FDI inflows more than doubled in the construction sector
01 Jul 2024
Long Read
Maintaining consistency in attracting foreign investment inflows in construction, India has received a total foreign direct investment (FDI) inflow of $70.9 billion in the financial year 2023-24. India received the highest FDI of $6 billion in October last year followed by $5.9 billion in January 2024. The largest contributor to the country's FDI inflow was Mauritius with a total of 25 per cent, followed by Singapore, which infused 24 per cent in the country. The major beneficiary of the FDI inflow during the financial year 2023-24 was Maharashtra with 30 per cent followed by Karnataka at 22 per cent. Gujarat received 17 per cent of the total FDI inflows while the national capital Delhi received 14 percent and Tamil Nadu 5 percent of total FDI inflows
NATIONAL Expand PLI scheme to make India a Global Drone Hub, says report
The government needs to expand the production-linked incentive (PLI) scheme to realise the goal of making India a global drone hub, a report said. An incentive of Rs.1.2 billion spread over three financial years was provided for Indian manufacturers of drone and drone components under the PLI Scheme. As per the Ministry of Civil Aviation projections, the Indian drone manufacturing industry is expected to reach Rs.9 billion by 2025 from just Rs.600 million in 2020-21. It also noted that the Indian drone market is expected to grow at 22.15 percent compounded annual growth rate (CAGR) in 2024-30.
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Mumbai city has 33 percent of state's electric cars
Electric cars’ population in Mumbai crossed the 10,000-mark this month, accounting for 33 percent of the total e-cars in Maharashtra. With new models of electric cars in demand, especially in the high-end SUV segment, owners recall having good experience with low costs of maintenance and fuel, besides ease of driving, comfort, and noiseless rides. The maximum e-cars in Mumbai have been registered in South Mumbai and other parts of the island city, followed by areas between Bandra and Andheri, as per the latest statistics provided by the transport department. When it comes to e-scooters in Mumbai, the maximum registrations are at Borivali RTO.
BMC will spend Rs.5.45 billion for upkeep of roads during monsoon
The cash-rich Brihanmumbai Municipal Corporation (BMC) has earmarked a total of Rs.5.45 billion, which will be used for multiple works including filling potholes and carrying out resurfacing work of the existing roads of Mumbai during rains this year. The fund that has to be spent this year is also nearly 36 percent more compared to last year, when the BMC had spent nearly Rs.4 billion for filling 70,000 potholes during monsoon. Out of the total Rs.5.45 billion, Rs.2.75 billion will be spent to fill potholes. Under this header, the civic authorities have earmarked funds between `80 and `120 million for each of the 24 municipal wards in the island city's eastern and western suburbs.
Record investments in infrastructure expansion: Reports
India is experiencing a transformative wave of investments in its infrastructure, driven by strong economic growth and robust government support. According to recent reports from Moody's Ratings and ICRA, the country is set to witness substantial capital inflows into both the energy and transportation sectors. Moody's Ratings highlighted the immense financial commitment required for India's energy transition. The nation aims to significantly expand its renewable energy capacity, targeting an impressive 500 gigawatts (GW) by 2030. To achieve this, Moody's estimates that an investment ranging from $190 billion to $215 billion will be necessary over the next seven years.
All-weather roads will be built for 800 tea gardens
Assam Chief Minister Himanta Biswa Sarma said his government will construct all-weather roads in 800 tea gardens across the state at an expenditure of `8 billion. Sarma said that the state cabinet approved the proposal to improve connectivity in tea gardens. He said that to ensure all-weather connectivity in tea gardens, the cabinet has accorded approval to construct line roads in 800 gardens. He said that each road will be built at a cost of Rs.10 million and a total of Rs.8 billion has been approved. Besides, the Cabinet green-lighted a proposal to allocate Rs.80 million to each school to upgrade the infrastructure of 126 state-run educational institutes.
First cement-free geopolymer road built by NTPC
In a significant stride towards sustainable infrastructure, Ajay Sharma, Head of Projects,NTPC Kahalgaon, inaugurated a pioneering geopolymer road. This innovative project is the first of its kind in Bihar, constructed entirely without cement. The 2.9 km road uses 2,000 MT of fly ash, a byproduct of power plants and ground granulated blast furnace slags (GGBS) from steel plants, combined with chemicals like Sodium Hydroxide and Sodium Silicate. This eco-friendly approach not only reduces greenhouse gas emissions, but also promotes the effective utilisation of industrial waste.
