Waterways Authority of India (IWAI) has prepared a feasibility report for National Waterway-48. To further assess the navigation potential and development prospects of the proposed port, IWAI has enlisted the National Technology Centre for Ports, Waterways & Coasts (NTCPWC) at IIT Madras to conduct mathematical modeling of the waterway. Southern Railway's Chennai Beach-Egmore 4th Line Project Advances S outhern Railway has reported swift progress on the ₹274-crore Chennai Beach-Egmore fourth line project. To facilitate this critical infrastructure upgrade, MRTS services between Chennai Beach and Chintadripet have been temporarily suspended. Most of the construction is nearly complete, except for a 110-meter stretch awaiting land exchange and final permissions from the Navy. Work on this section is expected to begin once approvals are secured. Punjab Government Plans 66 Solar Power Plants T he Punjab government is considering the establishment of 66 solar power plants, each with a capacity of 4 MW, according to Aman Arora, Minister of New and Renewable Energy Sources. In a recent meeting with Power Minister Harbhajan Singh and senior officials from various departments, strategies for the clean energy project were discussed. Once completed, the plants are expected to produce approximately 390 million units (MU) of electricity annually. The initiative is projected to save around Rs 136 crore per year through feeder-level solarisation and attract an investment of Rs 1,056 crore. This project will also create job opportunities for both skilled and semi-skilled workers. AIPL Group to Invest ₹2,500 Cr in Punjab Real Estate Projects R eal estate developer AIPL Group plans to invest ₹2,500 crore in upcoming residential and commercial projects across Punjab. The company previously launched AIPL Dreamcity Amritsar, a 148-acre integrated township on the Delhi-Amritsar highway, and later developed another 74.3-acre township in the city. “We see significant potential for planned townships, retail, and leisure destinations in Punjab. Driven by strong growth and demand, we will soon announce multiple projects across key cities in the state,” said Shamsheer Singh, Director of AIPL.INDIAN INFRASTRUCTURE & TENDERS WEEK3 Colliers India Delivers Major Projects for Fortius Infra L eading real estate professional services firm, Colliers India, has recently completed two significant projects for Bengaluru- based developer Fortius Infra. Headed by industry veteran Gopi Krishnan, Fortius Infra is known for its transparency, strong business ethics, and an exceptional track record over the past decade. Fortius Infra appointed Colliers India to manage the delivery of two marquee projects in Bengaluru: Fortius Origin and Under the Sun. "The strategic expertise and execution capabilities of Colliers, supported by a broad network of professionals and vendors, have been critical to our success. Their commitment enabled us to complete both projects ahead of schedule, demonstrating a level of professionalism and efficiency that has strengthened our market position," says Gopi Krishnan, Founder and Chairman of Fortius Infra. The commercial development, Fortius Origin, spans a built-up area of 1.80 lakh sq.ft. and is located in the city’s hotspot, Koramangala. It is a state-of-the-art office establishment with an impressive and modern building façade. The client further went on to employ Colliers to manage the office leasing as well as the facilities management of the Grade A commercial asset, given the trusted partnership developed over the years. “A city center project often comes with several operational challenges and restrictions. Additionally, the site area had a high-water table, making deep excavations complicated. Employing our innovative engineering solutions and in-depth technical expertise, we were successful in overcoming all logistical and construction challenges, and delivered a product that is par excellence and above the market standards.”, says Indranil Basu, Managing Director, Project Management, Colliers India. “Fortius Infra has been a trusted partner over the years who has always had steadfast faith in our capabilities, and we look forward to reciprocate with all our technical knowledge and further strengthen the partnership over future projects.”, Basu adds. Under the Sun is a premium residential villa project built within the mango groves of Devanahalli, North Bengaluru. With a built-up area of 6 lakh sq.ft., the project scope comprises 125 luxury villas that are tastefully designed and infused with modern-day comforts and amenities. “Under the Sun is a unique project because of its bespoke nature. Every villa is themed differently, and the designers and Colliers’ project management experts did a fantastic job in carrying out the planning and execution of each villa. We are proud of the outcome and are grateful to the client team at Fortius Infra for the support provided throughout the project.”, said Basu. Road Ministry to Award Contracts Worth Rs 3 Lakh Cr Within 3 Months R oad Transport & Highways Minister Nitin Gadkari has announced that the Ministry of Road Transport and Highways (MoRTH) will award road contracts worth Rs 3 lakh crore within the next three months. He was speaking at the annual session of the Indian Construction Equipment Manufacturers Association (ICEMA). Present at the session were JCB, Volvo CE, Caterpillar, CASE, SANY, ACE, Ammann, Terex, Kobelco, Schwing Stetter, and Tata Motors. The Minister emphasized the crucial role of the construction equipment industry in India's infrastructure development and stated that the Ministry aims to finalize contracts worth Rs 5 lakh crore by the end of March 2025, a target that has been well-received by the industry. He urged road contractors to maintain high-quality standards while finding ways to reduce construction costs through