MUMBAI: Cube Highways and Infrastructure, the Singapore-based investment firm which is determinedly building a formidable roads platform, has now agreed to purchase 39% stake in the toll road Ghaziabad Aligarh Expressway Private Limited from Bharat Road Network Ltd (BRNL) for an undisclosed amount. BRNL announced the sale in a notice to stock exchanges but did […]
Category: Roads
Deloitte faces class action suits, fine in IL&FS probe
Deloitte Haskins and Sells Llp, the auditor of struggling IL&FS Financial Services Ltd (IFIN), may have to disgorge the audit fees it had received from the lender with penalty if a probe finds that the auditing firm had overlooked irregularities or colluded with the non-bank’s management, a person familiar with the investigation said. Deloitte may […]
Essel Group in talks to sell road assets to CDPQ, Cube Highways
Mumbai: Roads platform Cube Highways and Infrastructure Pte. Ltd and Canada’s Caisse de dépôt et placement du Québec (CDPQ) are in talks to buy three toll roads from debt-laden Essel Group, three people aware of the matter said, requesting anonymity. A potential deal could be a major reprieve for the Subhash Chandra-led group that is […]
Piramal Group, Canadian pension funds in race for GIP road assets
Mumbai: Canadian pension funds CPPIB and CDPQ, and the Piramal Group have entered the final round of bidding to acquire Highway Concessions One (HC1), the roads portfolio of infrastructure fund manager Global Infrastructure Partners (GIP), two people aware of the development said. Mint had first reported in December 2018 that GIP had appointed Citibank Inc. […]
Cube Highways to buy Delhi-Agra highway from RInfra
Mumbai: Cube Highways and Infrastructure, the Indian roads and highways platform of global infrastructure fund I Squared Capital, on Thursday said that it has agreed to acquire DA Toll Road Pvt. Ltd, which operates a toll road in the states of Haryana and Uttar Pradesh, from Reliance Infrastructure Ltd. The enterprise value of the transaction […]
NHPC may bid for road construction contracts
New Delhi: In what will add to the competition in the road-construction space, state run NHPC Ltd. is exploring to bid for road projects, said a top company executive. This development comes in the backdrop of a revival of the highway sector and will pit the public sector unit (PSU) against private road sector developers […]
How the roads sector will look like after Elections 2019
Ordering in the roads sector is likely to pick up from FY20 onwards, after a lull in the current year. In a report on roads, JM Financial Services Ltd highlights how orders have typically picked up after elections. During 2009 and 2014 elections, ordering in roads picked up after the new government assumed office, irrespective […]
HAM road projects are in jam as land acquisition issues persist
It looks like the much-hyped hybrid annuity model (HAM) adopted for road projects is running into rough weather. The delay in announcing the “appointed date” for nearly one-third of the HAM road projects has been a cause for concern. Appointed date is the date fixed after the tender is awarded from when the scheme comes […]
NCLAT asks IL&FS Engineering and Construction to extend bank guarantee to NHAI
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) Tuesday permitted the debt ridden IL&FS and its group firm IL&FS Engineering and Construction Company to extend a bank guarantee of ₹60.29 crore issued to state-run National Highways Authority of India (NHAI). A two-member bench headed by Chairman Justice S J Mukhopadhaya said it was not […]
NCLAT asks IL&FS Engineering and Construction to extend bank guarantee to NHAI
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) Tuesday permitted the debt ridden IL&FS and its group firm IL&FS Engineering and Construction Company to extend a bank guarantee of ₹60.29 crore issued to state-run National Highways Authority of India (NHAI). A two-member bench headed by Chairman Justice S J Mukhopadhaya said it was not […]
NHAI cancels second auction of toll roads
MUMBAI: The National Highways Authority of India (NHAI) has decided to cancel the second auction of toll roads after the bids came in far below its expectations, a person aware of the development said. Cube Highways, the highest bidder in the second round of toll-operate-transfer (TOT) auctions, had placed a bid of ₹4,612 crore for […]
Opinion | Towards an efficient transport infrastructure
Transport infrastructure in India has grown at an unprecedented rate during nearly the last five years. We can, in fact, claim that this has been a period of “highest evers” and “never befores” for the sector. At the highest ever pace of construction, we have built more than 35,000 km of national highways in four […]