Latest news with #SPV
Business Standard
3 days ago
- Business
- Business Standard
H.G. Infra Engg rises after incorporating WOS for battery energy storage project in Gujarat
H.G. Infra Engineering (HGIEL) rose 1.21% to Rs 1,053.50 after the company announced that it has incorporated of a wholly owned subsidiary (WOS), H.G. Choraniya Bess, on 25 June 2025. The new entity has been formed as a Special Purpose Vehicle (SPV) to develop Standalone Battery Energy Storage Systems (BESS) in Gujarat as part of the governments Tariff-Based Competitive Bidding (TBCB)Phase VI initiative. The SPV will operate in the battery energy storage segment, marking HGIEL's strategic entry into the renewable and sustainable energy segment. As a newly incorporated entity, the company stated that there is no immediate financial impact on its consolidated operations. The SPV has been incorporated with an authorised and subscribed share capital of Rs 15 lakh, comprising 1,50,000 equity shares of Rs 10 each. Being a wholly owned subsidiary, H.G. Choraniya Bess is classified as a related party under applicable regulations. However, HGIEL confirmed that, apart from the equity held by the parent company, neither the promoters, promoter group, nor any group companies have any direct or indirect interest in the new subsidiary. H.G. Infra Engineering is primarily involved in the construction of roads and highways in Odisha, Telangana, Rajasthan, Delhi, Andhra Pradesh, Haryana, and Uttar Pradesh. HGIEL is accredited AA class by the Public Works Department (PWD) of the Government of Rajasthan (GoR) and is registered as an SS class contractor by the Military Engineer Services (MES). The company reported a 22.65% decline in consolidated net profit to Rs 146.98 crore in Q4 FY25 as against Rs 190.03 crore posted in Q4 FY24. Revenue from operations fell 20.33% YoY to Rs 1,360.89 crore in the quarter ended 31 March 2025.
Time of India
4 days ago
- Business
- Time of India
Uttar Pradesh to develop integrated manufacturing hubs in Agra, Prayagraj at Rs 1,046 crore cost
Uttar Pradesh will develop two world-class Integrated Manufacturing Clusters (IMCs) in Agra and Prayagraj at an estimated cost of Rs 1,046 crore, which will accelerate industrial development in the state and generate large-scale employment. The IMCs will house a wide array of manufacturing units alongside facilities for R&D, technological innovation, and skill development. Provisions have also been made to establish incubation centres that support traditional industries and foster entrepreneurship, a statement said on Wednesday. These developments will create significant employment opportunities, particularly for local youth, who will benefit from integrating skills into the industry, it added. These clusters will be developed through a Special Purpose Vehicle (SPV) in partnership with the central and state governments. "The Agra IMC will be developed across 1,058 acres in Rahan Kalan, while the Prayagraj IMC will span 351 acres in Karchana block. Both sites will be equipped with cutting-edge infrastructure, including roads, water and power supply, ICT services, and green spaces. The overarching aim is not only to attract investments and boost manufacturing but also to establish these zones as model industrial cities," it added. Live Events With a total estimated cost of Rs 1,046 crore, work is underway to establish the core infrastructure required to attract private investments for these clusters, the statement said. "Investors will benefit from a ready-to-use, world-class industrial ecosystem without incurring additional setup costs, further enhancing the state's business-friendly image," it added. The Uttar Pradesh State Industrial Development Authority (UPSIDA) will provide land and resources for this project. A dedicated project implementation team will oversee the development and ensure timely execution, with a target completion time of 36 months. Once operational, the IMCs will play a crucial role in redefining the industrial identity of Agra and Prayagraj, placing them prominently on Uttar Pradesh's industrial map. National Industrial Corridor Development Corporation Limited (NICDC), a central government agency, will support the project through funding and technical expertise. The SPV - Integrated Manufacturing Cluster Agra Prayagraj Limited - with equal participation from both governments, will ensure timely and effective implementation of the project, it said.
