INFRASTRUCTURE PROJECTS
Delhi Airport disaster raises concern over Modi’s building spree
A deadly roof collapse at India’s busiest airport adds to a series of recent infrastructure disasters, raising safety concerns as PM Narendra Modi invests billions in transportation improvements. The incident at Delhi’s airport highlights issues with quality and maintenance in the country’s infrastructure development push.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
PM GatiShakti: Eight infra projects worth ₹13,000 crore evaluated
During the meeting, all projects were evaluated for their integrated planning and conformity with the PM GatiShakti principles. Emphasis was placed on the socio-economic benefits, improved connectivity, reduced transit costs and enhanced efficiency. The railways project, from Manmad to Jalgaon, involved an estimated investment of Rs 2,594 crore. The other project (from Bhusawal to Burhanpur) involve investments of Rs 3,285 crore.
PM Gati Shakti scheme is transforming India's infrastructure: Morgan Stanley
In a recent report, Morgan Stanley has lauded India's PM Gati Shakti scheme, highlighting its significant impact on infrastructure development. The report emphasizes India's robust increase in infrastructure investment, projected to rise from 5.3% to 6.5% of GDP by F29, driven by a strong 15.3% CAGR. This growth is expected to total USD 1.45 trillion over five years, fostering high productive growth and enhancing investment rates. PM Gati Shakti integrates 16 ministries for coordinated infrastructure planning, focusing on multi-modal connectivity and logistics efficiency, which has shown tangible results in project completion and sectoral development.
SBI raises Rs 10,000 cr via bond sales to fund infra projects
Separately, ICICI Bank is likely to carry out a sale of infrastructure bonds on June 28, with the private lender looking to raise up to ₹3,000 crore through 10-year securities, debt capital market sources said. SBI's infrastructure bonds, which mature in 15 years, bear a coupon - or rate of interest to be paid to investors - of 7.36%.
Megha Engineering emerges lowest bidder for Rs 12,800 cr nuclear power project
Megha Engineering & Infrastructures Ltd has been the lowest bidder for a Rs 12,800 crore engineering, procurement and construction (EPC) contract from the state-owned Nuclear Power Corporation of India. The company, which is the second-biggest buyer of electoral bonds and faces corruption allegations, submitted the lowest bid of Rs 12,799.92 crore.
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As many as 458 infra projects hit by cost overrun of Rs 5.71 lakh cr in May
In May this year, 458 infrastructure projects in India, each with an investment of Rs 150 crore or more, experienced a cost overrun totaling more than Rs 5.71 lakh crore, according to an official report. The Ministry of Statistics and Programme Implementation (MoSPI), which oversees infrastructure projects worth Rs 150 crore and above, highlighted that out of 1,817 monitored projects, 458 faced cost overruns and 831 projects were delayed.
Karnataka's industries minister MB Patil asks his team to prepare blueprint for Bengaluru's second airport to deal with future growth
With Bengaluru’s international airport breaching projections in traffic volumes, the State Government has set the ball rolling on planning a second airport to deal with the future growth. Industry & Infrastructure Minister MB Patil, who chaired a meeting with the infrastructure department officials, asked them to submit a feasibility report for a new airport, saying
Get InvITs under purview of bankruptcy law: SBI MD
SBI official, Ashwini Kumar Tewari, urges inclusion of Infrastructure Investment Trusts (InvITs) in the Insolvency and Bankruptcy Code for lender protection. Tewari is in discussions with the Reserve Bank and government for this initiative.
By 2032, India infrastructure spending will surpass $2.5 trillion, says Adani
The Adani Group, he said, will invest over $100 billion (around ₹8.35 lakh crore) over the next decade in energy transition projects and in manufacturing every major component required for green energy generation. Adani Green Energy is building solar and wind parks. The group is also building facilities to manufacture electrolyzers to make green hydrogen, wind power turbines and solar panels.
Roads, renewables and real estate investments to go up by 38% in FY’25 and FY’26 to Rs 15 lakh crore: CRISIL Ratings
In its annual Infrastructure Summit 2024, CRISIL Ratings said the surge will ride on India’s need for creation of sustainable infrastructure by adding more green power to the energy mix, improving physical connectivity through a denser road network, as well as rising demand for residential and commercial real estate, cautioning of some risks across three scetors.
MEP Infrastructure Developers to seek settlement with lenders under IBC: Jayant Mhaiskar
MEP Infrastructure Developers (MIDL) plans to submit a settlement proposal under Section 12A of the Insolvency and Bankruptcy Code (IBC) to resolve its debt issues with lenders. The chairman, Jayant Mhaiskar, aims to seek a settlement before the company faces bankruptcy, highlighting the importance of the IBC provision in creditor settlements.
PM GatiShakti: 3 infra projects worth Rs 6,000 cr evaluated
The MoR project pertains to Gudur-Renigunta Third Rail Line in Andhra Pradesh for the construction of a third rail line between Gudur and Renigunta stations in Andhra Pradesh’s Tirupati district involves an 83.17 km line aimed at enhancing the capacity of the existing double line.
CFI elects Tata Projects MD & CEO Vinayak Pai as President of national council
Tata Projects MD & CEO Vinayak Pai elected as President of Construction Federation of India's National Council for a two-year term (FY25-FY26). The council includes industry leaders like Akhil Gupta, Priti Patel, Ajit Bhate, Arjun Dhawan, Hardik Agrawal, M V Satish, Nalin Gupta, Krishnam Raju P, Vimal Kejriwal, and Yogen Lal.
