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Ticker Tape July 2023

Infrastructure Ticker July 2023

Bengaluru to host world’s longest tunnel highway network

The Karnataka government has unveiled plans for the construction of the world’s longest tunnel highway network in Bengaluru. The network will consist of three major corridors spanning a total of 99kms, aiming to alleviate traffic congestion and address land acquisition challenges. The first corridor, the North-South Corridor, will connect Bellary Road to Hosur Road, passing through key areas such as Yelahanka, Hebbal, Mekhri Circle, Cantonment, Kasturba Road, and Central Silk Board. Additionally, the East-West Corridor will have two sections, one from KR Puram to Goraguntepalya via Old Madras Road and ITPL, and the other from Varthur Kodi to Jnanabharati.The project will feature three connecting corridors, linking various parts of the tunnel network. Phase 1 will cover 50kms, connecting Hebbal to KR Puram and Cantonment to Silk Board, estimated to cost Rs 22,000 crore. The upper decks of the tunnel road will have separate provisions for two-wheelers, enhancing safety and convenience. The feasibility study for the project will commence soon. Implementation will take place through a public-private partnership (PPP) model, with the government subsidising the project partially using a hybrid annuity model and recovering investments through tolls. This ambitious initiative aims to decongest Bengaluru’s traffic and provide a more efficient transportation solution, surpassing traditional elevated corridors.

Foundation stone laid for infrastructure projects worth Rs.6,100 cr

Prime Minister Narendra Modi recently laid the foundation stone for several infrastructure development projects in Telangana, worth approx. Rs 6,100 crore during his visit to the southern state.

These infrastructure projects also involve setting up a new railway wagon manufacturing facility at Rs.500 crore. Additionally, the infrastructure projects, including ongoing and under-development projects in Telangana is worth Rs.1.10 lakh crore. By the end of 2024, Telangana is expected to have projects worth Rs two lakh crore in the state. Further, the state connects all the neighbouring economic corridors, and the industrial and tourism sectors are leveraging the available infrastructure.

NHB executes urban infrastructure fund worth Rs.10,000 cr

National Housing Bank (NHB) operationalised the urban infrastructure development fund (UIDF) in tier-two and tier-three cities with an estimated cost of Rs.10,000 crore. The UIDF will augment the efforts and sources of finance to align with the various urban missions and programmes of the Government of India (GoI). The eligible projects for the loan will be focused on services such as sewerage and solid waste management, water supply and sanitation, roads, overbridges, electric/gas crematoriums, heritage conservation, mixed-use developments near public transportation and many others.

As per the eligibility criteria, the minimum cost of the project should be five crores, and Rs one crore for North-east and hilly states, and a maximum of Rs 100 crore. Also, the eligible projects involve town planning schemes for greenfield development and parks with open gyms excluding major construction work. Likewise, new and ongoing projects are eligible to access UIDF.

NHAI to raise Rs.60,000 cr from securitisation of four projects

The National Highways Authority of India (NHAI) seeks to raise Rs.60,000 crore through securitisation of four under-construction road projects over the next three to five years. These include Vishakhapatnam-Raipur, Delhi-Amritsar-Katra, Amritsar-Jamnagar, and Chennai-Bengaluru highways.

A proposal in this regard has been forwarded to the Cabinet Committee on Economic Affairs (CCEA). Under the plan, four self-sustaining special purpose vehicles (SPVs) will be formed, wherein these road assets will be transferred to each entity. This will also lower NHAI’s debt as the burden is shifted to the new entity.

Through securitisation of these projects, which emulates the model adopted for the Delhi-Mumbai expressway, the NHAI will get an upfront pay-out for the assets. Under this mode, this amount is reimbursed in tranches from the toll income generated to the lender, and there is no payment made to lenders before toll income is generated.

The total capital requirement for these four highway projects is estimated at Rs.90,000 crore, of which Rs.30,000 crore will be infused by the NHAI as equity, and another 30,000 crore as term loans, while the balance will be raised from capital markets.

RVNL emerges as L1 bidder for two packages of MPPKVVCL, Jabalpur

Rail Vikas Nigam (RVNL) has emerged as the lowest bidder (L1) for two Packages -16 and 17 of Madhya Pradesh Poorv Kshetra Vidyut Vitaran (MPPKVVCL) Jabalpur Company Area, worth Rs.280 crore.

Under Package-16, RVNL will supply, installation, testing and commissioning of new 11 KV lines, LT Line on AB cable, distribution transformer substation and supporting works such as distribution points (DPs), transformer points (TPs), crossing for the separation of 11 KV mix feeders and mix DTRs under revamped reforms-based and results-linked distribution sector scheme (RDSS) in Chhatarpur circle of MPPKVVCL. The estimated cost is Rs.126.8 crore.

