Mumbai's Suburban Rail Network gets a ₹52,724-crore boost
By ,
ETInfra
Mumbai's suburban railway network is set to get a boost, with the Railways Ministry sanctioning multiple projects totaling ₹52,724 crore under the Mumbai Urban Transport Project (MUTP) schemes. These initiatives aim to significantly improve connectivity and meet the ever-growing demands of the city's commuters, the official statement said.The expansion under the project includes MUTP-II with a budget outlay of ₹8,087 crore, MUTP-III (₹10,947 crore), and MUTP-IIIA (₹33,690 crore).According to the ministry, key works under MUTP-III involve the Panvel-Karjat line, quadrupling of the Virar-Dahanu section, the Airoli-Kalwa Elevated Corridor, trespass control measures, and the procurement of new rolling stock These projects, alongside the 5th and 6th lines between Borivali-Virar and the 3rd and 4th lines between Kalyan-Badlapur, are being executed by Mumbai Railway Vikas Corporation Ltd ( MRVC Ltd ).MRVC Ltd, a joint venture between the Ministry of Railways (MoR) and the Government of Maharashtra (GoM), operates on a 50:50 cost-sharing basis.Significant multi-tracking efforts are also underway on existing busy corridors:Work has been sanctioned to expand to 4 lines between Churchgate to Mumbai Central, 8 lines between Mumbai Central to Borivali, and 6 lines between Borivali to Virar.The 5th and 6th line between CSMT-Kurla has been sanctioned, with work already progressing on the Kurla-Parel section. Additionally, two extra lines exist on the CSMT-Kurla-Vasai-Panvel route.To further bolster suburban rail capacity , a total of 238 new 12-car rakes have been sanctioned under MUTP-III & IIIA, representing an investment of ₹19,293 crore.The Ministry of Railways is actively supporting integration with metro authorities (MMRDA) to ensure seamless intermodal connectivity. Currently, Andheri East and Ghatkopar Railway stations are successfully integrated with their respective metro stations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
8 hours ago
- Mint
Sri Lotus Developers IPO opens soon: GMP, price band, dates, other details you may like to know
Sri Lotus Developers IPO: Real estate development firm, Sri Lotus Developers Limited's initial public offering (IPO) is set to open this week on Wednesday, 30 July 2025, as the company aims to raise ₹ 792 crore from the Indian stock markets. The Mumbai-based real estate firm focuses on both residential and commercial properties, particularly in the ultra-luxury and luxury segments within the city's western suburbs. According to Mint's earlier report, the realty firm had successfully developed a cumulative area of 0.93 million square feet, comprising both residential and commercial properties, as of 30 June 2025. Bollywood icons such as Shah Rukh Khan, Amitabh Bachchan, and prominent investor Ashish Kacholia are backing the company as investors. As of Sunday, 27 July 2025, the grey market premium (GMP) of Sri Lotus Developers IPO stood at ₹ 32 per share. With the upper price band for the public issue at ₹ 150, the stocks are expected to be listed at ₹ 182, including a premium of 21.33%, according to Investorgain data. Grey market premium (GMP) is an investor's willingness to pay more for a public issue. The GMP has remained flat at its current levels for the last two days, dropping to ₹ 32 on Friday, 25 July 2025, compared to ₹ 34 on Thursday last week. Sri Lotus Developers IPO is offering an entire book-built issue of fresh equity shares with a face value of ₹ 1 apiece, amounting to a total of ₹ 792 crore, according to the data collected from the official draft papers. There is no offer for sale (OFS) component in this public issue. According to Mint's earlier report, the company aims to use ₹ 550 crore to fund investments into its subsidiaries, namely Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited. This will partly finance the development and construction expenses of ongoing projects: Amalfi, The Arcadian, and Varun, respectively. Sri Lotus Developers IPO is set to open on Wednesday, 30 July 2025 and is scheduled to close on Friday, 1 August 2025. The company has fixed the price band for the IPO in the range of ₹ 140 to ₹ 150 per equity share of the face value of Re 1. The IPO is offering investors a lot size of 100 equity shares per lot. Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the public issue, while Kfin Technologies Ltd is the advisor to the offer. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
&w=3840&q=100)
Business Standard
11 hours ago
- Business Standard
Lodha Developers plans to launch ₹17,000 cr worth housing projects in FY26