use of green fuels. "We want development, but not at the cost of the environment," Gadkari emphasized, advocating for the adoption of methanol in engines. As of June, the Ministry has awarded projects totaling 95 km in length. The Minister assured the construction equipment industry of full government support, urging the industry to strive to make India the world's largest construction equipment market, up from its current position as the third largest. India’s construction equipment market is estimated at Rs 79,000 crore, with a total industry volume of 1.35 lakh units, expected to increase to 2.5 lakh units by 2030. He added that issues concerning customs duties on imports would be reviewed as the government will extend all the support possible to improve productivity in the CE Industry, which has great potential for driving the country’s economy and is also an important source of job creation. He said that the Budget's allocation of 3.4% of GDP to the infrastructure sector underscored its importance. “As the world's third-largest construction equipment market, we believe there's great potential to become the world's largest and most prominent and I am confident that together, we can achieve this goal and set new benchmarks in the industry," he said. Ceigall India Wins Bhubaneswar Metro Phase 1 Project Package C eigall India Ltd. has been awarded the contract for Package BBC-05 of the Bhubaneswar Metro Phase 1 project. This package is the longest of the three civil packages and spans 10.97 km, linking KIIT Square to Trisulia Square via six elevated stations. The contractor will be responsible for designing and constructing the elevated viaduct and stations.4 INDIAN INFRASTRUCTURE & TENDERS WEEK Godrej Properties Wins Prime Land Parcels in Greater Noida Auction G odrej Properties has secured the highest bid for two prime residential group housing plots in Greater Noida, Uttar Pradesh, during an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA). The land parcels, spanning 9.5 acres in Sector Sigma-III and 8 acres in Sector-12, have a combined bid value of ₹842 crore. These sites hold an estimated revenue potential of over ₹5,000 crore. IRB Infrastructure Reports Strong Toll Collection Growth in July 2024 A fter a robust 32% toll collection growth in Q1FY25, IRB Infrastructure Developers Ltd and IRB Infrastructure Trust continued their momentum into July 2024. The company reported a 37% year-on-year increase in toll collection, totaling Rs. 499 crore compared to Rs. 365 crore in July 2023. Shri Amitabh Murarka, Deputy CEO of IRB Infrastructure Developers Limited, stated, "The second quarter has begun positively, with a 37% increase in toll collection compared to the same period last year. New additions to our portfolio are also contributing well. With a normal monsoon forecast, we expect continued strong traction in toll collection going forward." Kerala Government Allocates ₹1,629 Cr for Outer Ring Road Project I n a major boost to the Outer Ring Road (ORR) project under the Capital Region Development Programme, the Kerala government has committed ₹1,629.24 crore for its construction. The ORR will connect Vizhinjam port in the south to Navaikulam in Thiruvananthapuram. This state-of- the-art road corridor will feature a greenfield alignment, linking Vizhinjam port with Kallamballam Junction on NH-66, extending towards Mangalapuram junction and Kollam. Rs 920 Cr Projects Unveiled in UP & Bihar Under Namami Gange Mission 2.0 T he Government of India has operationalized four major projects under the Namami Gange Mission 2.0 in Bihar and Uttar Pradesh during the first quarter of FY 2024-25. With a total investment of Rs. 920 crores, these projects add 145 MLD of sewage treatment capacity. In Munger, Bihar, a Rs. 366 crore project includes a 175 km sewerage network and a 30 MLD STP. In Mirzapur, Uttar Pradesh, a Rs. 129 crore project intercepts nine drains and adds two new STPs, increasing treatment capacity to 31 MLD. Ghazipur, Uttar Pradesh, saw a Rs. 153 crore project with a 21 MLD STP and 1.3 km I&D network. Bareilly, Uttar Pradesh, had a Rs. 271 crore project, intercepting 15 drains and adding three STPs with a combined 63 MLD capacity. These initiatives aim to improve water quality and support aquatic biodiversity. KCC Buildcon Wins Rs 529 Cr Road Upgradation Project in Ayodhya K CC Buildcon has emerged as the lowest bidder (L1) for a road upgradation project in Ayodhya, Uttar Pradesh, by the Ministry of Road Transport & Highways (MoRTH). With a quoted bid value of Rs 529 crore, KCC Buildcon will undertake the EPC contract to upgrade the two-lane Patranga to Bahuvan Madar Majha stretch (Pkg-V) of the 84 Kosi Parikrama Marg. NHAI Reduces Debt by Rs 15,700 Cr Through Pre-payment T he National Highways Authority of India (NHAI) has made a major stride in reducing its debt by successfully pre- paying a bank loan of Rs. 15,700 crore. This early repayment is projected to save approximately Rs. 1,000 crore in interest. Consequently, NHAI's outstanding debt has now decreased to around Rs. 3,20,000 crore. In line with the Government of India's directives, proceeds from Infrastructure Investment Trusts (InvITs) are designated for NHAI's debt repayment. The Rs. 15,700 crore used for the pre-payment was raised through InvIT in FY 2023-24. Looking ahead, NHAI plans to monetize projects worth Rs. 15,000 to 20,000 crore via InvIT during FY 2024-25, aiming to further reduce its debt to approximately Rs. 3,00,000 crore by the end of the fiscal year. Brigade Group to Develop Rs 750 Cr Commercial Space in Bengaluru B engaluru-based Brigade Group, through its wholly-owned subsidiary Brigade Tetrarch, plans to develop a Rs 750-crore commercial space in the city. The project, spanning 1.4 million sq. ft. of leasable area, will feature world-class tech-enabled spaces and amenities to meet the