New Construction market report from Business Monitor International: "India Infrastructure Report Q1 2014"
Boston, MA -- (SBWIRE) -- 12/31/2013 -- Construction activity in India has remained weak in FY2013/14 (April-March), and we believe this will likely remain the case for the rest of the fiscal year and early 2014/15. This is because some of the factors dampening construction activity in FY2012/13 - namely non-conducive monetary conditions, lacklustre infrastructure activity, and political risk - remain pertinent and have grown in prominence in recent months. That said, we believe a medium-term recovery could take place in India's construction sector and this is primarily due to the potential for an improvement in India's monetary conditions and regulatory climate.
Major developments in India's infrastructure industry:
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- In September 2013, Maharashtra State Chief Minister Prithviraj Chavan confirmed that the Mumbai Metro line 2 project has been cancelled due to failure of the 'Build-Own-Operate-Transfer' model in metro projects. The state government remains in dispute with Reliance Infrastructure over the Mumbai Metro 1 project, with the company seeking a fare increase and advertising rights for the project.
- In October 2013, the Mumbai Metropolitan Region Development Authority (MMRDA) received five bids for the construction of a 4.5 km-long bridge for the proposed Sewri-Worli elevated corridor in the Indian state of Maharashtra. Five companies that have submitted bids for the project are Gammon India, Hindustan Construction Company, Larsen & Toubro, National Construction Company and Simplex Infrastructure. The project is expected to enhance connectivity between the eastern and western suburbs in Mumbai. The project, estimated to cost INR4.9bn (US$79.95mn), is scheduled to start in early 2014, with completion expected within 48 months from the date of awarding the contract.
- In October 2013, the railway ministry of India officially established the High Speed Rail Corporation of India (HSRC). The state-owned enterprise, initially formed in July 2012, will be a wholly owned subsidiary of state-owned Rail Vikas Nigam (RVNL), a special purpose vehicle that carries out the construction works for state-owned railway operator Indian Railways. HSRC is expected to co-exist with the High-Speed Rail Authority of India (HSRA). The latter is expected to determine the framework and the scope of works needed for India's high-speed railway plans, with the former executing these decisions. The first objective of HSRC is to prepare studies and specifications for the proposed Mumbai-Ahmedabad high speed line.
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