PROJECT
Japan's Sumitomo forms JV with Ampin Energy Transition, to invest over Rs 5,900 cr in RE projects in India
Sumitomo Corporation will invest over Rs 5900 crore to form a joint venture with Ampin Energy Transition. The venture, Ampin C&I Power Private Limited, aims to develop renewable energy projects in India, creating a 1 GW portfolio of corporate power purchase agreements. This marks Sumitomo's first renewable energy supply to corporate clients in India.
Infrastructure lending faces growing risks: RBI's Rajeshwar Rao
RBI deputy governor M Rajeshwar Rao highlighted the high risks in financing infrastructure projects and called for a unified approach. New RBI norms may increase project financing costs. He emphasized the need for coordinated planning and self-sustainable operations. Private sector participation in infrastructure spending is encouraged to reduce government expenditure.
Kolkata metro project: No trees to be felled or transplanted till next date of hearing, says SC
The Supreme Court has ordered that no trees be felled or transplanted for the metro rail project near Victoria Memorial in Kolkata. Notices were issued to the West Bengal government and Rail Vikas Nigam Limited. The court will hear the matter again in three weeks, allowing construction to continue without tree removal.
Developers integrating senior living with larger housing projects
Senior living facilities are now being integrated with other housing projects within cities, offering intergenerational communities. Developers like Max Group's Antara and Manasum Senior Living are planning projects in Gurgaon, Goa, and Bengaluru. The demand for senior housing in India is growing, with a significant gap between supply and demand.
Lavasa city: India’s elite homeowners are now slumdog millionaires
Lavasa, a hillside resort project near Mumbai, has faced setbacks for nearly 25 years. With only 5,000 residents and $1 billion in liabilities, the project is mired in insolvency. Recent efforts to find a rescuer failed, and creditors must restart their search. Lavasa's future remains uncertain.
- Go To Page 1
OpenAI launches new series of AI models with 'reasoning' abilities
Microsoft-backed OpenAI has launched its 'Strawberry' series of AI models, designed to solve complex problems by spending more time processing answers. The new models, o1 and o1-mini, excel in science, coding, and math tasks. They use a technique called 'chain-of-thought' reasoning to break down problems into smaller steps.
Arkade positioned well to tap Mumbai realty’s rise
Arkade Developers, a mid-tier residential realty firm in suburban Mumbai, plans to raise ₹410 crore through fresh equity for development expenses. The company's promoter stake will drop to 70.8% post-IPO. Arkade has developed over 4.5 million square feet across 28 projects and reported significant financial growth between FY22 and FY24.
GMR plans Aerocity Projects on 1,500 acres around major airports
GMR Group is planning a significant real estate development around its airports in Delhi, Hyderabad, and Goa. The projects include industrial, commercial, and hospitality developments. Notable plans include a resort-focused development in Goa and extensive social infrastructure at Hyderabad airport. Other developers are also contributing to these aerocity projects.
SBI sanctions Rs 10,050 cr loan for 1,600 MW thermal power project
State Bank of India has sanctioned a project loan of Rs 10,050 crore for Damodar Valley Corporation's 1,600 MW Ultra Super Critical Thermal Power Project in Koderma, Jharkhand. The project includes the construction of two units of 800 MW each and is part of the Ministry of Power's capacity addition plans by 2030.
RBI DG asks NaBFID to develop self-sustainable business model, not dependent on government support
RBI Deputy Governor M Rajeshwar Rao urged NaBFID to create a self-sustainable business model without relying on government support. He emphasized the need for agile strategies and higher private sector involvement in infrastructure investments. Rao also highlighted the importance of risk management and project appraisal expertise for NaBFID's success.
Government to inspect 100% quality tests by contractors under EPC mode of highway construction
Ministry of road transport and highways on Thursday notified amendments to the model engineering, procurement and construction (EPC) agreement and request for proposal (RFP) for consultancy services for authority’s engineer for supervision of EPC projects, mandating engineers to undertake 100% inspection on all new road and bridge projects awarded as against the mandate of inspecting only 50% and 60% projects respectively.
KPIL bags orders worth Rs 2,774 crore
Kalpataru Projects International and its subsidiaries have secured orders worth Rs 2,774 crore. These include projects in Transmission & Distribution overseas, an EPC project for airport extension from Airports Authority of India, and a residential buildings project in India. The company’s year-to-date order intake has reached around Rs 9,800 crore.
NBCC's three-phase plan to complete 50,000 Supertech homes offers hope for stranded home buyers amid insolvency proceedings
The state-owned NBCC has put forward a three-year construction schedule to provide reassurance to numerous homebuyers. The objective of the plan is to finalize the construction of 50,000 apartments across 17 projects of Supertech, which is currently being managed by an insolvency professional. The company's main stakeholder is confronting several allegations, such as fund diversion and money laundering.
Signature invests ₹1,144 Cr for Hsg project in Gurugram
Signature Global has awarded a ₹1,144 crore construction contract to Ahluwalia Contracts for its luxury housing project 'De-luxe DXP' in Gurugram. The project spans 16.65 acres and includes 1,008 units. Signature Global achieved a record pre-sale of over ₹3,600 crore shortly after the project's pre-launch.
