Latest news with #andConstruction
Business Upturn
3 days ago
- Business
- Business Upturn
PNC Infratech bags Rs 239.94 crore flyover project in Rajasthan from PWD
PNC Infratech Limited has informed exchanges that the company bagged a Letter of Acceptance (LoA) dated June 6, 2025, from the Public Works Department (PWD) of Rajasthan for a significant infrastructure development project. The project entails the construction of a flyover from Heeradas Chouraha to Kumher Gate Chouraha in Bharatpur City, Rajasthan. The contract, awarded under the Engineering, Procurement, and Construction (EPC) model, is valued at ₹239.94 crore. The project is slated for completion within a period of 24 months. Advertisement This is a purely domestic contract with no promoter or promoter group interest involved in the awarding entity. The development is expected to significantly ease traffic congestion and enhance urban mobility in Bharatpur, a key city in Rajasthan. With this win, PNC Infratech further strengthens its presence in the road and infrastructure segment, aligning with its vision of contributing to India's growing urban infrastructure. PNC Infratech Q4 results PNC Infratech reported a sharp decline in its financial performance for the fourth quarter ended March 2025. The company's net profit plunged 81% year-on-year to ₹75.50 crore, compared to ₹395.90 crore in Q4 FY24. Revenue from operations also fell significantly by 34.5%, standing at ₹1,704 crore versus ₹2,600 crore in the same period last year. EBITDA for the quarter came in at ₹362 crore, down 51% from ₹736 crore a year ago. The EBITDA margin also shrunk to 21.26%, compared to 28.32% in Q4 FY24.
Zawya
05-05-2025
- Business
- Zawya
KOC expected to award Jurassic light oil export facilities contract in Q2 2025
Kuwait Oil Company (KOC) is expected to award the Engineering, Procurement, and Construction (EPC) contract for the JLO Export Facilities & Upgrading of Existing Export Network project in Mina Al Ahmadi in the second quarter of 2025, a source familiar with the project told Zawya Projects. The tender was issued on 27 October 2024, with bid submissions due by 6 April 2025. 'The contract award is targeted for June 2025, and project completion is scheduled for December 2027,' the source said. He said the project involves the construction of new storage facilities for Kuwaiti export crude and Jurassic light crude, along with the upgrade of existing crude export infrastructure. (Reporting by Deva Palanisamy; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
05-05-2025
- Business
- Zawya
KOC expected to award injection network contract in Q3 2025
Kuwait Oil Company (KOC) is likely to award the Engineering, Procurement, and Construction (EPC) contract for the construction of the water injection network serving the Sabriyah and Bahra oil fields in the third quarter of 2025, a source aware of the details said. The tender 'New NK Injection Network for SA/BA (Sabriyah / Bahra) Area' was released on 12 January 2025, with bid submissions due by 13 April 2025. 'The contract award is expected in the second quarter of July 2025, and project completion is scheduled for the first quarter of 2028,' the source told Zawya Projects. The project is aimed at enhancing water injection infrastructure to sustain reservoir pressure and improve oil recovery. (Reporting by Deva Palanisamy; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Hindustan Times
03-05-2025
- Business
- Hindustan Times
YEIDA steps in to revive 12 stalled Jaiprakash Associates Limited projects, bringing hope to thousands of homebuyers
A ray of hope has emerged for thousands of homebuyers who have been waiting for years to take possession of their stalled homes launched by the embattled firm Jaiprakash Associates Limited projects along the Yamuna Expressway. The Yamuna Expressway Industrial Development Authority (Yeida) has announced that it will step in with its own funds to complete 12 unfinished projects that the Jaypee Group failed to deliver. To further support affected buyers, Yeida will also launch a dedicated online portal, offering a centralized platform for real-time updates, official communication, and refund requests, a report published in the Hindustan Times newspaper said. During a meeting with affected homebuyers on May 2, Yeida CEO Arun Vir Singh addressed concerns around appointing a new developer and resolving grievances. 'In line with the directives of the Allahabad High Court, Yeida has committed to funding the construction work to ensure timely delivery of flats,' said Singh. 'Our aim is to provide homebuyers with a hassle-free resolution—whether they choose to exit with a refund or take possession of their homes. The new portal will keep buyers informed without requiring them to visit our offices.' Yeida has hired a consulting firm Currie & Brown to conduct a comprehensive ground survey and assess the current condition of these housing schemes. The firm is expected to submit its report within 15 days. 'Following this, a request for proposal (RFP) will be drafted to select a new developer under the Engineering, Procurement, and Construction (EPC) model to complete the construction,' Singh told the newspaper. 'We booked a flat in this project in 2011 with the hope of getting possession in 2014. But we have been struggling since then to get justice. In 2020 Yeida cancelled the lease of the project land. Jaypee took the matter to the Allahabad high court, which had ordered Yeida to build the project. Now we hope to get possession as Yeida has promised and is ready to infuse funds. There are 8,000 homebuyers who are in distress due to the fault of Jaypee Associates Limited,' said Shamendra Singh, general secretary of Jaypee Sports City welfare society, who met the CEO on May 2, was quoted as saying by Hindustan Times. Through the dedicated online portal, officials said, affected homebuyers will be able to submit details such as project registration, payment history with the previous developer, and their preference to either continue with the project or opt out. Following an order by the Allahabad High Court, Jaiprakash Associates Limited (JAL) has officially lost control of the project, as the court upheld Yeida's decision to cancel the lease. The lease is now in Yeida's name, giving the authority full mandate to take over and complete the stalled development. A High Court-mandated committee will now supervise the completion of these projects. 