Latest news with #RESA
Time of India
2 days ago
- Business
- Time of India
State govt directs revenue department to expedite land acquisition for Thiruvananthapuram airport runway expansion
Thiruvananthapuram: After months of delay, expansion of runway at Thiruvananthapuram International Airport has gained fresh momentum, with the state govt directing officials to fast-track land acquisition and clear all related bottlenecks. At a high-level meeting chaired by chief principal secretary to the chief minister K M Abraham, the govt instructed the revenue department to expedite procedures for acquiring 22 acres of land needed for the development of the runway end safety area (RESA) — a critical aviation safety feature mandated by international standards. Originally scheduled for completion by Sept 2024, the RESA expansion project has been delayed due to administrative hurdles and land disputes. The latest govt intervention comes as a push to meet safety norms and accommodate the growing passenger traffic at the international airport. One of the major roadblocks to the expansion has been the 4.5 acres of land under BrahMos Aerospace Ltd, a sensitive defence installation. While the land is essential for the expansion, it falls under the jurisdiction of the Union ministry of defence and its transfer requires Centre's approval. The state govt is also working on identifying an alternative site for the Chackai fire and rescue station, which lies within the proposed expansion zone. Officials have also confirmed that portions of Chackai–Shanghumugham Road may need to be taken over for the project, however they reassured that the ITI at Chackai would remain unaffected. Aviation secretary K Biju told TOI that the expansion of the runway is a top priority for both operational safety and long-term development of the airport. "State govt is fully committed to completing the land acquisition process at the earliest. Coordination with the Union ministry of defence is also underway to resolve the BrahMos land issue," he said. The project, once completed, will improve safety margins for aircraft operations, particularly during emergency landings and in adverse weather conditions. It will also enable the airport to handle larger aircraft, enhancing its potential as a key aviation hub in southern India. Airport authorities and AAI officials have welcomed the govt's proactive stance, noting that RESA expansion was critical for retaining international operational certifications. Revenue and transport officials are expected to intensify measures to complete surveys, initiate compensation packages and begin formal land handovers in the coming weeks. Meanwhile, the development of Terminal 2 (International) under Project Anantha is likely to be delayed due to pending environmental clearance from the State Environmental Impact Assessment Authority.
Time of India
22-05-2025
- Business
- Time of India
Runway safety project delayed by govt deadlock over land acquisition at MIA
Mangaluru: The construction of the 'runway basic strip area' at Mangaluru International Airport(MIA) has not gained traction due to the administrative impasse between the Karnataka govt and the Union govt. Tired of too many ads? go ad free now They are passing the buck on who will fund the land acquisition for the project. Fifteen years after the devastating Air India Express crash that killed 158 people, a crucial plan remains largely unimplemented. This essential buffer zone, a key recommendation following the 2010 disaster, requires 33 acres of additional land, which the Airports Authority of India (AAI) sought since 2015-16. An administrative deadlock persists between the AAI and the Karnataka govt, with the state arguing that the private airport operator should fund the land acquisition. While improvements like runway resurfacing and partial runway end safety areas (RESA) were completed, the full safety strip is the need of the hour at the runway. This ongoing impasse leaves thousands of passengers vulnerable every day to the same risks that led to the 2010 tragedy. The construction of the safety basic strip was a key recommendation in the report of the Directorate General of Civil Aviation (DGCA) after the investigation of the crash. Dakshina Kannada additional DC Santhosh Kumar G, quoting a letter to the state govt in Feb 2024, as per land value in 2018, it was decided to give Rs 35 lakh per acre; however, in 2023-24, the value went up. Besides, 28 landowners have also sought a one-time rehabilitation package estimated at around Rs 7.8 crore. "In total, both land acquisition and the rehabilitation package would cost the govt exchequer a total of Rs 45 to Rs 50 crore," the letter stated. Tired of too many ads? go ad free now A few months ago, MP Capt Brijesh Chowta raised the issue of land acquisition in Parliament, seeking intervention of Union minister for civil aviation Ram Mohan Naidu Kinjarapu to enable a dialogue between all concerned authorities to clear the bottlenecks. "After talks, AAI has given a green signal that will help take the process forward. Besides, I have held talks with officials from the infrastructure development ports and inland water transport department to expedite the process. If they start the land acquisition process, the Centre will extend full support," said Chowta. Hephsiba Rani Korlapati, additional secretary to government, infrastructure development ports and inland water transport department, declined to comment.