448 infrastructure projects hit by cost overrun of Rs 5.55 lakh crore in April
The total original cost of implementation of the 1,838 projects was Rs 27,64,246.50 crore, and their anticipated completion cost is likely to be Rs 33,19,601.84 crore, which reflects an overall cost overrun of over Rs 5,55,355.34 (20.09 per cent of original cost), the ministry's latest report for April 2024 showed.
Better planning can check delays in infra creation: Tata Projects
Vinayak Pai, CEO of Tata Projects, highlights the need for better detailed project report (DPR) preparation to minimize delays in infrastructure projects. Pai emphasizes that India's front-end design efforts are below global standards, leading to poorly defined projects and execution delays. He calls for improved front-end planning and consistent contract monitoring across ministries. Tata Projects is focusing on metro projects, airports, and emerging sectors like green hydrogen and battery manufacturing. Current projects like Pune Metro and Noida International Airport are on schedule, reflecting rising investment and expansion in infrastructure.
Six civic bodies likely to debut on Bond Street by next month
Nashik, Visakhapatnam, Kanpur, Surat, Varanasi, and Prayagraj are likely to issue municipal bonds by July with a fundraise of Rs 100-300 crore at 7.9-8.3% coupon rate. Municipal bodies have raised nearly Rs 3,000 crore from the bond market in last seven years
Punjab National Bank, IIFCL sign pact for financing infra projects
PNB and IIFCL signed an agreement to offer financial assistance for infrastructure projects, aiming for consortium lending. The MoU signing involved Atul Kumar Goel and Padmanabhan Raja Jaishankar.
Infrastructure cost overruns hit a 12-month high
Cost overruns and delays continued to afflict central government projects in April with experts citing the general election as a key reason for the current slowdown in infrastructure activity. The ratio of cost overruns in central government projects hit a 12-month high of 20.09% in April, rising from 18.65% in the previous month, government data showed on Tuesday.
Road Ministry against hike in project lending rates, bats for status quo
"RBI, as a regulator, will have to create that balance to ensure financial viability of road projects does not take a hit," an official said. The central bank earlier this month proposed tighter norms, requiring lenders to allocate 5% of the project loan amount as general provisions during the construction phase, up from 0.4% provisions now.
Infrastructural projects helping improve India's relationship with Africa: Indian corporate executive
Indian infrastructure projects in Africa have significantly enhanced ties between the two regions, according to S Kuppuswamy, a senior executive from the Shapoorji Pallonji group. He emphasized the importance of collaboration between Indian and US development finance institutions to ensure the swift execution of such projects and to counter China's influence in the region. Kuppuswamy highlighted the pride African nations take in Indian-built infrastructure, citing examples like Ghana's presidential palace.
Ind-Ra expects stable operating performance for most infrastructural projects in FY25
India Ratings and Research (Ind-Ra) anticipates stable operating performance for infrastructure projects this financial year, maintaining a stable outlook for the sector, especially in transportation. It assigned a positive outlook for airports, indicating potential rating upgrades. Ind-Ra expects the power sector's installed capacity to reach 476 GW by FY25. Toll roads may see a growth moderation, and ports are projected to grow at 6-7%.
NHAI receives 164 insurance surety bonds as guarantee for road projects
In a workshop organized on Wednesday on the implementation of insurance surety bonds (ISB) for NHAI contracts, NHAI said out of the 164 ISBs received, 20 bonds are for performance security and 144 bonds are for bid security. It is estimated that around 700 insurance surety bonds valued at around Rs 3,000 crore have been issued by different insurance companies so far.
MoSPI says 449 infra projects hit by cost overrun of Rs 5.01 lakh cr in March
The total original cost of these projects was Rs 26,87,535.69 crore, but their anticipated completion cost is expected to be Rs 31,88,859.02 crore, representing an 18.65% increase. The report noted that out of 1,873 projects, 779 were delayed, with reasons including land acquisition delays, environmental clearances, and infrastructure support issues
Govt evaluating RBI proposal for higher infrastructure provisioning; bankers, NBFCs voice concern
Lenders may oppose the draft rules, which proposes provisioning of up to 5% from current 0.4%, due to concerns over rising interest rates and potential disruption to capital expenditure. Banks plan to lobby against the steep increase, arguing it could affect project viability and economic momentum. State-owned NBFCs and infrastructure firms are also raising concerns, emphasizing the need to balance risk and support for infrastructure financing.
Govt completed 281 central infra projects in FY24: MoSPI data
The ratio of cost overruns also rose to a three-month high of 18.65% compared with 18.19% in the previous month, as the anticipated cost of 1,873 projects at Rs 31.9 lakh crore was Rs 5 lakh crore higher than the original cost.
Mytek launches new AI-based platform to help contractors deliver infra projects on time
In a bid to revolutionise project planning in the construction industry, Mytek Innovations has introduced a groundbreaking digital platform utilizing open AI tools. This innovative system streamlines project completion, reduces costs, and facilitates funding applications for contractors and subcontractors, aiming to enhance efficiency and productivity in India's construction sector.
'448 Infra projects hit by cost overrun of Rs 5.55 lakh cr in Oct-Dec'
The Quarterly Project Implementation Status Report (QPISR) on Central Sector Projects (costing ₹150 crore and above) for the third quarter of 2023-24, contains detailed information on 1,897 projects. The QPISR is prepared by Ministry of Statistics and Programme Implementation.
Govt says 448 infra projects hit by cost overrun of Rs 5.55 lakh cr in Oct-Dec
The Quarterly Project Implementation Status Report (QPISR) for the third quarter of 2023-24 revealed that 448 infrastructure projects, each worth Rs 150 crore or more, experienced cost overruns of over Rs 5.55 lakh crore. Out of 1,897 projects, 56 were ahead of schedule, 632 were on schedule, and 902 were delayed. The anticipated completion cost was Rs 31,74,489.91 crore.
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