Latest news with #Procurement
Hans India
a day ago
- Business
- Hans India
Vijayawada Metro Rail Project: Tenders Invited for 38.4 Km Phase 1 Construction
Andhra Pradesh Metro Rail Corporation has invited tenders for the Vijayawada Metro Rail Project. These tenders have been called under the EPC (Engineering, Procurement, and Construction) model. In Phase 1, metro construction will take place along two corridors covering a total of 38.4 km. Corridor 1 : From Nehru Bus Stand to Gannavaram Bus Stand : From Nehru Bus Stand to Gannavaram Bus Stand Corridor 2: From Bus Station to Penamaluru As part of Corridor 1, a 4.7 km double-decker flyover will also be constructed. The project will include 32 metro stations and one underground metro station. It is already known that tenders have also been invited for the Visakhapatnam Metro Rail Project.
The Hindu
6 days ago
- Business
- The Hindu
₹621 crore bank fraud: ED raids firms
The Enforcement Directorate (ED) conducted search operations at six locations in Hyderabad in connection with a large-scale bank fraud linked to M/s SEW Infrastructure Ltd. (SIL), M/s Prasad and Company (Project Works) Pvt. Ltd. (PSPWPL), their group firms and promoters. The money laundering probe stems from a case registered by the Central Bureau of Investigation (CBI) against M/s SEW LSY Highways Limited and others for siphoning of loan funds, cheating and criminal misconduct, leading to loss of public money. M/s SEW LSY Highways Ltd was incorporated as a Special Purpose Vehicle (SPV) for the execution of a highway concession contract awarded by the Uttar Pradesh State Highway Authority to a consortium of M/s SIL and M/s PSPWPL. The SPV was sanctioned a term loan of ₹1,700 crore by a consortium of 14 banks led by Punjab National Bank. The Engineering, Procurement and Construction (EPC) contracts for the project were awarded to M/s SIL and its group entities, which in turn sub-contracted the work to other firms. The ED's investigation has revealed a complex web of intra-group sub-contracting through entities such as SEW Transport Networks Ltd (STNL), with work being passed on at successively lower values. This practice enabled the promoters to divert and siphon off substantial portions of the loan funds. PSPWPL, which held a 30% stake in the SPV, also received diverted funds and subsequently infused them back as the promoters' required equity contribution, instead of it coming from legitimate sources. Even after ₹603.68 crore was disbursed by the banks to SEW LSY Highways Ltd, the project remained incomplete and the loan account eventually turned into a non-performing asset. The outstanding amount now stands at ₹621.78 crore. During the search operations on July 22, the ED seized incriminating financial records and property documents, valued at approximately ₹120 crore, held in the names of the promoters and their family members. In addition, 33 bank accounts belonging to SEW Infrastructure Ltd, SEW Transport Networks Ltd, their directors and relatives have been frozen. Further investigation is underway.
The Star
22-07-2025
- Business
- The Star
Three UKM tenders worth over RM50mil did not follow procedures
PETALING JAYA: Three out of seven procurement tenders worth more than RM50mil carried out at Universiti Kebangsaan Malaysia (UKM) did not follow the required procurement procedures, according to the Auditor-General's Report 2/2025. In these cases, the report highlighted that an audit was carried out on seven procurement tenders worth RM66.64mil in UKM, covering supplies, services and works carried out from November 2024 to January 2025. The report found that the tender procurement committee selected companies that were not recommended by the necessary committees. 'The tender process for infrastructure upgrades at four residential colleges on UKM's main campus in Bangi, worth RM8.19mil, was conducted in accordance with regulations. 'The audit revealed serious irregularities and weaknesses in the tender procurement process and governance at UKM,' said the report released yesterday. For all three tenders, UKM did not appoint a representative from the Finance Ministry to the tender procurement committee. Although a representative from the Higher Education Ministry was appointed, they did not attend the committee meetings. Among lapses was the awarding of a contract to a company whose medical equipment failed to meet integration specifications with UKM's existing system, the report said, adding that the technical committee's concerns were not taken into account. In another case, a separate company that failed the technical evaluation for catering was still brought before the committee, in breach of a Treasury circular. Similarly, the Auditor-General found that the tender procurement committee made decisions collectively, including the pre-tender committee endorsing a company that had failed the evaluation stage for a project involving the upgrading and replacement of 16 elevators. To prevent further breaches, the Auditor-General recommended that UKM revise its procurement guidelines to align with Treasury regulations. The report also called for close monitoring of the implementation of the three tenders and disciplinary action against officers and committee members found to have violated procedures. In response, the Higher Education Department issued a reminder letter titled 'Strengthening Procurement Management' on March 25, 2025, to all vice-chancellors of public universities, following audit findings. 'The letter urged strict adherence to Treasury circulars in procurement procedures,' it said.