dynamic needs of businesses. The development is expected to generate an annual lease income of Rs 100 crore. Indore-Pithampur Economic Corridor Construction to Begin Soon C onstruction of the 20.3-km-long Indore-Pithampur Economic Corridor is expected to start within the next six months. Stretching from behind Bijasan Hill to Rau Toll and connecting AB Road, the corridor is set to be a major economic driver for western Indore. The corridor will link the city's urban and industrial areas, supporting the development of a startup and IT park as well as a Fintech city. The goal is to foster planned growth for non- polluting industries, businesses, and knowledge centers, while enhancing residential and social infrastructure along the route.INDIAN INFRASTRUCTURE & TENDERS WEEK5 RVNL Floats Tender for Indore-Budni Section Construction R ail Vikas Nigam (RVNL) has issued a tender for constructing roadbeds, minor bridges, and related works on the Indore-Budni section of Bhopal Division, West Central Railway, Madhya Pradesh. Under Package 1B, the project involves building roadbeds, minor bridges, structures, installing tracks (excluding rails, sleepers, and thick web switches), and other civil and electrical works for a new BG line between Kheri (excluding) and Pipaliya Nankar station (chainages 57.400 - 129.000 km). The contract is valued at Rs 1,021.59 crore. Ministry Details Bridge Construction Over Brahmaputra River T he Ministry of Ports, Shipping and Waterways, led by Union Minister Sarbananda Sonowal, provided updates on the construction of bridges over the Brahmaputra River, part of National Waterway-2. Five bridges are currently under construction across the river, which spans 891 kilometers from Dhubri to Sadia and was designated National Waterway-2 in September 1988. Any bridge construction over a National Waterway requires a "No Objection Certificate" (NoC) from the Inland Waterways Authority of India (IWAI) to ensure compliance with essential parameters for horizontal and vertical clearances, crucial for safe navigation. The IWAI regulations specify that the Brahmaputra River stretch from Dhubri to Dibrugarh is classified as a Class-VII waterway, necessitating a minimum horizontal clearance of 100 meters between piers and a minimum vertical clearance of 10 meters. The stretch from Dibrugarh to Sadia is classified as a Class-V waterway, requiring a minimum horizontal clearance of 80 meters and a minimum vertical clearance of 8 meters. Sharika Enterprises Appoints Shyama Prasad Mukherjee as Independent Director S harika Enterprises has appointed Shyama Prasad Mukherjee as an Independent Director. Mr. Mukherjee brings over 36 years of industry experience and holds degrees from IIT Roorkee and IIT Bombay, along with an MBA from IGNOU. He is a Fellow Member of the Institution of Engineers (India) and a Chartered Engineer. Mr. Rajinder Kaul, Chairman & Managing Director of Sharika Enterprises Ltd., welcomed Mr. Mukherjee to the Board. He said, “We are excited to have Mr. Shyama Prasad Mukherjee join our Board. His vast experience will be a valuable asset to Sharika Enterprises. We are confident that his expertise will enhance our strategic direction and operational efficiency.” Expressing his enthusiasm about joining Sharika Enterprises, Mr. Mukherjee said, “I am honoured to join Sharika Enterprises. I am eager to contribute to the company’s goals and strategic vision. Together with the talented team of Sharika Enterprises, I look forward to achieve new milestones in the industry.” Airport Authority of India Finalises Bhopal's Airport Masterplan T he Airport Authority of India has finalized the masterplan for Bhopal airport, set to be implemented in three stages by 2047. To achieve ultimate capacity, the runway will be extended to 4000 meters, requiring the acquisition of approximately 65 acres of additional land. State government approval for this acquisition is pending. This expansion is crucial to accommodate projected air traffic growth and future demand. Phase 1 will focus on enhancing existing infrastructure and facilities, including terminal expansion, new parking areas, and upgraded air traffic control systems to streamline operations and improve passenger experience. Phase 2 involves significant changes to the airport layout and infrastructure, such as constructing new taxiways, aprons, and hangars, and further expanding the terminal to handle increased passenger traffic. These developments aim to position Bhopal airport as a key regional hub. By 2047, the Ultimate Capacity phase will see the runway extended to 4000 meters, allowing larger aircraft to operate and opening new routes and destinations. This phase will enable Bhopal airport to handle more domestic and international flights, reaching its full potential. Tata Power Partners with DGPC for 600 MW Hydropower Project in Bhutan T ata Power, in collaboration with Druk Green Power Corporation Ltd (DGPC) of Bhutan, has announced a strategic partnership for the development of the 600 MW Khorlochhu Hydropower Project. Supported by the Royal Government of Bhutan and the Government of India, the project is located in the Trashiyangtse Dzongkhag (District) in Eastern Bhutan on the Kholongchhu river. Tata Power will invest 40% equity in the Public-Private Partnership Company, Khorlochhu Hydro Power Limited. The project, estimated to cost Rs. 6900 crore, is set to begin construction immediately with a five- year timeline. All necessary approvals have been obtained. This partnership builds on the existing collaboration between Tata Power and DGPC in the 126 MW Dagachhu Hydropower Plant. The Khorlochhu Hydropower Project will help Bhutan meet its growing winter electricity needs and export power to India during the summer, aiding India's renewable energy transition. This investment aligns with Tata Power's "Sustainable is