CHENNAI INFRASTRUCTURE
MoU signed to set up 3 testing facilities in Chennai under Defence Testing Infra Scheme
The Ministry of Defence revolutionizes defence infrastructure with state-of-the-art facilities in Chennai. With a massive investment of Rs 400 crore under the DTIS scheme, led by Defence Minister Rajnath Singh, the MoU exchange in New Delhi sets the stage for cutting-edge testing facilities. Keltron, Bharat Electronics Limited, and India Optel Limited spearhead the initiative towards self-reliance in defence technology.
Vodafone Idea acquires Rs 3,510 crore worth of airwaves in 11 circles
India's Vodafone Idea has spent Rs 3,510 crore to acquire 50MHz of spectrum in 11 circles, strengthening its 4G portfolio and launching 5G services. The acquisition will enable the use of dedicated sub-GHz spectrum for advanced technologies and customer experience. Vodafone Idea has also held 5G trials in three network circles using Samsung's virtual Radio Access Network (vRAN) solutions.
ESR acquires additional 27 acres in Chennai’s Oragadam to expand industrial park
ESR Group, focusing on real estate services and investment in the Asia Pacific region, has expanded its industrial and logistics park in Chennai’s Oragadam by acquiring an additional 27 acres of land. This brings the total area of ESR Oragadam Industrial & Logistics Park to 107 acres, with plans to develop 2.5 million sq ft. The Hong Kong-listed company will invest over Rs 276 crores for construction, including land costs.
Modi 3.0's agenda for Indian Railways: Focus on capacity expansion with new Vande Bharat, Amrit Bharat trains and reduced wait times
The Modi-led NDA government's third term focuses on infrastructure development, with Indian Railways enhancing passenger and cargo capacity. Key areas include increasing capacity, reducing waitlists, introducing new trains like Vande Bharat and Amrit Bharat, and enhancing safety measures. Modernization efforts aim to improve the passenger experience, with initiatives like the new sleeper variant of the Vande Bharat Express. The Integral Coach Factory is tasked with domestically producing bullet trains, reflecting a commitment to 'Make in India' and infrastructure growth
Data storage cos in a sweat over need to stay cool
Data centers in western and northern India are facing rising operational costs due to soaring temperatures. Firms like Yotta and CtrlS are using alternative cooling methods and renewable energy, while ESDS reports a 10-12% rise in power costs due to erratic grid supply. Several of these data centres are located in New Delhi, Haryana, Noida.
Embassy REIT raises Rs 1200 crore debt to acquire prime commercial asset in Chennai
Embassy REIT secured a Rs 1200 crore debt from a nationalised bank to purchase a 5 mn sq ft commercial asset in Chennai, expanding into a new growth market. The acquisition was funded through debt at 8.05% and internal accruals. The property has a high occupancy rate and will enhance Embassy REIT's commercial portfolio significantly.
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Pledged $2.6 bn sovereign loans to India in 2023: ADB
The Asian Development Bank (ADB) has pledged $2.6 billion in sovereign lending to India in 2023 for projects aimed at urban development, industrial corridor projects, power reforms, climate resilience, horticulture, and connectivity. The multilateral lender also committed over $1 billion for private sector projects and extended $23.53 million in technical assistance and $4.1 million in grants.
New railway line to connect Noida Airport with Palwal and Chola for connectivity to Kolkata, Mumbai, and Chennai
In a significant move for regional connectivity, a new 60km railway line is proposed between Chola and Rundhi to link Noida International Airport with routes to Howrah, Chennai, and Mumbai. The project, estimated at Rs 2,400 crore, aims to serve over 1.2 lakh people initially and includes five railway flyovers and integration with existing networks. Construction is expected to take three years.
New Covid wave in Singapore: No need for panic, assures Tamil Nadu govt
Dr. T S Selvavinayagam, Director of the Directorate of Public Health and Preventive Medicine in Tamil Nadu, reassured the public about the new Covid wave in Singapore, describing it as a "milder infection" that does not warrant panic. He stated that there have been no significant hospital admissions in Singapore following the outbreak. The Singapore variant, KP.2, a sub-variant of Omicron, has been reported in some parts of India, with 290 cases of KP.2 and 34 cases of KP.1 found in the country. Selvavinayagam emphasized that Tamil Nadu has the required infrastructure to handle any situation and that the state has almost fully vaccinated the 18-plus population.
Capital markets and dispute resolution will keep law firms busy in coming years: Harry Chawla, Luthra and Luthra Law Offices
Technology integration drives legal sector growth, with rising demand for regulations, advisory services, and increased M&A activity. Focus on AI, blockchain, data privacy, cybersecurity, and geographical expansion to enhance client service and efficiency.
Table Space targets high growth, leases over 2.5 million sq ft across four cities
Table Space expands its presence in Indian cities by acquiring and leasing office spaces to meet the growing demand for managed workspaces. They aim to add more space in key metros and provide world-class workspace solutions.