Package-17 entails the supply, installation, testing and commissioning of new 11 KV lines, LT line on AB cable, distribution transformer substation and associated works such as DPs, TPs, crossing. Likewise, separation of 11 KV mix feeders & mix DTRs under RDSS will be carried out in Seoni & Narsinghpur circle of MPPKVVCL. The cost for Package-17 is Rs.154.23 crore.

Plea to NTCA to stop Guguldoh mining project in Maharashtra

Three honorary wildlife wardens from the region have moved the National Tiger Conservation Authority (NTCA) demanding to review the Guguldoh manganese ore mining project near Ramtek in Nagpur district of Maharashtra. In a memorandum to NTCA, they have stating that granting clearance to the mine will prove detrimental to the wildlife, forest and environment.

The mining project falls in the tiger corridor of the Pench-Navegaon-Nagzira tiger corridor. Of the 105 hectares mine area, nearly 100 hectare is a dense forest rich in flora and fauna. The entire forest is known to be a miscellaneous forest which is considered best for wild animals. If corridors are destroyed, movement of wildlife will be disturbed causing man-animal conflict. A similar memorandum to PCCF (wildlife) has also been submitted, to this effect.

PM Modi inaugurated section of Amritsar-Jamnagar Economic Corridor; travel time to reduce by 50% between two cities

Prime Minister Narendra Modi inaugurated a significant section of the Amritsar-Jamnagar Economic Corridor, a six-lane greenfield expressway. This particular segment, spanning over 500 km in Rajasthan, stretches from village Jakhdawali in Hanumangarh district to village Khetlawas in Jalore district and has been constructed at a cost of approximately Rs.11,125 crore. According to an official release, the expressway is expected to have a profound impact on reducing travel time and improving connectivity between major cities and industrial corridors. It is anticipated that the smooth transportation of goods, boost in tourism, and overall economic development along its route will be facilitated by the expressway, which passes through four states: Punjab, Haryana, Rajasthan, and Gujarat.

Reducing travel time

Once completed by December 2025, the economic corridor will decrease the distance between Amritsar and Jamnagar from 1,430 km to 1,256 km, significantly reducing travel time from 26 hours to 13 hours. During his tour from July 7 to 8, Prime Minister Modi will lay the foundation and dedicate multiple projects worth ₹50,000 crores in four states, including Chhattisgarh, Uttar Pradesh, Telangana, and Rajasthan. He has already visited Chhattisgarh and Uttar Pradesh, where he inaugurated and laid the foundation stone for several projects totaling over Rs.7,000 crore.

Speaking at the event in Raipur, Prime Minister Modi declared it a historic day in the developmental journey of Chhattisgarh. He emphasised that the projects would accelerate infrastructure development and contribute to the progress of the state.

Sekura in talks to buy Ashoka Buildcon’s $670 million road assets

The Ashoka roads portfolio has attracted attention from several bidders, including KKR, Sekura, Cube Highways, and Shrem InvIT. According to him, the portfolio is anticipated to have an enterprise value of about 5,500 crore and an equity value of up to 1,300 crore. Ashoka Buildcon is receiving sale process advice. Seven of the portfolio’s eleven roads are now in use, while four more are being built. In each of these ventures, Ashoka is the only investor. The states of Punjab, Jharkhand, Andhra Pradesh, Karnataka, Telangana, and Gujarat are among those where these projects are spread out. Kharar-Ludhiana, Ranastalam-Anandpuram, Vadodara Kim, Khairatunda-Barwa Adda, Belgaum-Khanapur, Tumkur-Shivamogga -I, and Kandi-Ramsanpalle are among the operating road projects. According to a corporate investor presentation, six of these roads earned an annuity income of 881 crores as of March 31. The four active projects are Basawantpur-Singnodi, Tumkur-Shivamogga II, III, and IV. As of Tuesday press time, emails made to the Ashoka Group and Edelweiss had not received any reply. Recently, Ashoka’s effort to sell five toll roads to KKR to monetize them failed. Five toll roads housed under Ashoka Concessions will be sold to KKR for a price of 1,337 crores under the terms of a contract Ashoka signed with KKR in December 2021. The parties mutually canceled the deal. 1,200 crore of the transaction profits were supposed to be utilized to provide SBI Macquarie with a full departure from the Ashoka Concessions platform.