Mumbai-based real estate company Lodha Developers maintains its bullish stance on housing market growth as it targets launching ₹17,000 crore worth of residential projects by this financial year. Sushil Kumar Modi, Executive Director (Finance), Lodha Developers, told PTI that the Union Budget's income tax relief and reduction in interest rates on home loans will create more demand for residential properties. Modi said, "We remain on track and are therefore confident of achieving ₹21,000 crore in pre-sales guidance for the current fiscal year." The company added five new projects across the Mumbai Metropolitan Region (MMR), Pune, and Bengaluru, with a gross development value (GDV) of ₹22,700 crore in the first quarter (Q1) of financial year (FY26), as announced in an investor presentation. In Q1 FY26, the real estate firm launched housing projects worth ₹8,000 crore and targets launching ₹25,000 crore worth of real estate projects in the entire FY26, leaving ₹17,000 crore worth of projects to be launched over the next three quarters. Lodha Developers' sales bookings increased by 10 per cent year-on-year (YoY) to ₹4,450 crore during Q1 of this financial year. The company's biggest market for new projects in the FY26 pipeline is MMR (South Central), with an estimated GDV of ₹3,570 crore. The realtor's total estimated GDV for the new projects is ₹13,330 crore in the current FY, as per its investor presentation data. While the total estimated GDV, combining new projects with existing ones, for this FY is ₹17,060 crore. Modi also stated that launches and sales tend to rise during the second half of the financial year due to the Indian festival season. Moreover, Lodha Developers' consolidated profit after tax rose 42 per cent to ₹675.1 crore for the first quarter of FY26. While its total income grew to ₹3,624.7 crore in Q1 FY26, it had reported ₹2,918.3 crore in income during the corresponding period of the previous financial year. In terms of operational performance, the company's collections grew by 7 per cent YoY to ₹2,880 crore in Q1 FY26.
Time of India
11 hours ago
- Time of India
Private equity deal: Multiples-led consortium moves CCI for 32% VIP Industries stake; Rs 1,438 crore deal to trigger open offer
A consortium led by Multiples Alternate Asset Management has approached the Competition Commission of India (CCI) seeking approval to acquire a 32% stake in luggage maker VIP Industries, according to a notice filed with the regulator. The application follows the July 13 announcement that VIP Industries' promoters — Dilip Piramal and family — will sell up to 32% of their shareholding to the Multiples-led group. The proposed acquisition will trigger a mandatory open offer for an additional 26% stake from public shareholders, in accordance with Sebi's takeover code, PTI reported. Assuming full acceptance of the open offer, the deal is valued at Rs 1,437.78 crore. Upon completion, control of the company will shift to Multiples, although the Piramal family will remain shareholders. Dilip Piramal will be designated Chairman Emeritus. The investor consortium includes Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities (a portfolio company of investor Akash Bhanshali), and Caratlane founder Mithun Padam Sacheti and his brother Siddhartha Sacheti. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Profitex Shares and Securities is also part of the transaction. 'The proposed combination will not lead to any change in the competitive dynamics, let alone cause any appreciable adverse effect on competition in India,' the consortium stated in its CCI filing. It also noted that defining a relevant market could be left open, consistent with previous CCI practice. Multiples focuses on core sectors such as financial services, pharma and healthcare, consumer, and technology. Samvibhag Securities represents interests aligned with Bhanshali. As of June 2025, promoter entities held 51.73% in VIP Industries. With a market capitalisation of Rs 6,389.47 crore, the Mumbai-based firm competes with Samsonite and Safari Industries in the premium and mass segments. It owns brands like VIP, Aristocrat, Skybags, Carlton, and Caprese, and had over 50% market share in India's branded luggage space in FY24. However, increasing competition has begun to eat into VIP's share. For FY25, the company reported revenue of Rs 2,169.66 crore. Founded in 1971, VIP is Asia's largest and the world's second-largest luggage manufacturer, with over 10,000 retail points across 45 countries. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
