Latest news with #LetterofAcceptance
Indian Express
6 days ago
- Business
- Indian Express
Govt approves master plan for Dharavi Redevelopment Project
The Maharashtra government on Wednesday approved the master plan for the Dharavi Redevelopment Project. The approval was granted during a high-level review meeting chaired by Chief Minister Devendra Fadnavis at the Sahyadri Guest House, where Chief Executive Officer of the project SVR Srinivas presented a detailed overview of the plan. After the presentation, CM Fadnavis said that the project would be implemented through an environmentally sustainable and integrated approach. He emphasised that the rehabilitation of local artisans and residents would be prioritised in the ambitious initiative. According to officials, Fadnavis directed authorities to ensure that Dharavi's original identity as a vibrant economic and industrial hub is preserved. 'The core essence of Dharavi must be protected. We are not just building structures, we are rebuilding lives,' Fadnavis said during the meeting. 'Every eligible resident must receive a home in Dharavi. Every skilled artisan and small business should be brought into the mainstream through fair rehabilitation. The criteria for eligibility may differ, but no one from Dharavi should be left behind,' he added. Deputy Chief Minister Eknath Shinde, who was also present at the meeting, instructed the departments concerned to expedite all necessary approvals and processes related to the project. The Dharavi project is considered one of Asia's largest slum rehabilitation initiatives. The redevelopment is being carried out by a special purpose vehicle (SPV) set up through a joint venture between the Maharashtra government's Slum Rehabilitation Authority (SRA) and the Adani Group's Dharavi Redevelopment Project Private Limited (DRPPL), now renamed Navbharat Mega Developers Private Limited (NMDPL). In this SPV, Adani Properties Private Limited (APPL) holds an 80 per cent stake, while the remaining 20 per cent is held by the SRA. The gross area of the Dharavi Notified Area is approximately 253.7 hectares. Of this, the redevelopment project covers 173.90 hectares (usable area), including land under the Railway Land Development Authority (RLDA), while 79 hectares of property are excluded from the project scope. The total estimated cost of the project is Rs 95,790 crore. The project received official approval and the Letter of Acceptance (LoA) on July 17, 2023. Construction began on January 14, 2025, with the issuance of the First Commencement Certificate (First CC). The project is scheduled to be completed within seven years, by January 13, 2032.
Time of India
21-05-2025
- Business
- Time of India
IRCON International shares in focus after Rs 254 crore KAVACH contract from South Western Railway
Shares of state-run IRCON International will be in focus on Wednesday after the company announced it has secured a Rs 253.6 crore contract from South Western Railway for the implementation of KAVACH , an indigenous train collision avoidance system . The system will be deployed across 778 route kilometers in the Bengaluru and Mysuru divisions. The contract includes the survey, design, supply, installation, testing, and commissioning of KAVACH equipment along with associated works. The project is expected to be completed within 18 months from the date of issuance of the Letter of Acceptance (LOA). Also Read: KEC International, PVR INOX among 10 smallcap stocks analysts expect to gain up to 80% IRCON International reported a 3.8% year-on-year (YoY) decline in net profit to Rs 246.8 crore for the fourth quarter ended 31st March, 2024, compared to Rs 256.5 crore in the same period last year. The company's revenue from operations fell 1% to Rs 3,742.7 crore versus Rs 3,780.7 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA dipped 56.3% to Rs 286.3 crore in the fourth quarter of this fiscal over Rs 183.2 crore in the year-ago period. Live Events The EBITDA margin stood at 7.7% in the reporting quarter compared to 4.9% in the fourth quarter of the previous fiscal. Also Read: Street Favourite! SBI, Tata Motors among 10 large-cap stocks analysts expect to rally up to 32% IRCON International share price target According to Trendlyne, the average target price for IRCON International is Rs 147, indicating a downside of 22% from current levels. The stock holds a 'Sell' rating based on recommendations from 3 analysts. IRCON International shares price performance IRCON shares have risen 17% in the past three months but are down 31% over the past 12 months. The company's market capitalisation currently stands at Rs 17,709 crore. Also Read: Crompton Greaves, Delhivery among 10 mid-cap stocks analysts expect to rally up to 53% ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Business Standard