PM Narendra Modi launches work on key economic corridors in Raipur

Prime Minister Narendra Modi recently inaugurated the work on two key economic corridors in Raipur that will connect the capital city of Chhattisgarh with Visakhapatnam and Dhanbad. Along with two key economic corridors, three other national highway projects were kicked off in the state.

The most important of the lot is the six-lane greenfield Raipur-Visakhapatnam corridor of 464 km length which will connect the mineral rich region with the port city. The new highway will reduce the distance between the two cities by 130 km and cut travel time by four hours, road transport and highways minister Nitin Gadkari said at the inauguration.

“Today Chhattisgarh is connecting with two economic corridors”, the Prime Minister said, adding that the Raipur-Dhanbad Economic Corridor and Raipur- Vishakhapatnam Economic Corridor are going to change the fortunes of the region.

Under Phase 1 of the Bharatmala project, out of the total length of 34,800 km of highways planned at the cost of Rs.5.35 trillion, economic corridors of 9,000 km are to be built. Of the total length of economic corridors planned, work on 3,400 km has been completed.

Raipur-Visakhapatnam highway is one of the four priority corridors that the government is currently focussing on. The other three in the list are the 1,267-km Amritsar-Jamnagar, Delhi-Amritsar-Katra (670 km), and Chennai-Bangalore (260 km) corridors.

The total cost of these corridors is expected to be Rs.90,000 crore and the government is looking for innovative ways of financing them, including asset-based securitisation. For all four, Special Purpose Vehicle on the lines of the one floated for Delhi-Mumbai expressway, DME Developers, might be floated.

Modi unveils projects in UP

The PM also launched several projects in Gorakphur and Varanasi on Friday. In Gorakhpur, he addressed the closing ceremony of the centenary celebrations of Gita Press. He also launched two new Vande Bharat Express trains from the Gorakhpur railway station.

In Varanasi, he inaugurated or laid the foundation stone for 29 development projects worth Rs.12,100 crore. — PTI

Central govt approves power transmission projects worth Rs.75,408 cr

The Central government has approved Rs.75,408 crore worth of power transmission projects to be offered under the bidding route, which would make it the largest tranche, so far, under the tariff-based competitive bidding (TBCB).

Last month, the National Committee on Transmission (NCT) under the aegis of the Ministry of Power (MoP), convened with a draft agenda of projects worth Rs.64,000 crore.

This is expected to evince high interest from the private sector for these large-scale power-based infrastructure projects, which will connect some of the mega renewable energy zones (REZs) in the country with the national grid. Moreover, projects for connecting green energy installations will enable new power lines and green corridors to enhance the share of renewable sources.

The last tranche of a similar magnitude in power transmission projects was opened to the private sector in 2015, with eight projects totalling Rs.50,000.

PM Modi lays foundation stone of two National Highway projects worth over Rs.5590 crore in Telangana

Prime Minister Narendra Modi has laid the foundation stone of several road infrastructure development projects worth over Rs.5,590 crores in Telangana. The projects will benefit the people of the state as well as economic growth of the region.

The Prime Minister visited Telangana’s Warangal to lay the foundation stone for 176 km long National Highway (NH) projects. These are: (a) Mancherial – Warangal section of Nagpur-Vijayawada Corridor and (b) Upgradation of Karimnagar – Warangal section of NH-563.

Mancherial – Warangal section of Nagpur-Vijayawada Corridor:

The 108 km long Mancherial – Warangal section of Nagpur-Vijayawada Corridor will reduce the distance between Mancherial and Warangal by around 34 km. This will reduce the travel time between the two cities. It will also decongest traffic on National Highway (NH) – 44 and NH-65. The project will be completed at an estimated cost of Rs.3440 crore.


The section will provide inter-state connectivity between Maharashtra, Telangana and Andhra Pradesh. The travel distance between Nagpur and Vijayawada will be reduced by 178 km and saves time and cost. The multi-modal connectivity with major railway stations, airports and seaports will be improved. The aspirational and triba districts will get a boost in overall economic growth.

Upgradation of Karimnagar – Warangal section of NH-563:

The 68 km long Karimnagar – Warangal section of NH-563 will be upgraded from the existing two lane to a four-lane configuration. This will help in improving connectivity to Hyderabad-Warangal Industrial Corridor, Kakatiya Mega Textile Park and SEZ at Warangal. The project will be completed at an estimated cost of Rs.2150 crore.


On completion, the stretch will offer seamless, safer and faster connectivity to various religious, tourist and heritage places. It will also act as a bypass to the major towns. The project will help in generation of employment and self-employment opportunities at a larger scale.