Evaluation of infrastructure requirements for achieving $1 trillion exports by August-September: Official
A study by the Asian Development Bank is underway to assess infrastructure needs and identify industry clusters to achieve India's USD 1 trillion merchandise export target by 2030. In 2023-24, exports dipped to USD 437 billion and imports to USD 675.4 billion. Investments in roads, ports, airports, and railways are crucial for handling the projected USD 2.5 trillion trade. Key sectors expected to drive export growth include electronics, pharmaceuticals, and marine products, with clusters in Chennai, Bengaluru, Gujarat, Odisha, and West Bengal.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Worries build up over RBI strictures on infra financing
The proposed stricter lending criteria, with additional provisioning, are aimed at preventing accounting shocks but could potentially hurt balance sheets of these entities and exert pressure on their valuation multiples, analysts and economists said.
RITES to undertake safety assessment of Vande Bharat trains
With this contract, RITES, the only ISA-certified central public sector enterprise, has ventured into a new business stream and it said it is committed to advancing ISA works by leveraging its expertise in the Quality Assurance segment.
Chennai Lok Sabha elections 2024: Voting date, results, candidates, main parties and schedule
Chennai Lok Sabha elections 2024: Tamil Nadu gears up for the 2024 Lok Sabha elections, with Chennai playing a pivotal role. Key candidates include Thamizhachi Thangapandian, J Jayavardhan, Dr. Kalanidhi Veeraswamy, R Manohar, and R C Paul Kanagaraj, each focusing on distinct campaign strategies.
Chote Miyan charm! 32 smallcap stocks just became more popular with mutual funds
Mutual funds showed interest in smallcap stocks, with 32 attracting fresh buying. Stocks like Schneider Electric Infrastructure and Nuvama Wealth Management saw increased investments, resulting in good returns despite market challenges.
Embassy REIT to acquire Splendid TechZone asset in Chennai
Embassy Office Parks REIT has agreed to acquire Embassy Splendid TechZone, a Grade-A business park, from Embassy Sponsor, for an Enterprise Value of Rs 1,269 crore. This acquisition marks Embassy REIT’s debut in Chennai, a thriving office market in India. T
Reliance's Tamil Nadu campus may host Meta’s first India data centre
Meta to establish its first data center in India at Reliance Industries campus in Chennai, enabling local content processing for Facebook, Instagram, and WhatsApp. The move aligns with the growing user base and ad revenue in India.
14 years on, the marvel of DPI’s expanding universe
It has been 14 years since the first Aadhaar number was issued, a decade since the Unified Payments Interface (UPI) was designed.Ever since, the digital public infrastructure universe has been expanding.
IPL 2024: This is how to watch tournament live in Syria
Now, watch your favorite Indian Premier League teams and players in action from Syria and get ball-by-ball updates. IPL starts March 22, when Chennai Super Kings, the winners of the last season begin their journey this year against Royal Challengers Bangalore.
Chennai Airport's new terminal to be ready in two years with new services: Here is the latest update
Chennai's new airport terminal, set to be completed in two years, will cater to both international and domestic passengers. The terminal, part of the phase 2 development of the integrated terminal, will enhance the airport's capacity to handle 35 million passengers annually. The expanded terminal will provide more flight options for airlines and feature advanced facilities to improve passenger experience.
Shriram Finance shares jump over 4% while UPL falls 2% on Nifty50 rejig
Shriram Finance Share Price: Shriram Finance's stock will replace UPL in the Nifty50 index from March 28. The stock has witnessed a strong rally and hit a 52-week high. It is currently trading above its moving averages. In other major indices, several stocks will be added and excluded.
Budget 2024: Push for EV charging infrastructure brings cheer
Budget 2024: Sitharaman, in her pre-election Budget, which is technically a vote on account and popularly termed an interim Budget, also said the blending of compressed biogas into compressed natural gas for transport and piped natural gas will be mandatory.
ED raids Chennai infra construction firm, promoters in money laundering case
About six-seven locations in and around Chennai city are being covered by ED officials under the provisions of the Prevention of Money Laundering Act (PMLA), PTI reported citing official sources.
Metro station inside a building: Chennai Metro unveils big property plan around stations in Tamil Nadu
Chennai Metro Rail Limited (CMRL) has announced an innovative plan to develop properties around metro stations in three locations, including Thirumangalam. The aim is to create a transit-oriented development plan that integrates buildings, people, activities, and public transit. The plan includes the construction of 12-storey buildings at Thirumangalam, Koyambedu, and Thirumayilai, with metro stations incorporated into the structures.
Chennai office market at all-time high in 2023
"The Chennai office absorption was boosted by the resilience of the millennial technology workforce, particularly evident in CyberCity Chennai, where the return-to-work rate has consistently exceeded 90%," said Sriram Khattar, vice chairman and managing director, DLF Rental Business.
Starworth Infrastructure and Construction Target 4X Growth in Revenue by 2027
Starworth Infrastructure and Construction, a subsidiary of Puravankara Group, aims to achieve a fourfold increase in revenue by 2027 to Rs 2,000 crore. The company plans to enter the data centre and industrial and warehousing sectors to achieve this goal. In the previous financial year, the company's revenue more than doubled to Rs 505 crore and it expects 35% revenue growth in the current fiscal.
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