16-05-2025
- Business
- Business Standard
IRCON International spurts on bagging Rs 52-cr railway order
IRCON International surged 7.32% to Rs 190.50 after the company announced that it has received a work order worth Rs 51.61 crore from North Western Railway The contract involves the provision of a remote diagnostic & predictive maintenance system across various sections, including the RE-MD section of Jaipur Division, MD-PNU section of Ajmer Division, REBTI section of Bikaner Division and MTD-LUNI section of Jodhpur Division. The total value of the order is Rs 51,61,72,418.81 and the project is scheduled to be completed within 24 months from the date of issuance of the Letter of Acceptance (LOA). The company also clarified that the contract does not involve any related party transactions. Additionally, the company confirmed that neither the promoter, promoter group, nor any group companies have any interest in the awarding entity. The official announcement was made on 15 May 2025. IRCON International is a Navratna, public-sector enterprise and a leading turnkey construction company in the public sector. Its core competence lies in railways and highways. IRCON has widespread operations in several states in India and other countries (Malaysia, Nepal, Bangladesh, South Africa, Algeria, Myanmar, and Sri Lanka). IRCON International's consolidated net profit dropped 64.81% to Rs 86.10 crore, while revenue from operations declined 10.81% to Rs 2,612.86 crore in Q3 December 2024 over Q3 December 2023.
Time of India
30-04-2025
- Business
- Time of India
Andhra Pradesh Metro Rail Corporation Limited issues Request for Proposal for double-decker flyover DPRs in Vizag, Vijayawada
1 2 3 Vijayawada: The Andhra Pradesh Metro Rail Corporation Limited (APMRCL) has issued a Request for Proposal (RFP) to select a consultant for preparing a combined Detailed Project Report (DPR) for a double-decker, four-lane flyover cum metro rail. This initiative is part of Phase 1 of the Visakhapatnam and Vijayawada metro rail projects. As per APMRCL, the consultant's responsibilities include preparing the combined DPRs for the double-decker flyover cum metro rail — spanning 20.16 km (15.1 km + 5.06 km) in Visakhapatnam and 4.7 km in Vijayawada — for submission to the Ministry of Road Transport and Highways (MoRTH) and the National Highways Authority of India (NHAI). The consultant will also provide assistance to APMRCL and NHAI until the DPR receives approval from MoRTH. It's worth noting that the Andhra Pradesh govt previously approved DPRs for Phase 1 construction in three corridors for both Visakhapatnam and Vijayawada metro rail projects, covering 46.23 km and 38.40 km respectively. In Visakhapatnam, corridor 1 of the metro rail will extend 34 km on NH-16 from Kommadi Junction to the Visakhapatnam Steel Plant gate. Similarly, in Vijayawada, corridor 1 will cover 4.7 km along NH-16, from Ramavarappadu Junction to Nidamanuru. Meanwhile, NHAI conducted a feasibility study to develop 12 new flyovers across various junctions from Madhurawada to Lankapalem in Visakhapatnam, alongside a new flyover from Ramavarappadu Junction to Nidamanuru in Vijayawada. The state govt and NHAI have decided to integrate the metro and flyover into a two-layer, double-decker flyover system to minimize road space usage and optimize costs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How can a 3-month-old get cancer? Please help! Give Hope India Donate Now Undo It was further agreed that costs for constructing the double-decker flyover will be shared by both APMRCL and NHAI, with APMRCL serving as the single execution agency. This approach follows a similar project executed by the Maharashtra govt for the double-decker flyover in Nagpur metro. Consultants are required to submit their proposals by 3:00 PM on May 14, 2025, with the opening of proposals scheduled at 3:30 PM on the same day. Additionally, the consultants must deliver the combined DPRs within six weeks of receiving the Letter of Acceptance (LoA). In a parallel development, APMRCL has invited e-tenders for the appointment of general consultants for Phase 1 of the Vijayawada metro rail project. The project will be executed in two corridors spanning a total of 38.40 km, with consultancy works valued at approximately ₹205 crore. The deadline for submitting tender bids is 3:00 PM on June 16, 2025, with technical bids set to open at 3:30 PM on the same day.
