Boston, MA -- (ReleaseWire) -- 04/01/2014 -- We have turned slightly more bearish towards the near-term outlook of India's construction and infrastructure markets and have revised down our forecasts for both sectors accordingly. This downward revision is because some of the factors that are already dampening construction and infrastructure activity - namely non-conducive monetary conditions, lacklustre infrastructure activity and political risk - 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.
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Key Trends And Developments
- In January 2014, the India government approved the second phase of the Bangalore Metro Rail Project in India, which will cost INR264.05bn (US$4.22bn). The total project cost is estimated at 2011-12 price levels with price escalation of 5% per annum, which includes escalation and Central taxes and excludes State taxes and duties. Bangalore Metro Rail Corporation, the existing special purpose vehicle of the Central and Karnataka state governments, will execute the project. The project is expected to be completed in five years from the date of start of work.
- In January 2014, India's state-run utility National Thermal Power Corporation (NTPC) approved an investment of INR125.32bn (US$2.04bn) for setting up a 1,600MW coal-fired power project in India. 'The Board of Directors of NTPC have accorded an appraised current estimated investment approval for Darlipali Super Thermal Power Project, to be implemented in Odisha', according to a statement released by NTPC (The Economic Times). The approval is subject to environmental clearance. The project will be linked to the Dulanga coal mine, with 7mn tonnes capacity, and will be constructed on around 1,600 acres of land.
- In February 2014, the City and Industrial Development Corporation of Maharashtra (CIDCO) issued a global tender for the construction of a proposed international airport in Navi Mumbai, in the Indian state of Maharashtra. CIDCO is inviting companies and consortiums to submit financial and technical proposals for the INR140bn (US$2.24bn) airport project. The tender process is expected to take a minimum of eight to 10 months. Around 10 companies have supposedly shown interest in the project already. The Navi Mumbai international airport will be built on a 2,000 hectare site along Panvel creek.
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