Al Bawaba
13-05-2025
- Business
- Al Bawaba
Investcorp Capital Achieves Net Profit of $41 million through the first three quarters of its fiscal year ‘25
Investcorp Capital plc (the 'Company' or 'Investcorp Capital') (ADX symbol: 'ICAP'), an investor in private markets and alternative investment opportunities, is pleased to announce its financial results for the third quarter of fiscal year 2025 covering the period ended 31 March 2025 ('Q3 2025'). Q3 2025 Highlights: • YTD $71 million of cash distributable earnings, representing 82% growth quarter-on-quarter, underpinned by YTD FY'25 Net profit of $41 million, including Q3 2025 Net Profit of $13 million.• $1.2 billion deployed across Capital Financing Services and Capital Deployment with total realizations of $824 million, through solid syndication activity and several successful exits including RESA Power in Private Equity and US National I Portfolio in Real Estate.• Capital deployment exposure as a percentage of long-term capital at 90%, up from 66% in June 2024.• Healthy balance sheet reflecting a diversified portfolio with 62% invested in yield generating assets.• Strong cash distributable earnings. Mohamed Aamer, Interim Chief Executive Officer of Investcorp Capital, commented: 'The progress made this quarter is a continuation of Investcorp's 4-decade track record of solid performance through economic cycles, and demonstrates our commitment to delivering returns to investors, with an 82% increase in quarter-on-quarter cash distributable earnings. We have seen good business activity this year and unlocked value notably through the successful sale of RESA Power and the US National I Portfolio. Going forward, we will continue to target a diverse range of investment opportunities with the potential for strong returns on investment.' Rohit Nanda, Chief Financial Officer of Investcorp Capital, commented: 'We are pleased with the progress made so far this year, with total assets growing by 22% to $2.2 billion, up from $1.8 billion in June 2024, as we continue to grow our balance sheet is healthy and our high cash generation supports our commitment to deliver the 8% annualized dividend payment at the end of the fiscal year.' Operational Highlights In April, with the sale of the US National I Portfolio for an aggregate sale price of $360 million, the Company realized an approximate 40% increase in value over its initial purchase price, in addition to the rental distributions received during the hold period. The portfolio was sold to take advantage of the vibrant capital markets for industrial assets in the US and strong property operating fundamentals. Similarly, the sale of RESA Power generated strong returns. Since Investcorp's acquisition in 2021, RESA Power grew its revenues and EBITDA by over 4x and today serves thousands of commercial & industrial, utility and datacenter customers across North America. Capital Deployment The Company invested $356 million across asset classes and geographies so far in fiscal year 2025, including $237 million in structured products and $84 million in Corporate Investments across US and Europe. Co-investment in US Real Assets totaled $35 million, across Warehouse & Logistics, Student Housing and Infrastructure. Proceeds from Capital Deployment investment realizations over the period from various asset classes totaled $106 million. Of this, $54 million came from Global Credit, with distributions from Collateralized Loan Obligations (CLOs) in the US and Europe. $32 million came from Corporate Investments in US and MENA. $15 million came in ongoing rental yield distributions from multiple Real Estate portfolios in the US. $5m came from Strategic Capital. Capital Financing Services Performance within the Capital Financing Services business continued to be strong, generating a 10% annualized return with $854 million deployed across asset classes in the last ninemonths. This was primarily driven by $482 million in Real Assets, deployed in the Diversified Data Center Portfolio, Baltimore & Minneapolis Industrial Portfolio, US Student Housing IV Portfolio and US Student Housing V Portfolio. $271million was deployed in Corporate Investments, including Miebach in Germany, PKF O'Connor Davies in the US and Epipoli in Italy. A further $101 million in Global Credit was deployed across various CLOs. Offsetting this, the Company benefited from continued solidsyndication activity from the broader Investcorp group, with $718 million of total syndication, the majority of which came from Real Assets, amounting to $465 million. Corporate Investments syndication stood at $211 million, Global Credit was $41 million, and Strategic Capital was $1 million. Outlook The Company has made good progress fiscal year to date with continued profitability and growth on a quarter-on-quarter basis. Looking forward to the remainder of fiscal year 2025 and into 2026, the Company will continue to capitalize on the activity of 2025, looking for attractive exit and investment opportunities in line with its stated long-term objective of delivering attractive long-term returns on invested capital. © 2000 - 2025 Al Bawaba (