Olectra Greentech Limited awards order to Megha Engineering and Infrastructures Ltd

The board of directors of Olectra Greentech Limited, subject to the approval of the shareholders of the Company, accorded its approval to award the contract for construction of the greenfield electric vehicle manufacturing facility on 150 Acres of land situated at Seetharampur, Hyderabad, Telangana (“Greenfield EV Manufacturing Facility” or “Project”) to Megha Engineering & Infrastructures Limited (MEIL) which is the ultimate holding company. As the construction of the Greenfield EV Manufacturing Facility will require the deployment of significant funds by the Company, the Board in its meeting held on 29.03.2023, decided to float a public tender for identifying a suitable vendor having multi-faceted experience pertaining to excavations, geological understandings and experience in manufacturing facility construction, having all the required skillsets and experience in the relevant domains, and who would be able to provide end to end solutions under one roof while being cost effective (such public tender, the “Tender”). Pursuant to the Tender, two bidders participated, viz. Suroj Buildcon Private Limited (“SBPL”) and Megha Engineering & Infrastructures Limited (“MEIL”, and together with SBPL, the “Bidders”). It was found that the price quoted by MEIL was lower in comparison with the price quoted by the other bidder (SBPL) and was also less than the Company’s estimated cost for the Project. The difference between the price quoted by MEIL and SBPL is approximately Rs.190.48 Crores which is equivalent to 46. 94% of the Company’s estimated cost for the Project. Based on the above evaluation and considering that the pricing is on an arms’ length basis on account of selection of vendors by a public tender, the Audit Committee and Board of Directors of the Company in their meeting held on 19th June, 2023, evaluated all possible options available and after comparing quotes from the Bidders participated in the Tender, subject to shareholders’ approval, has approved the engagement of MEIL for the establishment of the Greenfield EV Manufacturing Facility, due to its impressive track record in EPC Contracts and various construction activities and having required skill sets and experiences in the relevant domains, to undertake the construction of the Greenfield EV Manufacturing Facility at competent price.

Govt constructing 10,000 km greenfield expressway projects at Rs.4.5 lakh cr investment

The government is constructing several greenfield expressway projects totalling 10,000 km across the country at a cost of Rs 4.5 lakh crore, Union Minister Nitin Gadkari said Monday. The road, transport and highways minister said the road network is being set up under the Bharatmala Pariyojana.

The National Highways Authority of India (NHAI) has generated more than Rs.70,000 crore through various models of financing and the amount will be utilsed to build highway projects, he noted.

“The government has conceptualized Bharatmala Pariyojna of 65,000 km of highway development across the country. The phase 1 road network is of 34,800 km. We are constructing 10,000 km of greenfield expressways at a cost of Rs.4.5 lakh crore,” he said addressing an event on ‘Management Development Program on Infrastructure Financing’ organised by IIM Kozhikode.

According to the minister, India’s total National Highway (NH) network has increased from 91,000 km in 2014 to nearly 1.45 lakh km at present.

Gadkari further said the government has given a massive push to the economy through the national infrastructure pipeline and PM Gati Shakti National master plan.

These programs will ensure integrated and holistic development in the country saving cost and time as these new infra projects will connect remote areas in the country.

“Asset monetization holds the key to infrastructure investment. NHAI has the share of 27 per cent under the national monetization pipeline. We are actually pursuing multiple models of monetization of national highways assets such ToT InVIT and project-based financing,” the minister said.

NHAI has generated more than Rs.70,000 crore through innovative models of financing. Around Rs.26,000 crore raised via ToT (toll-operate-transfer) model, Rs.10,000 crore via NHAI InVIT (National Highways Infra Trust) and Rs.34,000 crore via securitization via SPVs.

Bullet train project: Railways shares then-now pics of 3 bridges in Gujarat

The National High-Speed Rail Corporation Limited (NHSRCL), which is overseeing the construction of the Mumbai-Ahmedabad High Speed Rail Corridor or popularly called the bullet train project, said that the project has made significant progress, citing the completion of three river bridges in last one month in Gujarat. Railways has tweeted the before-after pics of the three bridges, saying “expediting advancements on the Mumbai-Ahmedabad High Speed Rail (MAHSR) Project.” The three bridges are between Bilimora and Surat HSR station. The first river bridge (length 360 metres) was completed on Purna river, Gujarat’s Navsari district. The challenges included continuous monitoring of high and low tides from Arabian Sea during the construction. The foundation work was also challenging as water level in the river was rising 5-6 m (fortnightly) during high tides, NHSRCL said. The second bridge is on Mindhola rover (240 meters) and the third on Ambika river (200 meters).  The challenges for construction of Ambika river bridge included steep slope of the river bank, underground rocky strata during piling and maximum pier height including pier cap was around 26 m (equal to 10 storey building). It was challenging to work at this height inside the river, NHSRCL said. According to National High-Speed Rail Corporation, till date, four river bridges have been completed for MAHSR corridor in last six months. There are total 24 river bridges on MAHSR corridor, out of which 20 are in Gujarat and four are in Maharashtra. The construction river bridge of 1.2 km on Narmada river in the bullet train project is currently in progress. A 2.28 km long bridge will be constructed on Vaitarna river in Maharashtra. “Construction of bridges over the rivers are very challenging and meticulous planning is required. During the construction of bridges over Mindhola and Purna rivers, the tides from the Arabian sea were closely monitored. Our engineers worked on a height of 26 m for the construction of bridge over Ambika river,” said Rajendra Prasad, Managing Director, NHSRCL Bullet trains on Mumbai-Ahmedabad High Speed Rail Corridor will operate at a speed of 320 Km/hour covering a distance 508 km.

