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The infrastructure conglomerate emerged as the winner of a 50-year concession for six airports located in state capitals and densely-populated areas in the country.
Both companies and UK development finance institution CDC will jointly invest $330 million in Ayana Renewable Power.
The government believes worsening borrowing conditions and lower traffic on the roads offered failed to attract investor interest.
Delhi’s financial investigation agency has raided six offices, to look into allegations of “money siphoning”.
The government will assume 40% of the construction costs, while I Squared's Indian roads platform and Indian developer KNRC will assume the remaining 60%.
The country’s highways authority will have to choose between accepting a bid that’s lower than its base price of $766m or restructure and re-tender the bundle of eight toll roads.
Investors are unhappy about the short time given to prepare the bids, which are due 14 February.
When one of the country’s biggest groups ran into financial trouble, the country braced itself for a market-wide crisis. Two months later, market observers describe the episode as a new step towards a more professional infrastructure sector. Eduard Fernández reports.
Two weeks after putting its renewables portfolio up for sale, the developer is looking to divest its roads business, as it works towards a restructuring plan.
The hubs are in major cities and have seen double-digit growth in the past five years.

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