Zawya
01-05-2025
- Business
- Zawya
Bahrain: Investcorp sells investment in RESA Power to Kohlberg
Bahrain - Global investment firm Investcorp has announced the sale of its investment in RESA Power (RESA), a major provider of electrical testing, transformer services, and life extension solutions for power distribution equipment. The buyer is Kohlberg, and the transaction marks the first successful exit for Investcorp's North American Private Equity Fund I. Since Investcorp's initial investment, RESA has seen its revenues more than quadruple. The company now serves thousands of commercial and industrial clients, utilities, and data centres across North America. During Investcorp's ownership, RESA significantly boosted its organic growth and expanded its reach and service offerings through strategic mergers and acquisitions. Investcorp executive chairman Mohammed Alardhi highlighted the importance of the US market in the firm's growth strategy since 2015. 'Our expertise in private markets in the United States has once again delivered outstanding results,' he said. 'This success validates our investment strategy and the talent of our team. We aim to continue this globally across our private equity business.' Investcorp acquired RESA in 2021, and since then, the company has grown its revenues approximately fourfold, now serving a vast customer base across 14 states and provinces in North America. A key element of this growth was an enhanced national accounts strategy and the completion of 14 strategic acquisitions that broadened RESA's service portfolio and geographical presence. Notably, RESA, under Investcorp's ownership, also implemented an employee ownership programme, granting equity to all eligible employees. This initiative, a first in the electrical power industry, has contributed to a reduction in employee turnover by over 10 per cent, as employees directly benefit from the value they help create. Investcorp global head of distribution Yusef Al Yusef described the sale of RESA as a 'tremendous outcome' for investors. He emphasised that it validates their strategy of growing industrial services businesses through investments in digitisation, internal infrastructure, strategic M&A, and talent development. 'The RESA team fully embraced our vision and is well positioned for continued success,' he added. RESA Power chief executive Scott Harrison praised Investcorp as a 'value-added partner' from the outset. He noted that together, they established the foundation for RESA's digital transformation, including the introduction of AI-driven tools like Power Pulse for asset maintenance monitoring. Harrison also credited Investcorp's guidance in creating a successful blueprint for mergers and acquisitions, which accelerated the company's value creation plan.
Arabian Business
30-04-2025
- Business
- Arabian Business
Investcorp exits RESA Power in sale to Kohlberg, marking first exit for North American PE Fund
Investcorp, a leading global alternative investment firm, announced the sale of its investment in RESA Power (RESA), the Houston, US-based provider of power systems and life extension solutions for power distribution equipment, to Kohlberg. This transaction marks the first exit for Investcorp's North American Private Equity Fund I. The financial details of the deal, however, were not disclosed. Investcorp said since its acquisition in 2021, RESA has grown revenues and EBITDA by over 4 times, and currently serves thousands of commercial and industrial, utility and data centre customers across North America. During its ownership period, RESA also significantly accelerated organic growth and expanded capabilities across geographies and product categories through strategic M&A, Investcorp said. Mohammed Alardhi, Executive Chairman of Investcorp, said: 'Since we embarked upon our growth journey in 2015, the US has been our biggest growth avenue. Our expertise in private markets, demonstrated over four decades in the world's largest economy, is evident once again.' Alardhi said investment has consistently invested in attractive middle-market service businesses in the US, and 'this outstanding result validates our investment strategy and the talent of our team.' 'We aim to replicate RESA's success globally across our private equity business,' he said. Scott Harrison, Chief Executive Officer, RESA Power, said the company was deeply grateful for its partnership with Investcorp. 'Together, we laid the foundation for sustainable growth by investing in our people and processes, transforming RESA into a stronger, more dynamic company. 'With Kohlberg's deep industry expertise and track record of success, we are confident that we have found the ideal partner to help us unlock the next chapter of growth and continue our momentum,' he said. Investcorp's North America Private Equity group has been investing in mid-market businesses since 1982 and currently focuses on control buy-out investments in the business & professional services and commercial services sectors. It has completed approximately 70 platform investments, deploying more than $23 billion in transaction value since inception.
