Construction
A M Naik steps down as chairman of L&T Group
Naik, 81, will now be the chairman of the employees trust. He will focus on increasing many philanthropic initiatives that he has been undertaking for the past few years, according to a statement.
Delhi Master Plan 2041 a likely $100 billion opportunity
The Delhi Master Plan is expected to unlock real estate opportunities in 165 Delhi villages, potentially raising Delhi's per capita income to ₹4 lakh, as per the analysis by think tank Delhi Consortium. This represents a 47% increase from the ₹2.72 lakh per capita income reported in the 2022-23 Economic Survey of Delhi.
'Eye' on GIFT City: 158-meter Ferris wheel to come up as part of social infra zone
Gujarat International Finance Tec-City Company Ltd (GIFTCL) is looking to develop social infrastructure, including an entertainment and retail zone along with a large Ferris wheel called GIFT Eye, in GIFT City. The development will cover a minimum of 1.5 million square feet and will be located adjacent to the riverfront. GIFTCL has invited bids for the project.
DLF ventures into wellness with 'Thrive' fitness centres
While fitness centres in malls will be open to everyone, DLF is tying up with corporates for those located at office buildings.
Signature Global plans to launch 21 million sq ft projects
The company, supported by IFC and HDFC Capital Advisors, intends to generate as much as Rs 730 crore through its upcoming initial public offering, scheduled to launch on September 20.
JCB plans to increase exports of India-made construction gear
JC Bamford (JCB) Excavators plans to increase exports from its India unit to 45% of its output, up from 10% five years ago, according to the company's chairman. JCB, one of the world's largest construction equipment manufacturers, sees India as its largest market outside of Europe.
JCB to export 45% construction equipment machinery from India in 2023
Climate finance typically refers to any financing that seeks to support mitigation and adaptation actions that will address climate change.
Finland's SuperPark plans 25-30 indoor parks in India in 5 years
In India, SuperPark will compete with Australian family entertainment operator Timezone, Lulu Mall's Funtura and Kidzania, all of which have aggressive expansion plans for this year.
EFC India starts 65,000 sq ft co-working centre in Noida to expand biz
Co-working space operator EFC (I) Ltd has entered the Delhi-NCR market by opening a new centre in Noida. The 65,000 square feet centre will house brands such as Tata Capital and Virtuous Transactional Analyst. EFC itself will occupy 25,000 square feet of office space.
Maharashtra RERA finalizes criteria for proposed grading of housing projects
Maharashtra Real Estate Regulatory Authority (MahaRERA) has finalized the criteria for the proposed grading of housing projects which is called the MahaRERA Grading Matrix. Housing projects registered after January 2023 will be eligible for the rating.
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Nisus Finance, Phoenix ARC invest nearly Rs 100 cr in Ahmedabad commercial project
Nisus Finance Group and Phoenix ARC have invested approximately Rs 100 crore in a commercial project called Swaminarayan Business Park in Ahmedabad. The investment will allow them to take over the project and exit the loans of the previous lender, DHFL. Nisus Finance invested through its Real Estate Special Opportunities Fund -1, while Phoenix ARC is the asset reconstruction arm of Kotak Mahindra Group. This joint investment marks the first collaboration between Nisus BCD and Phoenix ARC. The project is nearly 80% complete and has already been leased to prominent brands.
HDFC Capital, Abhinandan Lodha Group ink JV to invest Rs 1,500 crore in low-rise projects
HDFC Capital Advisors will be investing in this new platform through HDFC Capital Affordable Real Estate Fund-3 and the Investment is expected to result in a gross development value (GDV) of over Rs 4,500 crores.
L&T wins 'significant' order to build Australia's largest urea plant
Without disclosing the deal value, L&T said it was a "a significant order". Generally, significant order indicates a value between Rs 1,000 and Rs 2,500 crore. "We've adopted a policy to not reveal commercial details of contracts as the value can change by the time of completion," L&T Group Chairman and Managing Director-Designate, SN Subrahmanyan said.
Welspun Enterprises acquires 50.10% stake in Michigan Engineers for Rs 137 crore
Welspun Enterprises (WEL) has bought a 50.10% stake in engineering, procurement and construction firm Michigan Engineers. The transaction, valued at Rs 137.07 crore will enable WEL to expand its urban water infrastructure business, as well as enter the high-margin, high-growth trenchless technologies field. WEL has an order book of over Rs 6000 crore for the water and wastewater segment, and the sector is likely to benefit from Indian government schemes.
L&T gets a contract to build India's newest international cricket stadium
L&T Construction's Buildings & Factories Business has secured orders worth Rs 1,000 to Rs 2,500 crore, including the construction of an international cricket stadium in Varanasi, Uttar Pradesh. With 30,000 seats, it will be built on a 30.67-acre site to meet ICC standards.
Delhi High Court directs NHAI to pay Rs 1204 crore arbitral award to R-Infra subsidiary
Delhi High Court has ordered National Highways Authority of India (NHAI) to pay Rs 1204 crore to Reliance Infrastructure's wholly owned subsidiary, TK Toll Road (TKTR), as compensation. The payment comes after R-Infra was granted an arbitral award of Rs 1200 crore in October 2022.