Attainable" initiative, emphasizing its commitment to carbon neutrality and clean energy solutions. Dr. Praveer Sinha, CEO & MD, Tata Power said, “This is a landmark alliance for Tata Power and Druk Green Power Corporation. The development of the 600 MW Khorlochhu Hydropower Project in Bhutan will provide energy security to the region. This project marks a significant step towards building a sustainable energy landscape underscoring Tata Power’s commitment to a greener future.”6 INDIAN INFRASTRUCTURE & TENDERS WEEK JMS Group Acquires 8.65 Acres in New Gurugram for Residential Project J MS Group has acquired 8.65 acres in Sector 95, New Gurugram, Haryana, for a new residential project. The company plans to invest approximately Rs 400 crore in construction, aiming to redefine urban living. The project is expected to generate revenue of Rs 1,000 crore upon completion. Construction will commence after obtaining necessary approvals, with completion anticipated within the next few years. TIL Limited Partners with Snorkel Europe T IL Limited has partnered with Snorkel Europe Limited to become an official sales and service partner for Northern and Eastern India, Andaman and Nicobar Islands, Nepal, and Bhutan. Snorkel will provide its product range and expertise, while TIL will leverage its customer network to offer aerial work platforms, telehandlers, and material lifts. This partnership expands TIL's offerings in material handling, mining, construction, and defence sectors. Speaking about the new partnership Craig Revell, Business Development Director, Middle East and India, Snorkel Europe Limited said, “We are excited to have TIL Limited as our Sales & Service partner in India, Nepal and Bhutan. The brand’s legacy in the AWP sector, coupled with its highly experienced team make it the ideal partner for Snorkel in this region. We look forward to reaching new customers across TIL’s territory and bringing them the robust products that both Snorkel and TIL are known for.” “TIL Limited is delighted to embark on this partnership with Snorkel in India, Nepal and Bhutan. Our customers have known us for highly reliable and robust products that can perform in different and demanding working environments safely. The products that Snorkel has to offer to Indian Customers are known globally for the same quality and dependability. We feel this partnership is a natural fit and fulfils the Indian markets demand for safe, powerful and versatile aerial work platforms.” Said Alok Tripathi Director and President of TIL Limited. Hyderabad's High-End Residential Segment Surge To 50% Plus Since 2022 C BRE South Asia Pvt. Ltd. and CREDAI-Telangana have released a joint report titled "Hyderabad’s Residential Renaissance: Dissecting the City’s Transforming Housing Landscape." The report highlights a significant shift in the city's housing market, with the high- end residential segment (INR 1-2 crore and above) now accounting for over 50% of sales from CY 2022 onwards, up from approximately 30% until CY 2021. Since 2022, new launches in this segment have surged, capturing a 55-65% share, compared to less than 20% each year before the pandemic. Conversely, the mid-segment residential sales (INR 45 lakhs to INR 1 crore) in Hyderabad have dropped to less than 25% in H1 2024, a significant decrease from the 50% share until CY 2021. Similarly, the share of new launches in the mid-segment has fallen to around 25%, compared to 60-70% in the pre-COVID period. Hyderabad's residential market has traditionally been dominated by the mid-end (INR 45 lakhs to INR 1 crore) segment in terms of new launches. However, in recent years post-COVID, there has been a noticeable shift towards the high-end (INR 1-2 crore) segment, driven by rising disposable incomes and evolving buyer preferences. T he Rail Land Development Authority (RLDA), a statutory authority of Indian Railways, has called for bids to lease railway land at Bhadau Colony, Varanasi, under the Lucknow Division of Northern Railway. The total land area available for lease is 10,834.97 sqm, with a 60-year lease term and a reserve price set at INR 99.5 crore. The site offers a Floor Area Ratio (FAR) of 2.0. Strategically located along the Mirzapur- Varanasi Road, this site was formerly an old railway colony and is in close proximity to Varanasi City and Kashi Railway Stations. It is approximately 1 km from the western bank of the River Ganga, nestled within the vibrant city of Varanasi. The land is bordered by residential colonies to the north and west, the Mirzapur-Varanasi Road to the east, and Kashi Railway Station to the south. IOCL Invites Bids for Paradip Refinery Township Expansion I ndian Oil Corporation (IOCL) has called for bids for constructing G+8 storied quarters and associated infrastructure facilities as part of the Paradip Refinery township expansion in Paradip, Odisha. The contract, valued at Rs 101.16 crore, requires completion within 24 months from the date of site handover. The House of Abhinandan Lodha Plans Rs 1,800 Cr Investment for Expansion T he House of Abhinandan Lodha will invest Rs 1,800 crore in the current financial year for land acquisition and project construction as part of its expansion strategy. The Mumbai-based firm has launched nearly 10 plotted development projects across 650 acres in Maharashtra, Goa, and Ayodhya in Uttar Pradesh. Of the total investment, Rs 550 crore will be allocated for construction, with the remaining amount dedicated to land acquisition. The investment will be funded through internal accruals. The company has identified 48 cities across India to leverage existing or upcoming infrastructure projects and tourist influx. Additionally, The House of Abhinandan Lodha plans to launch housing plots in Amritsar, Varanasi, and Shimla. J M Mhatre Infra Wins NAINA Project Bid for Road Development J M Mhatre Infra has emerged