30 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) aims to add 10 new monorail rakes to its existing fleet servicing the 17km Chembur-Wadala to Sant Gadge Maharaj Chowk corridor in Mumbai. The procurement is aimed at addressing frequent breakdown-related delays on the line by improving service frequency and passenger capacity. With the induction of higher capacity rakes that can accommodate over 600 passengers, along with more frequent services, MMRDA expects ridership to increase substantially on the monorail network. The modernization of Mumbai's public transport is vital to support the city's growing population and economy.Read more

29 May 2024

The Brihanmumbai Municipal Corporation (BMC) has awarded a INR 1,300 crore tender to NCC Ltd for the concretization of 215 roads, marking a shift from traditional asphalt to more durable concrete surfaces. This project follows a terminated INR 1,687 crore contract with Roadway Solutions India Infra Ltd (RSIIL) due to slow progress and a subsequent INR 64.6 crore penalty. NCC Ltd's bid represents a 10% cost reduction. However, the monsoon season and upcoming state assembly elections will likely delay project initiation. The BMC will use this period to finalize road sequencing, relocate utilities, and obtain traffic clearances.Read more

28 May 2024

The Adani Group plans a USD 3 billion investment to expand its presence in ports along the India-Europe trade corridor, reflecting confidence in global trade growth. Adani Ports and Special Economic Zone Ltd (APSEZ), which handles 600 million metric tonnes (mmt) of cargo annually, aims to increase this to 800 mmt in two years. This will be achieved through strategic acquisitions in Europe, Africa, and Southeast Asia. Funded by cash reserves, internal profits, and debt, this expansion aligns with India's vision of stronger trade ties. APSEZ's revenue reached INR 226,711 crore (USD 28.3 billion) in 2023-24, with a 50% net profit increase.Read more

24 May 2024

In a joint meeting with MRIDCL officials, the BMC approved the reconstruction of Curry Road, Matunga, and Mahalaxmi bridges. The preliminary phase is underway, aiming to alleviate traffic congestion and save time and fuel. The BMC will fund the project, with MRIDCL handling construction. Additionally, progress on Ray Road, Byculla, Tilak, and Ghatkopar bridges was reviewed. The Ray Road Bridge is 77% complete, targeting a November 2024 opening. Meanwhile, Olivant, Arthur, and S bridges were deemed in good condition and will not undergo immediate reconstruction.Read more

23 May 2024

The Ministry of Road Transport and Highways has outlined an ambitious 100-day action plan which would be following the recent elections. Key priorities in the plan include awarding over 3,000 km of new highway projects, constructing 1,700 km of roads, and implementing initiatives to enhance safety. The ministry is awaiting Cabinet approval for its proposed INR 20 trillion funding proposal to allow projects to progress. Other goals are operationalizing roadside amenities, launching alternative fuel vehicles, rectifying 'blackspots' and providing cashless treatment for accident victims. This comes as road accidents continue rising in India, with over 460,000 reported in 2022 alone. The ministry hopes its 100-day agenda, if implemented successfully, can boost highway development and improve safety.Read more

20 May 2024

Major flexible workspace and managed office space providers are planning aggressive expansion across India in 2024-25 to capitalize on rising demand. WeWork India, IndiQube, 315Work Avenue and IWG will add over 4 million square feet of new capacity primarily in tier 1 cities but also expand to tier 2/3 locations. They will enter newer cities like Guwahati, Kolkata, Bhubaneshwar, Delhi NCR and Hyderabad. The market share of flexi spaces is projected to grow from 7% to 12% by 2028, indicating strong potential for scale up.Read more

20 May 2024

As the Rajasthan government seeks to revive the industry, it is re-evaluating the state's land allotment policy for manufacturing MSMEs. While land auctions introduced transparency, they have driven up land costs, diminishing MSME competitiveness compared to preferential allotments based on circle rates with discounts. However, the previous preferential system also faced issues as land allotment decisions depended on RIICO officials' discretion. By benchmarking best practices from other states and incorporating technological solutions, Rajasthan hopes to develop a balanced land allotment approach that supports its large MSME sector through affordable land without compromising on transparency. Getting this policy right will be instrumental in realizing the state's industrial growth ambitions as envisioned in its upcoming investors' summit.Read more

17 May 2024

The Mumbai Metropolitan Region Development Authority (MMRDA) has received significant funding to support infrastructure development projects across Mumbai over the next decade. In March, the Maharashtra government approved loans of up to INR 60,000 crore for MMRDA from public institutions. An additional INR 30,000 crore in funding was proposed. This financing will enable expansion of Mumbai's metro rail network through six new lines totalling 337 km, as well as road tunnel, coastal road, and solid waste management initiatives. The objective is to increase Mumbai's GDP to USD 300 billion by 2030 through improved connectivity and development of new economic centres.Read more

17 May 2024

The Bangalore Development Authority (BDA) plans to redevelop seven of its housing complexes across Bengaluru into shopping malls and commercial spaces to generate more revenue from rental income. However, local residents have strongly opposed the move, arguing it is unnecessary given the existing commercial development in the area. Of the seven sites, the proposal to redevelop the Indiranagar complex into a mixed-use development has faced particularly vocal opposition from Resident Welfare Associations (RWAs). The private developers will have rights over the redeveloped land for 60 years as part of the agreement with BDA. While officials claim annual revenue of INR 40 crore once complete, RWAs have urged them to reconsider the plan due to concerns over traffic, pollution and lack of public consultation.Read more

16 May 2024

The National Highways Authority of India (NHAI) plans to significantly increase its monetization of highways through the Toll-Operate-Transfer (ToT) model this financial year. It intends to offer around 12 bundles of highway stretches for bidding by private companies, up from just four bundles offered last year. The next round of bidding for three new bundles will begin in June. This year, the bundles will comprise highways of different sizes - large, medium and small, unlike the big and small categories previously. NHAI has identified 33 highway stretches spanning 2,741 km that will be offered for monetization this year. NHAI expects to raise INR 54,000 crore in 2024-25 from monetization through the ToT and InvIT models.Read more