'Due to non-payment of dues, Yeida cancelled the land allotment in February 2020. Earlier this year, the Allahabad High Court upheld this cancellation and directed the authority to take over and complete the housing projects,' Singh explained at the meeting. The authority has named Amarpal, who has been representing the buyers in the National Company Law Tribunal (NCLT) proceedings, as the authorised representative of the homebuyers on the high court-mandated committee. 'A sub-committee of various homebuyers' associations has been formed to protect buyer interests and coordinate with the authority, Amarpal will be the sole representative on the formal committee. OSD Shailendra Bhatia has been appointed as the nodal officer to address homebuyers' complaints and ensure smooth execution of the revival process,' Singh said. The high-level oversight committee includes the principal secretary of Industrial Development, chairman of UP-RERA or a nominated representative, Yeida CEO Arun Vir Singh, a representative from the housing department, and the authorised homebuyer representative. The authority also plans to go ahead with developing international-standard sports infrastructure as originally planned. In its March 10 order, the Allahabad High Court upheld YEIDA's decision to cancel the allotment of 1,000 hectares of Special Development Zone land previously held by Jaiprakash Associates Limited (JAL), citing the developer's failure to clear outstanding dues. The court directed YEIDA to take over all unfinished projects on the land and ensure their completion within a set timeline. Additionally, it declared the period from February 2020—when JAL's allotment was cancelled—to March 2024, the date of the court's ruling, as a 'zero period.' As a result, homebuyers will not be liable to pay interest on their dues to the developer for this duration. Also Read: Jaypee Infra projects update: Suraksha Group to invest ₹5500 cr to complete 20,000 delayed houses in three years To recall, the case goes back to 2008, when Yeida allotted about 1,000 hectares of land under the Special Development Zone (SDZ) to Jaypee International Sports, a subsidiary of JP Associates, to build a sports city. This resulted in the construction of the Buddh International Circuit, which hosted a MotoGP race in 2023 but several residential developments were never completed.
Hindustan Times
03-05-2025
- Business
- Hindustan Times
Yeida injects funds to finish 12 JAL projects
The Yamuna Expressway Industrial Development Authority (Yeida) will put in funds to finish the 12 housing projects which the Jaypee Group has failed to deliver to the homebuyers, officials announced on Friday. Yeida will also develop a dedicated portal as a database for homebuyers to help them interact with officials and seek refund or update on their project. At a meeting with homebuyers on Friday, Yeida CEO Arun Vir Singh discussed issues related to finalising a new developer and the process to address the grievances. 'Following the Allahabad High Court orders, Yeida has decided to infuse funds from its own pockets so that the work can start and homebuyers can get apartments without further delay. Our objective will be that the homebuyers get hassle-free justice and choose to either exit by taking refund or take possession of their flat. We have decided to form a portal so that the buyers get updates without visiting our office,' the Yeida CEO said. For the purpose, Yeida has hired a consulting firm Currie & Brown to conduct a comprehensive ground survey and assess the current condition of these housing schemes. The firm is expected to submit its report within 15 days. 'Following this, a request for proposal (RFP) will be drafted to select a new developer under the Engineering, Procurement, and Construction (EPC) model to complete the construction,' Singh said. Hope floats for thousands of homebuyers as their houses are stuck in the stalled residential projects of Jaypee Associates Limited along the Yamuna Expressway. 'We booked a flat in this project in 2011 with the hope of getting possession in 2014. But we have been struggling since then to get justice. In 2020 Yeida cancelled the lease of the project land. Jaypee took the matter to the Allahabad high court, which has ordered Yeida to build the project. Now we hope to get possession as Yeida has promised and is ready to infuse funds. There are 8,000 homebuyers who are in distress due to the fault of Jaypee Associates Limited,' said Shamendra Singh, general secretary of Jaypee Sports City welfare society, who met the CEO on Friday. Through the platform, officials said, affected homebuyers will be able to submit details such as project registration, payment history with the previous developer, and their preference to either continue with the project or opt out. The authority has named Amarpal, who has been representing the buyers in the National Company Law Tribunal (NCLT) proceedings, as the authorised representative of the homebuyers on the high court-mandated committee. 'A sub-committee of various homebuyers' associations has been formed to protect buyer interests and coordinate with the authority, Amarpal will be the sole representative on the formal committee. OSD Shailendra Bhatia has been appointed as the nodal officer to address homebuyers' complaints and ensure smooth execution of the revival process,' Singh announced. According to the Allahabad high court order, Jaiprakash Associates Limited (JAL) has lost the project as the order upheld Yeida's decision to cancel the lease. Now Yeida has the lease in its name, and the mandate to build the project as JAL has lost control over it. To recall, the case goes back to 2008, when Yeida allotted about 1,000 hectares of land under the Special Development Zone (SDZ) to Jaypee International Sports, a subsidiary of JP Associates, to build a sports city. The project included the Buddh International Circuit, which hosted a MotoGP race in 2023, and several residential developments that were never completed. 'Due to non-payment of dues, Yeida cancelled the land allotment in February 2020. Earlier this year, the Allahabad High Court upheld this cancellation and directed the authority to take over and complete the housing projects,' Singh explained at the meeting. The high-level oversight committee includes the principal secretary of Industrial Development, chairman of UP-Rera or a nominated representative, Yeida CEO Arun Vir Singh, a representative from the housing department, and the authorised homebuyer representative. The authority also plans to go ahead with developing international-standard sports infrastructure as originally planned.