Gurugram sees surge in demand for premium real estate projects
The premium housing segment continues to raise the bar of living in the Delhi-NCR region. A report by Cushman and Wakefield for Q1 2024 states the region captured 61 percent of high-end and luxury housing total launches, with Gurgaon region leading the way. Moreover, the capital values in the NCR witnessed an increase of 1–2 percent on a Q-o-Q basis and 12-15 percent on a Y-o-Y basis. This upsurge reflects a growing trend among affluent buyers towards more spacious and opulent living solutions. The demand for projects in Gurgaon positions it as an epitome of premium living and highlights buyer preferences.
Ahmedabad may mandate electric vehicle charging in new buildings
The Ahmedabad Municipal Corporation (AMC) plans to implement new electric vehicle (EV) charging requirements for upcoming buildings. The AMC's goal is to make EV charging stations a necessary feature in the blueprints for all new constructions. Meanwhile, the corporation has issued tenders for 81 new charging points across the city which would be located in strategic locations such as Kankaria Kids City, Navrangpura multi level parking and under flyovers. Currently, there are over 15 charging stations on AMC-owned premises. Efforts are being stepped up to promote electric vehicles (EVs) in the city and plans include facilitating private entities to establish charging facilities at 81 locations across Ahmedabad.
SJVN to supply 800 MW of Green energy
The Haryana Power Purchase Centre (HPPC) has been granted approval for procuring 800 MW of renewable energy from Satluj Jal Vidyut Nigam (SJVN) for which a plea seeking petition was filed. This renewable energy will come from inter-state transmission system (ISTS)-connected projects equipped with energy storage systems. The proposed rate for this energy is `4.45 per kilowatt-hour including a trading margin over 25 years. The bidding process initiated by SJVN, a total of 1,500 MW of renewable energy offering gives the option to increase this capacity by another 1,500 MW. The energy provided by SJVN is expected to have a minimum capacity utilisation factor (CUF) of 70 percent, which is comparable to plant load factor (PLF) of thermal plants.
Jammu and Kashmir 40-year land lease granted for Kiru hydropower project
The Jammu and Kashmir (J&K) administration has approved grant of 40-year lease with mortgage rights of 87.54 hectares of land acquired by the collector,
Kishtwar for Kiru hydroelectric project in Kishtwar district to Chenab Valley power projects (CVPPPL). The Kiru project is presently under construction by CVPPPL, which is a joint venture of NHPC and Jammu and Kashmir Power Development Corporation. The work on the project allotted on engineering procurement and construction (EPC) mode is currently in full swing and is scheduled to be completed by March 2026.
Omega Seiki Mobility to raise $40 million for making e-trucks
Omega Seiki Mobility (OSM), which manufactures electric two-wheelers, three-wheelers and trucks, is all set to raise $40 million in a Series B round to fund its electric truck manufacturing plans. It will be in two tranches with the first tranche of $25 million and $15 million subsequently. The company has its manufacturing base in Faridabad and at Chakan in Pune. The company will use the funds to build two electric truck plants in the country. The one-tonne e-truck will be manufactured in Pune and the 3.5-tonne e-truck in Faridabad. The trucks are undergoing testing at the International Centre for Automotive Technology (ICAT) and awaiting approvals. The one-tonne truck will have a 100-120 km range and may be launched in September.
Contact: Omega Seiki Mobility
Website: www.omegaseikimobility.com
JSW Energy begins construction of battery storage project in Fatehgarh
JSW Energy said that it has commenced the construction of a 1 Gigawatt hour (GWh) battery energy storage system project at Fatehgarh in Rajasthan. The project consists of two installations, each with a 500 MWh storage capacity, designed for two hours of storage in one cycle. The project will be developed under a Build Own Operate and Transfer (BOOT) mechanism and will be transferred to the off-taker after 12 years. JSW Energy said that it aims to commission the project which is expected by June 2025. The company has also signed a Memorandum of Understanding (MoU) with JSW Steel to supply an additional 85,000-90,000 tonne of green hydrogen annually, along with 720,000 tonne per annum (TPA) of green oxygen, progressively by 2030.