as the lowest bidder (L1) for integrated infrastructure development, including road projects under the NAINA initiative in Maharashtra. The City & Industrial Development Corporation (CIDCO) awarded the bid to the company, which will develop 20m, 27m, and 30m wide roads in TPS 5 and TPS 6 under NAINA, at a quoted value of Rs 385.50 crore.INDIAN INFRASTRUCTURE & TENDERS WEEK7 MIDAS Constructions Wins NH-127B Project in Meghalaya M IDAS Constructions has been declared the lowest bidder (L1) by the Ministry of Road Transport & Highways (MoRTH) for the two- laning of NH-127B in Meghalaya. The project entails improving and widening NH-127B from km 31.500 to km 63.224 (Goeragre) to a two- lane road with paved shoulders. The work will be executed on an engineering, procurement, and construction (EPC) basis under the North East Road Network Connectivity Improvement initiative, funded through Japan International Cooperation Agency (JICA) ODA Loan Phase- VII (Package-2). ACE Reports Strong Q1 FY25 Results with 12.82% Revenue Growth A CE has maintained its growth momentum in Q1 FY25, achieving its best-ever April-June quarterly performance despite the backdrop of General Elections. Executive Director Sorab Agarwal highlighted the company's robust growth across all business segments and significant improvement in key operating metrics. Operational revenues grew by 12.82% YoY to Rs. 733.63 crores, with EBIDTA increasing by 28.73% to Rs. 125.50 crores and margins expanding from 15% to 17.11%. PBT grew by 24.87% to Rs. 111.42 crores, while PAT increased by 24.46% to Rs. 83.71 crores. Margin expansion was driven by operating leverage, a better product mix with improved price realizations, efficient cost control measures, and favorable commodity prices. The company is also in discussions with KATO WORKS CO LTD. to establish a joint venture in India to produce medium and large-sized cranes. This joint venture aims to introduce a wide range of value- added products for both the Indian and export markets, supporting ACE's medium- to long-term growth strategy. The Cranes, Construction Equipment & Material Handling segment saw consolidated revenue of Rs. 690.67 crores, up 20% YoY, with margins expanding to Rs. 103.76 crores. The Agri Equipment Division registered revenue of Rs. 42.96 crores with a 3% margin. Looking ahead, ACE expects the demand momentum to improve in the Agri space, driven by favorable monsoon conditions, better liquidity, and consumer credit availability. With India's strong economic prospects and the government's focus on infrastructure projects, the company remains optimistic about its medium- to long-term growth prospects. Vedanta Aluminium's 12 mm Wire Rods Get BIS Certification V edanta Aluminium, India's largest aluminium producer, has received BIS certification for its 12 mm wire rods produced at the Bharat Aluminium Company Limited (BALCO) facility in Korba, Chhattisgarh. These wire rods, known for their excellent conductivity, lightweight nature, and durability, are primarily used in electrical and power transmission. Vedanta Aluminium was the first in the Indian aluminium industry to secure BIS certification for its extensive range of products. This new certification underscores the company's commitment to superior product quality and continuous innovation. Additionally, the BIS has re-certified six other product categories at the BALCO facility: EC Ingots, Alloy Ingots, Primary Ingots, Rolled Sheets, Rolled Conductor Plates, and Rolled Plates for general engineering purposes. With these certifications, BALCO now holds seven BIS certifications covering 17 products, strengthening Vedanta's market position. John Slaven, CEO – Vedanta Aluminium, said, “At Vedanta Aluminium, our focus is to consistently deliver top-notch aluminium products that meet the highest standards. These BIS certifications reflect our rigorous quality control and advanced production techniques, enabling us to serve diverse industries and global customers with a diverse range of products that are designed to exceed industry standards.” ArcelorMittal Reports 2Q 2024 and Half-Year Results A rcelorMittal, the world’s leading integrated steel and mining company, announced its 2Q 2024 results, reporting an EBITDA of $1.9 billion, down slightly from $2.0 billion in 1Q 2024. The EBITDA per ton stood at $134 in 2Q 2024, reflecting ongoing structural improvements. Steel shipments in 2Q 2024 reached 13.9 million tons, a 3.2% increase from 13.5 million tons in 1Q 2024. This rise in shipments and lower costs helped offset the impact of reduced steel prices. Net income for 2Q 2024 was $0.5 billion, down from $0.9 billion in 1Q 2024, mainly due to the non-cash mark-to-market impact on Vallourec shares. The company's net debt was $5.2 billion at the end of the quarter, with gross debt at $11.1 billion and cash and cash equivalents of $5.9 billion as of June 30, 2024. This strong financial position supports ongoing growth investments and capital returns. Over the past 12 months, ArcelorMittal generated $2.6 billion in investable cash flow, with $1.5 billion invested in strategic growth projects and $1.8 billion returned to shareholders. AM/NS India Performance: In 2Q 2024, AM/NS India produced 1,867 kt of steel, a decrease from 1,984 kt in 1Q 2024, but an increase from 1,792 kt in 2Q 2023. Sales in 2Q 2024 declined by 12.9% to $1.6 billion compared to $1.8 billion in 1Q 2024, due to planned maintenance and lower average steel selling prices. EBITDA for 2Q 2024 was $237 million, down from $312 million in 1Q 2024, driven by a negative price-cost effect and lower shipments. The 1GW India renewables project in Andhra Pradesh has begun commissioning, with power evacuation infrastructure largely complete. The $0.7 billion capex project is expected to generate $0.1 billion of EBITDA and will provide cost-competitive, stable, round-the-clock