As many as 378 housing projects with 1.46 lakh units stalled in 5 UP cities: PropEquity
Five major property markets in Uttar Pradesh, including Noida and Greater Noida, have 378 stalled housing projects, affecting nearly 1.46 lakh units. PropEquity data reveals that cash-flow mismanagement and lack of execution capabilities are key reasons for these delays. PropEquity has launched 'PropAlert' to provide regular updates to homebuyers on construction progress.
After sudden cheetah deaths in Kuno in 2023, Centre had turned to Reliance's wildlife facility for help
Following the deaths of three cheetahs in Madhya Pradesh's Kuno National Park, the National Tiger Conservation Authority enlisted experts from Reliance's wildlife facility to review health protocols. The project involves reintroducing cheetahs from Namibia and South Africa. Despite challenges, 24 cheetahs, including cubs, are currently in enclosures at Kuno.
China stops short of Africa debt relief but pledges more cash in investments and credit lines
China has pledged $50.7 billion over three years in credit lines and investments to Africa but did not provide the debt relief many African countries sought. The funds will support infrastructure and clean energy projects, aiming to improve trade links and tackle power deficits. However, concerns about debt transparency remain.
Road ministry sets up an expert panel to review all tunnel project proposals
In a notification dated September 6, the ministry of road transport and highways said the advisory panel, comprising experts from Oil and Natural Gas Corporation (ONGC), Rail Vikas Nigam Limited (RVNL) and THIDCL, will henceforth tender expert advice during the appraisal of long tunnel projects with length more than 1.5 km.
Prestige Estates raises Rs 5,000 crore by selling shares via QIP route
Prestige Estates Projects Ltd has raised Rs 5,000 crore through a Qualified Institutional Placement by selling equity shares to institutional investors. The company allocated nearly 3 crore shares at Rs 1,674 each, a discount on the floor price. Despite recent declines in profit and sales bookings, Prestige remains optimistic about future project launches.
EET Fuels appoints Toyo-India for Industrial Carbon Capture Project
EET Fuels has appointed Toyo Engineering India to manage the FEED phase of its ICC project at Stanlow refinery. The project aims to capture 1 million tons of CO2 annually by 2028, reducing Stanlow emissions by 45%. The captured CO2 will be sequestered in Liverpool Bay as part of the HyNet decarbonisation cluster.
Omaxe group to invest Rs 2,500 crore in developing a sport centric project in Delhi’s Dwarka
Realty developer Omaxe Group plans a Rs 2,500 crore sports-centric project in Dwarka, Delhi, featuring a cricket-cum-football stadium, retail spaces, and a hotel. The project's completion is expected by 2027. It will include India's largest F&B space, an E-Sports arena, and various facilities for multiple sports.
RBI likely to issue final project finance guidelines in 2-3 months
The Reserve Bank of India is expected to release final guidelines soon on provisioning and accounting norms for project finance. Discussions are also ongoing for Expected Credit Loss guidelines. The RBI aims to implement new provisions at 5% in phases, addressing concerns from stakeholders about the increased costs for banks and borrowers.
Amid setbacks, NTCA approves web series on Project Cheetah to 'showcase efforts to world'
The National Tiger Conservation Authority has approved the filming of a web series on Project Cheetah to highlight India's efforts in reintroducing cheetahs. The series, to be aired on Discovery Network, will start filming in September. It will cover the project's challenges and progress, with a focus on Kuno National Park and Gandhi Sagar Wildlife Sanctuary.
Gaurs group targets Rs 3,000 crore revenue from Ghaziabad project
An NCR-based developer will invest Rs 1,300 crore in a luxury project in Ghaziabad, expecting Rs 3,000 crore in revenue. The Gaurs Group's project, Gaur NYC Residences, received a remarkable response, with expressions of interest from over 3,000 potential buyers within 24 hours of RERA approval for 1,200 luxury apartments.
Amrapali projects' purchasable floor area ratio (FAR) approved by SC; this will allow for construction of 13,000 more flats
The Amrapali housing projects under the Supreme Court's supervision have received a significant boost with all involved parties agreeing on a purchasable floor area ratio (FAR) that has the potential to build more than 13,000 extra apartments.
Prestige Estates launches QIP to raise up to Rs 5,000 crore
Realty firm Prestige Estates Projects Ltd has launched a plan to raise up to Rs 5,000 crore through a Qualified Institutional Placement (QIP). The floor price for the equity shares has been set at Rs 1,755.09 per share. Recently, the company reported a 13% decline in net profit for the June quarter due to higher expenses.
Google DeepMind's Morni AI to cover 125 Indic languages
Speaking at the Global Fintech Fest, Manish Gupta, Director of Google DeepMind, Google India, said 73 out of these 125 languages had zero corpus of digital data available.
Taliban-led Afghanistan govt serves Kalpataru Projects tax notice of more than Rs 1 crore
Kalpataru Projects International Ltd has been served a tax notice by Afghanistan's government for missing declarations for the years 2020-21 and 2021-22. The notice demands AFN 8,952,704 in taxes and fines. Additionally, the company received a GST tax demand in India amounting to Rs 10.50 lakh along with penalties.
Load More