NTPC completes trial operation by 660 MW capacity unit of Barh Super Thermal Power Project

Based on achievement of approved norms and due approvals, Unit-2 of 660 MW capacity of Stage-I (3 x 660 MW) of Barh Super Thermal Power Project in the State of Bihar, has successfully completed trial operation and consequently included in the installed capacity of NTPC Limited. With this, installed capacity of NTPC Limited and NTPC group has become 57038 MW and 73024 MW respectively.

Waaree Renewable Technologies Ltd receives EPC order for 100 MWp solar power project

Waaree Renewable Technologies Limited (Formerly known as Sangam Renewables Limited) have received a work order for Turnkey Engineering, Procurement and Construction (EPC) services in respect of setting up of a solar power project of 100 MWp capacity along with five years of operation and maintenance services. The project is expected to be completed in the F.Y.2023-24, subject to the terms and conditions of the order.

GR Galgalia Bahadurganj Highway Pvt Ltd, SPV of G R Infraprojects Ltd regrets the unfortunate pillar sinking incident in Kishanganj, Bihar

GR Galgalia Bahadurganj Highway Private Limited, a SPV of G R Infraprojects Limited, regrets the recent incident of under-construction pillar sinking that occurred on 23rd June 2023 at one of our project locations in Kishanganj over Mechi river.

At G R Infraprojects, Quality delivery has always been the top priority. Our organisation structure, processes, technology, and governance enable us to deliver our projects with adherence to highest standards of construction. Further, we conduct regular internal reviews of our design, execution methodology and project monitoring systems to ensure best-in-class project delivery.

We are conducting a thorough investigation to determine the reason of caving in of the pillar. Our technical team is on-site to determine the cause of the incident and take necessary remedial actions to mitigate any associated risks. We are also fully cooperating with the client with investigations that are being carried out. G R Infraprojects Limited remains steadfast in commitment to our clients and stakeholders by consistently driving higher business performance.

Man Infraconstruction secures work order worth Rs.600 cr from BMCTPL

Mumbai-based realty firm Man Infraconstruction has secured an order for pavement work on the reclaimed earth and received a letter of acceptance (LoA) for around Rs.680 crores from Bharat Mumbai Container Terminal (BMCTPL).

The work order is for the execution of infrastructure works of Phase-II at the fourth container terminal of Jawaharlal Nehru Port Trust (JNPT) in Navi Mumbai, Maharashtra. The project is expected to complete within 2.5 years of time frame. In addition, the company has already executed infrastructure works of Phase-I for BMCTPL with a 22-month timeline.

BMCTPL, a wholly-owned subsidiary of PSA International, is a leading global port group headquartered in Singapore. PSA is working with JNPT to develop the fourth container terminal to cater to the increase demands for container handling capacity, and to facilitate maritime trade in India.

Man Infraconstruction is an integrated engineering, procurement (EPC) and construction firm with two business verticals including construction and real estate development. So far, the company has delivered 14 residential projects in Mumbai.

G R Infraprojects Ltd receives LOA from NHAI for project in Uttar Pradesh

G R Infraprojects Limited has received Letter of Award (“LOA”) from National Highways Authority of India for a project “Four laning of NH 530B from Kasganj Bypass End (Existing Km. 150.100 of NH 530B/ Design Km. 123.100) to Chandan Nagar (Existing Km 96.200 of NH 530B/Design Km. 179.500) section of NH 530B in the State of Uttar Pradesh on HAM mode – Package 3”. Shares of G R Infraprojects Ltd was last trading in BSE at Rs.1267.30 as compared to the previous close of Rs.1248.65. The total number of shares traded during the day was 1098 in over 166 trades.

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