renewable power for AMNS India, meeting over 20% of the energy requirements for its Hazira plant. ArcelorMittal expects another strong year for India, with apparent steel consumption growth projected between 7.5% and 9.5%, up from the previous expectation of 6.5% to 8.5%.8 INDIAN INFRASTRUCTURE & TENDERS WEEK DLF to Launch First Mumbai Project by December 2024 R ealty major DLF plans to launch its first project in Mumbai by December 2024, pending approval and requisite clearances. DLF will invest Rs 400 crore in equity for the project, which will offer a potential saleable area of 3 to 3.5 million sq. ft. Located in Andheri, the project will feature apartments priced between Rs 5.5 crore and Rs 7.5 crore, with three-BHK and three-BHK-plus configurations. This Mumbai project is a Slum Rehabilitation Authority (SRA) initiative in a joint venture with the Trident Group. Sobha Announces Third Residential Project in Gurgaon S obha Ltd. has signed a joint development agreement with a Gurgaon-based entity to develop a residential project in Sector 63A on a 12-acre land parcel. This marks Sobha's third project in Gurgaon, adding to its ongoing developments in the area. Welspun and Tata Steel Achieve Hydrogen Pipe Milestone W elspun Corp and Tata Steel have achieved a significant milestone by developing Hydrogen- compliant API X65 grade pipes. These pipes have successfully passed all critical sour service and fracture qualification tests for transporting 100% pure gaseous Hydrogen under high pressure (100 bar) at RINA, Italy. With this achievement, Welspun Corp becomes the first Indian pipe mill to produce Electric Resistance Welded (ERW) pipes for Hydrogen transportation. Tata Steel is the first Indian steel mill to produce hot-rolled steel for this purpose. This development is part of the Green Energy Strategic Partnership between Welspun Corp and Tata Steel, established to assess the suitability of various pipes for Hydrogen transportation. This partnership aligns with the Government of India's green hydrogen policy. Vipul Mathur, Managing Director & CEO, Welspun Corp Limited (WCL) said, "WCL is continuously working towards strengthening its expanding product portfolio across the Pipe Solutions and Building Materials segments, both in India and globally while being mindful towards building a future-ready world. Our strategic partnership with Tata Steel enables us to jointly adopt and build awareness towards the usage of Green Hydrogen in our daily lives. This endeavor is in line with our ongoing efforts to strategically embed ESG drivers across our businesses, and the Government’s vision for a net-zero economy by 2070." Prabhat Kumar, Vice President, Marketing & Sales (Flat Products), Tata Steel, said, “We are proud to achieve this milestone in partnership with Welspun Corp since it marks a critical advancement in our journey towards clean energy solutions. Through this, we are laying the groundwork for a more robust infrastructure and ecosystem necessary for the widespread adoption of green hydrogen, thereby encouraging the transition to a greener and more sustainable future.” Cube Highways Trust Announces Strong Q1 FY 2024-25 Results C ube Highways Trust, managed by Cube Highways Fund Advisors Pvt. Ltd., reported robust results for the quarter ended June 30, 2024. The total consolidated income for the period was ₹ 8,309 million, with a consolidated EBITDA of ₹ 5,743 million. The Board of Directors declared a Distribution Per Unit (DPU) of ₹ 2.00 to ordinary unitholders for Q1 FY 2024-25, totaling ₹ 2,668.9 million. The record date for the distribution is August 9, 2024, with payment scheduled on or before August 14, 2024. Pankaj Vasani, Group CFO of Cube InvIT, stated, “The start of FY25 has been encouraging, with our Q1 results demonstrating another quarter of solid performance and consistent returns. The DPU includes ₹ 1.04 per unit as interest, ₹ 0.22 per unit as dividend, ₹ 0.73 per unit as repayment of SPV loan, and ₹ 0.01 per unit as treasury income. We are confident in maintaining this performance in the upcoming quarters.” Vinay Sekar, CEO of Cube InvIT, added, "We have been showcasing consistent growth across our road assets. The seamless integration of the recently acquired six HAM assets into our portfolio validates the synergistic capabilities of our teams." As of June 30, 2024, the Net Debt/Enterprise Value stood at 38%, with the portfolio valuation increasing to a total Asset under Management of ₹ 287,646 million. Shimla Ropeway Project to Commence in March 2025 C onstruction of the world's second-largest ropeway project, the 13.79-km Shimla Ropeway Project, will begin on March 1, 2025, according to Himachal Pradesh Deputy Chief Minister Mukesh Agnihotri. The project aims to decongest the state capital, Shimla. The route lines, named Monal Line, Deodar Line, and Apple Line, will feature 15 stations and cover a 60-km area. The government will bear 20% of the Rs 1,734.40 crore project cost. Initially, the ropeway will have the capacity to transport 2,000 persons per hour, which will increase to 6,000 for two-way travel by 2059. AAI & Metro Railway Invite Bids for Yellow Line Extension T he Airports Authority of India (AAI) and Metro Railway have invited bids for the 6.8 km extension of the Yellow line from Airport to Birati. The Rs 1,330 crore contract includes the construction of Birati and Michael Nagar stations. The Yellow line will extend from Noapara to Barasat, passing through the airport. Adani Power to Build 1600 MW Thermal Plant in Uttar Pradesh A dani Power is set to construct a 1600 MW (2x800 MW) ultra-supercritical thermal power plant in Mirzapur, Uttar Pradesh. This project will help double Adani Power's thermal capacity to approximately 30 GW. The company plans to invest about Rs 14,000 crore in this new facility. Currently, Adani Power is