Contact: JSW Energy
Website: www.jsw.in
Border Roads Organisation completes construction of 2 Bailey bridges
The Border Roads Organisation (BRO), in coordination with the Army successfully restored connectivity to Dzongu and Chungthang by launching twin Bailey bridges over Teesta river at Sanklang. Later, to provide round-the-year connectivity across river Teesta, BRO constructed the Bailey Suspension bridge at Sanklang which was opened for traffic since February this year.
Contact: The Border Roads Organisation
Tel: 011-25686822
Website: www.bro.gov.in
Zoho applies for semiconductor manufacturing facility in India
Chennai-headquartered company Zoho, which competes with the likes of US giant Microsoft, is the latest name among companies aiming for government incentives to get a pie of the lucrative semiconductor space. It has applied to the government to set up a semiconductor manufacturing facility in India along with a partner Co-Founder Sridhar Vembu said. The global tech company Zoho, which has over 15,000 employees across different countries and over 55 apps for every business category, did not lay off a single person throughout the pandemic and later.
Contact: Zoho
Website: www.zoho.com.
UK’s North Star Shipping picks Cochin Shipyard for a repeat hybrid SOV order worth 60 million Euros
North Star Shipping (Aberdeen), UK’s top offshore infrastructure support vessel operator in the North Sea has placed a repeat order for a hybrid service operation vessel (SOV) at Cochin Shipyard in a deal worth 60 million Euros. The SOV will be deployed on a contract with Siemens Gamesa at the Scottish Power Renewables East Anglia THREE offshore wind farm located off the Suffolk coast. The contract also has an option to contract two more such vessels. Earlier this year, North Star placed an order for one SOV valued at about Rs 5 billion with Cochin Shipyard. The SOV’s will be designed by Norway’s VARD AS, one of the world’s top designers and shipbuilders of specialised vessels.
Baidu wins commercial license for driverless taxis in Shenzhen
China's tech firm Baidu Inc said it has obtained a commercial license from regulators for its driverless ride-hailing service in parts of Shenzhen. Its fleet of driverless robotaxis will operate and collect fares from passengers across 188 square km in Shenzhen. The company first brought self-driving cars to Shenzhen in 2022 but its cars were not allowed to go on the roads without human supervisors onboard.
Contact: Baidu
Website: www.ir.baidu.com
Electric ride-hailing service operator enters UAE market
Electric ride-hailing service operator BluSmart expanded its presence beyond the domestic frontiers with its entry in the United Arab Emirates (UAE). This makes it the UAE's first 100 per cent electric full-stack premium limousine service and serves as a significant milestone in the UAE's transition towards sustainable transportation solutions. The company said its diverse services, with features such as zero driver cancellations, flat and transparent upfront pricing, on-time arrivals and a carbon emission tracker will cater to Dubai's cosmopolitan population, offering city and airport rides, hourly rental bookings within the city as well as drop-off to other Emirates.
Contact: BluSmart
Website: www.blu-smart.com
India-Bangladesh bridge to get operational by September
India’s landlocked Northeast is set to get a crucial connectivity link to the Bay of Bengal with the opening of the long-awaited Bangladesh-India friendship bridge, known as Maitri Setu by September. It connects Bangladesh with Tripura giving North-eastern states access to ports in Bay of Bengal. The bridge was built over Feni river, which flows between Bangladesh and Tripura. The 1.9-km-long bridge connects Ramgarh in Bangladesh with Sabroom in India. It was built by National Highways and Infrastructure Development Corporation at a project cost of `1.33 billion. Cargo movement is seen as strategically important as Bangladesh’s Chittagong port is just 80 km from Tripura's Sabroom.
Essar awaits nod to start work on $4.5 bn steel plant in Saudi
The Essar Group awaits final approvals to start investing about $4.5 billion in building a low-carbon steel plant in Saudi Arabia. The approvals are expected anytime now after which the conglomerate will start working on the 4 million tonne per year steel plant along with port facilities at Ras Al-Khair in Saudi Arabia. The plant will meet domestic steel demand in Saudi Arabia. Saudi Arabia is going through a large growth phase and a large part of steel today is getting imported into Saudi Arabia so it is basically a domestic plant. The oil-rich kingdom is eyeing becoming an electric vehicle manufacturing hub.
Contact: The Essar Group
Website : www.essar.com
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