Mint
20-07-2025
- Business
- Mint
68,000% rally in 5 years! Waaree Renewable shares to be in focus on Monday on cancellation of order. Check details
Waaree Renewables Technologies (WAAREERTL) shares will be in focus of the stock market investors on Monday, 20 July 2025, after the company received a cancellation letter from the Assam Power Distribution Company terminating a solar power project order, according to an exchange filing. 'We wish to inform you that the company has received cancellation of Letter of Award for Engineering, Procurement and Construction (EPC) works of solar power project of 125 MWAC (181.3 MWp DC) capacity on turn key basis along with Operation and Maintenance which was awarded to consortium of three members comprises WAAREERTL as one of the member,' the company informed the BSE through the filing. The solar project was scheduled to be completed within 18 months of the contract signing. Waaree Renewables signed the contract on 11 March 2025. After the Government of Assam withdrew the funding of the solar project through the ADB loan, Assam Power Distribution Company (APDCL) said that it was not 'feasible' to pursue the solar project. The power distributor also cancelled all the work allotted to the parties for the implementation of the Solar Project. 'The Government of Assam to withdraw the project from funding through ADB Loan. In light of this decision, APDCL has resolved that it is no longer feasible to pursue the said solar project and hence all the work allotted to the parties for implementation of Solar Project stands terminated,' the company informed the stock exchange. Waaree Renewables shares closed 0.16% higher after Friday's stock market session at ₹ 1,186.25, compared to ₹ 1,184.40 at the previous market close. The company received the letter of cancellation on Saturday, 19 July 2025. Waaree Renewables shares have given stock market investors more than 68,000% returns on their investment in the last five years. However, the company stock has lost 36.76% in the last one-year period. On a year-to-date (YTD) basis, the shares are down 15.87% in 2025, but the stock is currently trading 21.21% higher in the last five market sessions on the Indian stock market. The stock hit its 52-week high level at ₹ 2,074.95 on 25 September 2025, while the 52-week low level was at ₹ 732.05 on 7 April 2025, according to the BSE data. Waaree Renewable's market capitalisation (M-Cap) stood at ₹ 12,366.25 crore as of the stock market close on Friday, 18 July 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Business Upturn
19-07-2025
- Business
- Business Upturn
Globe Civil Projects bags Rs 172.99 crore NBCC contract for Central University of Punjab development
By Aman Shukla Published on July 19, 2025, 20:08 IST Last updated July 19, 2025, 20:08 IST Globe Civil Projects Limited has secured a significant new order from NBCC (India) Ltd. worth ₹172.99 crore. The contract involves the development of key infrastructure and buildings for the Central University of Punjab, located in Village Ghudda, Bathinda district, Punjab. The project will be executed on an Engineering, Procurement, and Construction (EPC) basis and includes the construction of a range of academic and residential facilities, such as: A 400-seater Girls' Hostel A 600-seater Boys' Hostel An Academic Block A 100-seater International Students' Hostel A Vice Chancellor's Residence And extensive external development works across the campus The project is expected to be completed in approximately 21 months. This latest win highlights Globe Civil Projects' growing reputation and execution strength in large-scale institutional and educational infrastructure projects. It also reflects the continued trust placed by leading government agencies like NBCC in the company's ability to deliver quality EPC solutions across the country. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