expanding its thermal portfolio from 15.25 GW to 16.85 GW. The Mirzapur plant is being developed by Adani Power's subsidiary, Mirzapur Thermal Energy (UP) (MTEUPL), which Adani Power acquired from Adani Infra (India) in June. The manufacture and supply contract for the main plant equipment has been awarded to BHEL. This large-scale project will enable Adani Power to enhance its generation capacity and broaden its geographic footprint in India.INDIAN INFRASTRUCTURE & TENDERS WEEK9 India & World Bank Sign Contract for Green National Highway Corridors T he Government of India and the World Bank have signed an agreement for the construction of the Green National Highway Corridors Project (GNHCP), covering 781 km across Himachal Pradesh, Rajasthan, Uttar Pradesh, and Andhra Pradesh. The project, with a total cost of $1,288.24 million (Rs. 7,662.47 crore), will receive $500 million in loan assistance from the World Bank. The project is scheduled for completion by May 2026. GNHCP aims to demonstrate safe and green highway practices focusing on climate resilience and the use of green technologies, incorporating: Conservation of natural resources using cement-treated sub-base/reclaimed asphalt pavement. Promoting the use of local/marginal materials like lime, fly ash, and waste plastic. Implementing bio-engineering measures for slope protection, such as coco fiber/jute erosion control blankets, hydroseeding, shotcrete crib walls with vegetation, bamboo plantations, and hedge brush layers. These green technologies and bio-engineering solutions, especially in hilly areas, are expected to reduce carbon emissions and conserve natural resources throughout the project's lifecycle. The project aims to provide smooth, motorable roads with all-weather connectivity, boosting socio- economic development, trade, and regional connectivity. Improved road stretches will enhance access to inner regions, fostering employment opportunities and inclusive growth by integrating these areas more closely with mainstream regions. India Ranks 2nd Largest Aluminium Producer in the World P roduction of key minerals like iron ore and limestone has shown robust growth in Q1 of FY 2024-25, following record levels in FY 2023- 24. Iron ore and limestone account for about 80% of the total MCDR mineral production by value, with FY 2023-24 seeing 275 million metric tons (MMT) of iron ore and 450 MMT of limestone. In the non-ferrous metal sector, primary aluminium production grew by 1.2% in Q1 FY 2024-25, reaching 10.43 lakh tons (LT), up from 10.28 LT in the same period last year. India ranks as the 2nd largest aluminium producer, 3rd largest lime producer, and 4th largest iron ore producer globally. The continued growth in iron ore and limestone production reflects strong demand in the steel and cement industries. Along with the rise in aluminium production, these trends indicate ongoing robust economic activity in sectors such as energy, infrastructure, construction, automotive, and machinery. RVNL Wins Rs 739 Cr Distribution Infrastructure Project in Himachal Pradesh R ail Vikas Nigam Limited (RVNL) has emerged as the lowest bidder for a significant project in Himachal Pradesh. The project involves developing distribution infrastructure in the Central Zone of Himachal Pradesh under the revamped reforms-based and results-linked distribution sector scheme by the Himachal Pradesh State Electricity Board (HPSEBL). The estimated cost of the project is Rs 739 crore, with a completion timeline of 24 months. RLDA Invites Bids for Commercial Development of Land near Ramnagar Station T he Rail Land Development Authority (RLDA), a statutory authority of Indian Railways, has invited bids for the commercial development of railway land near Ramnagar Station in Uttarakhand, under the Izzatnagar Division of North Eastern Railway. The total land area to be leased to the developer is 13,625 sqm for a duration of 45 years, with a reserve price set at INR 18.87 crore and a Floor Area Ratio (FAR) of 2.2. The site is bounded by railway land to the north and west, a 3.35-meter-wide canal to the east, and a 9-meter-wide Dhela road of the PWD to the south, which is identified in the master plan for widening up to 30 meters. This development project aims to enhance the commercial infrastructure around Ramnagar Station, benefiting both the local community and the broader region. RITES Partners with NHAI for Road Safety Assessments R ITES has announced a partnership with the National Highways Authority of India (NHAI) to provide advisory services for road safety assessments on highways, bridges, and tunnels. According to a filing with the exchange, RITES will offer consultancy services for NHAI projects in these areas, focusing on road safety audits. The partnership will involve RITES conducting external technical audits, monitoring the health of the infrastructure, and providing quality assurance and other relevant services to ensure the safety and reliability of the nation's roadways. L&T PT&D Secures Major Contracts for Grid Elements in India and Abroad L arsen & Toubro's Power Transmission & Distribution (PT&D) vertical has won significant new orders in India and overseas to build critical grid elements. These contracts include the establishment of substations and transmission lines to enhance the reliability and resilience of power supply networks. In India, PT&D will execute two 765kV Double Circuit Transmission Line packages to evacuate power from the Jaisalmer/Barmer Renewable Energy Zone in Rajasthan to substations in Madhya Pradesh for further interconnections. Internationally, PT&D has secured orders to build a 380kV substation and overhead line segments in Saudi Arabia's central region, aimed at strengthening the 380kV network. Additionally, in the UAE, PT&D will construct a 220kV substation and three 132kV substations to meet the