Construction
BCD Group appoints Ashwinder R. Singh as VC and CEO to drive strategic expansion
BCD Group has appointed Ashwinder R. Singh as Vice Chairman and CEO, elevating Angad Singh Bedi to Chairman and Managing Director. Singh brings 27 years of real estate expertise, including leadership roles at Bharti Urban and JLL. He will focus on residential and integrated township development along with reinforcing BCD Group's core competencies.
Road developers to see slower revenue growth of 5-7 pc next fiscal: Crisil
Road engineering, procurement, and construction (EPC) companies are expected to see a moderate revenue growth of 5-7 per cent next fiscal due to lower national highway awarding impacting their order books. Despite this, their credit profiles are expected to remain stable supported by steady operating profitability and strong balance sheets. The slowdown in growth is attributed to various factors including procedural issues and transition-related challenges as the government explores different project models. Prices of key raw materials have decreased, providing some relief.
NARCL plans to separate sustainable part of Simplex Infrastructures debt
NARCL had acquired the loan in cash and security receipts (SRs) for Rs 640 crore earlier this year. The state-backed bad bank had bought the debt from lenders at a 93% discount. The banks involved include PNB, State Bank of India, Canara Bank, Bank of Baroda, Bank of India, Union Bank of India, RBL, IDBI Bank and Standard Chartered Bank.
Simplex Projects’ promoter secures NCLT’s nod for acquiring company through bankruptcy
The Kolkata bankruptcy court has approved the revival plan for Simplex Projects proposed by its promoter, Sudarsshhan Das Mundhra. The plan, which received 99.51% approval from lenders, includes a payment of Rs 235.28 crore towards the company's total liabilities of Rs 2,108.49 crore.
ED returns 78 flats worth Rs 20 crore to SRS homebuyers; Rs 2,215 crore in properties to follow
The Enforcement Directorate (ED) has returned 78 flats valued at over Rs 20 crore to homebuyers affected by the SRS Group's projects in Gurgaon. Following court directives, the ED is also validating additional claims and plans to return properties worth Rs 2,215 crore. Further claims are under review for restitution to rightful owners.
Ceigall India secures orders worth Rs 1,042 crore
Ludhiana-based Ceigall India has obtained contracts worth Rs 1,042 crore for the Kanpur Central Bus Terminal and Bhubaneshwar Metro Project-Phase I. The Bhubaneshwar Metro will enhance connectivity and reduce congestion over 3 years, while the Kanpur project will build a modern bus terminal within 2 years.
Mahindra & Mahindra sells 20.5-acre land parcel in Mumbai's Kandivali
Mahindra & Mahindra sold a 20.5-acre land parcel in Mumbai's Kandivali for Rs 210 crore to Blueprintify Properties. The sale price was lower than the land's ready reckoner value of over Rs 223 crore. The land is in a No Development Zone and is devoid of illegal constructions. The transaction incurred a stamp duty of Rs 13.41 crore.
India's construction sector is booming, but construction and demolition waste management is weak
While this infra surge is good for the economy, it will generate enormous amounts of construction and demolition waste (CDW) and increase the demand for virgin building materials that require mining.
L&T set to phase out old construction gear
L&T plans to phase out 15-year-old equipment, increase biodiesel use, and adopt renewable energy. Diesel accounts for 65% of emissions from 14,000 machines. Construction contributes 85-90% of over ₹1,31,000 crore revenue in 2023-24. L&T has 500 sites, five-year carbon reduction plans to 2025-2026, a task force, an 8% diesel cut, and seeks to reduce thermal coal usage.
Construction equipment sector sees muted year after polls hurt Q1 sales
Construction equipment sales in India have stayed flat in the first quarter of FY25 due to a slowdown in road construction projects and subdued demand. Industry experts anticipate a tough year ahead, with concerns about declining volumes and delayed payments for infrastructure projects.
Must Watch
L&T bets on GenAI for sustainable progress
Larsen & Toubro, a leading engineering, procurement, and construction firm, is prioritizing generative AI for sustainable advancements, as highlighted by S N Subrahmanyan in his inaugural address as chairman at the company's 79th annual meeting on July 4.
PJTL lenders agree for Rs 1,020 crore one-time settlement
Lenders of Panipat Jalandhar NH 1 Tollway (PJTL) have agreed to a one-time settlement on Rs 3400 crore dues, accepting a Rs 1,020-crore all-cash offer from promoters Roadis Group and Soma Enterprises. The settlement, impacted by farmers' agitation, is subject to approval by all ten lenders in the consortium. SBI is the largest creditor.
No guarantee: Jaiprakash Associates recovery may be hard for creditors
Bankers said guarantees by chairman Gaur and vice chairman Sunil Kumar Sharma totalling close to Rs 800 crore are of little consequence after nearly seven years since the company was first referred to bankruptcy by the Reserve Bank of India (RBI) in 2017 among the 26 large defaulters of bank loans during that period.
Customs authority slaps over Rs 14 crore demand and penalty on Escorts Kubota
The Commissioner of Customs (Adjudication), Delhi Zone has passed an order confirming the demand of Rs 4,42,10,867 along with applicable interest and has also imposed a penalty of Rs 9,87,10,867 on valuation issue on imported goods, Escorts Kubota said in a regulatory filing.
Noida extends rehab package offer for projects facing insolvency; Supertech, ATS, Logix Group among defaulters
The Uttar Pradesh government has extended the rehabilitation package for housing project developers facing insolvency proceedings by two weeks. The package offers incentives such as interest waivers and penalties during the pandemic in exchange for withdrawing cases with the NCLT or courts. The package aims to assist developers like Supertech, ATS, and Logix Group who have stalled projects and owe significant dues.
Commercial realty owned by single entity in demand
Investors in India's commercial real estate market favor single-owned properties for higher returns and operational efficiency. Abhishek Kiran Gupta, CEO and cofounder of CRE Matrix, emphasizes the quality difference between single-owned and strata-owned buildings, attributing it to centralised management and maintenance.