growing electricity demand in Dubai and Abu Dhabi.10 INDIAN INFRASTRUCTURE & TENDERS WEEK Oberoi Realty Signs Development Agreement in Mumbai's Bandra West O beroi Realty has signed a development agreement for land on Carter Road in Bandra West, Mumbai, covering approximately 2,576 square meters. Earlier in May, the company announced the redevelopment of seven old buildings in the Adarsh Nagar area of Worli, which includes 504 flats. As part of this agreement, Oberoi Realty received 6.24 lakh sq. ft. of RERA carpet area to be sold in the open market. Kali River Bridge Collapse Causes Heavy Traffic on NH 66 A bridge over the Kali River collapsed early Wednesday morning, causing heavy traffic on National Highway 66, which connects Goa and Karnataka. The bridge, previously used for Goa-bound traffic, had been in service since the construction of a new bridge a decade ago. ICRA Projects Strong Growth for Indian Construction in FY2025 I CRA anticipates a healthy revenue growth of 12-15% for Indian construction entities in FY2025, driven by a robust order book and the government's focus on infrastructure. This projection is supported by the Government of India's increased capital expenditure of Rs 11.1 trillion in the FY2025 revised budget estimates. ICRA maintains a stable outlook for the sector, citing steady operating income growth, moderate leverage, and solid coverage metrics. Chintan Lakhani, Vice President and Sector Head - Corporate Ratings at ICRA, noted that the aggregate order book-to-sales ratio for ICRA's sample set of companies remained stable at 3.3x as of March 2024, indicating strong medium-term revenue growth prospects. While some construction entities faced challenges with road sector orders in FY2024 due to muted awarding from the Ministry of Road Transport and Highways, diversification into segments like drinking water, metro projects, and railway station development has helped sustain their order books. Over the past five years, the order book of ICRA’s sample construction companies has ranged between 3.3x and 4.0x of operating income, supported by the government’s increased capital outlay towards the infrastructure sector. Transportation and building segments continue to dominate the order book, though their combined share has declined to 62% in FY2024 from 77% in FY2020, with an increased proportion of orders in mining, water, and energy sectors. The moderation in prices of key commodities like steel supported the earnings profile of construction entities during FY2024; however, rising steel prices could impact this fiscal year. Despite intense competition in EPC and hybrid annuity model projects, operating margins are expected to remain stable at around 11% in FY2025, supported by operating leverage benefits. ICRA expects the cash conversion cycle to elongate, with no further extensions in Atmanirbhar Bharat scheme-related relaxations beyond March 2024. Consequently, debt levels are expected to increase to support enhanced working capital requirements, but operational leverage benefits are anticipated to keep the interest cover at around 4.0 times in FY2025. NCR Affordable Housing Sales Share Dips to 24% in H1 2024 F rom a hub of unscrupulous real estate activities to a vibrant realty market, NCR has seen significant transformations in the past five years, particularly in housing demand trends. According to ANAROCK data, luxury housing now dominates the market, comprising over 45% of the total 32,200 units sold in H1 2024, a stark contrast to 2019 when luxury homes accounted for only 3% of sales. The affordable segment's share has dropped from 49% in 2019 to 24% in H1 2024. Anuj Puri, Chairman of ANAROCK Group, highlights Gurugram's significant role in this shift. In H1 2024, Gurugram sold approximately 17,570 units, with 59% (about 10,365 units) being luxury homes, compared to just 4% (around 470 units) in 2019. Conversely, affordable housing sales in Gurugram have decreased from 43% (about 5,740 units) in 2019 to 27% (approximately 4,710 units) in H1 2024. Noida and Greater Noida together sold approximately 8,425 units in H1 2024, with 42% (around 3,550 units) in the luxury segment and 13% (about 1,100 units) in the affordable segment. The mid and premium segments, priced between INR 40 lakh and INR 1.5 Cr, saw the highest sales at 45% (about 3,770 units). In 2019, these cities led NCR sales with around 21,770 units, of which 44% (about 9,565 units) were affordable and 4% (approximately 990 units) were luxury homes. Ghaziabad, Faridabad, Delhi, and Bhiwadi sold approximately 6,205 units in H1 2024, with 715+ units in the luxury segment and 1,920 units in the affordable segment. The mid and premium segments accounted for the highest sales at approximately 3,570 units. In 2019, these cities sold around 11,900 units, with the affordable segment leading at about 7,875 units, followed by approximately 3,910 units in the mid and premium segments, and just 115 units in the luxury segment. Indian Oil Gets Approval for Greenfield Terminal in Patna I ndian Oil Corporation (IOCL) has received Stage-1 approval for constructing a greenfield terminal at Bihta in Patna, Bihar. The terminal will be situated on the Barauni- Kanpur product pipeline (BKPL) and Patna- Motihari-Baitalpur pipeline (PMBPL), with an estimated investment of Rs. 1,698.67 crore. Patel Engineering JV Secures Rs 317.60 Cr Contract for Jigaon Water Project P atel Engineering (PEL), in partnership with its joint venture (JV) partner, has secured a Rs. 317.60 crore contract for the construction of water lifting arrangements for the first stage of the Jigaon project in Maharashtra. The project scope includes the construction of water lifting arrangements for LIS 1 to 12, incorporating an approach channel, rising main, pumping machinery, switchyard, and all allied civil, mechanical, and electrical works.Next >