The Citizen
4 days ago
- Business
- The Citizen
ELM salaries paid after Rand Water lifts attachments
Emfuleni municipal employees and councillors were paid on time this month after intensive negotiations with Rand Water (RW), which had last week attached the bank accounts of the local authority over billions in unpaid debt. Now, RW and the Emfuleni Local Municipality (ELM) are looking towards the implementation of a new agreement and restructuring of their functioning to avoid future situations of this kind. ELM has confirmed salaries were paid on time – June 25. Political sources said severe pressure on RW with its own financial year-end had led to its decision last week to attach ELM bank accounts. The attachments reportedly took place last week already, leading to severe political criticism of ELM which allegedly did not inform Council members about the development. Employees were earlier bracing themselves for severe financial disruptions as has happened several times over the past few years due to bank attachments by both RW and Eskom. RW and ELM have already received approval for a Special Purpose Vehicle (SPV) re-organisation of its entire water management sphere but this has not yet taken place despite approval being granted recently by the National Treasury. Once implemented, this will place ELM water infrastructure and revenue management on a completely new basis – similar to the ground-breaking move which placed ELM electricity management on a new footing through appointing Eskom as ELM's agent. ELM says it is still awaiting its formal authorisation letter from National Treasury on the SPV approval, whilst RW has reportedly already received its authorisation letter. An entirely new management structure with its own name and CEO is envisaged in terms of the RW/ELM SPV. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Hindustan Times
5 days ago
- Automotive
- Hindustan Times
2 firms to operate Gautam Budh Nagar's 500 e-buses
Jun 24, 2025 06:50 AM IST NOIDA: The UP government's project to introduce around 500 electric city buses in Gautam Budh Nagar district's cities including Noida, Greater Noida, and Yamuna Expressway areas, has been put on fast-track to start it at the earliest, said officials on Monday. The final agreement will be signed once a joint Special Purpose Vehicle (SPV) comprising Noida authority, Greater Noida authority, and Yeida is formally registered (Sunil Ghosh/HT archives) The UP Directorate of Urban Transport opened the financial bids and the two private agencies—Travel Time Mobility, and Delbus Mobility qualified as the lowest bidders for the project, as the former quoted ₹ 54.9 per km (excluding GST) to operate 9-metre buses, and the latter placed bid of ₹ 67.99 per km for 12-meter buses, officials said. 'The final agreement will be signed once a joint Special Purpose Vehicle (SPV) comprising Noida authority, Greater Noida authority, and Yeida is formally registered. The SPV will manage project implementation and operations for 12 years, ensuring 72,000 km of annual operation per bus. It will also determine fares, manage revenue collection, and oversee service logistics,' said a UP government official. Noida will lead the SPV and contribute 48% of the project cost, receiving 300 buses. Greater Noida and Yeida will each contribute 26% and receive 100 buses each. The buses will operate on 25 routes—15 in Noida, 7 in Greater Noida, and 3 in YEIDA—at intervals of 10–15 minutes during peak hours. The ₹ 675-crore project, that includes purchase of 500 e-buses, is to be implemented under the Gross Cost Contract model.
Time of India
6 days ago
- Automotive
- Time of India
Government hires two agencies to run 500 electric buses for 12 years
Noida: The long-pending plan to launch 500 electric buses across Noida, Greater Noida and Yamuna Expressway areas has moved a step forward, with the UP's directorate of urban transport (DUT) opening the financial bids on Monday. Two private firms — Travel Time Mobility and Delbus Mobility — have been selected to operate the fleet of nine- and 12-metre-long e-buses under the gross cost contract (GCC) model. The e-bus fleet will include 250 nine-metre buses (28-passenger capacity) for feeder and intra-city transit and 250 12-metre buses (36-passenger capacity) on high-demand routes. The estimated total cost of the project is Rs 675 crore, which includes the purchase of 500 buses, charging infrastructure, operational logistics and service management. The selected agencies will now be considered for the final agreement once a joint special purpose vehicle (SPV) — comprising Noida, Greater Noida and Yamuna authorities — is formed to oversee project implementation and negotiate final terms. "Noida Authority is in the process of forming a SPV to oversee project implementation," Noida CEO Lokesh M said. As per the request for proposal (RFP) floated by DUT in March, the 500 buses will be deployed across 25 routes — 15 in Noida, seven in Greater Noida and three in the YEIDA area. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play Chess on Your PC, Free Play Classic Chess Install Now Undo Buses will ply at 10-15 minute intervals during peak hours and 15-20 minutes during off-peak times. Out of nine agencies that participated in the tender process floated in March, eight qualified for the financial round. Travel Time Mobility India emerged as the lowest bidder for operating nine-metre-long electric buses, quoting Rs 55 per kilometre (excluding GST), while Delbus Mobility offered the lowest rate of Rs 68 per kilometre for 12-metre-long buses. These rates were found to be the most competitive among the bids submitted by eight agencies in the tender process conducted by DUT. Several other firms, including Express Trans Coaches, Hansa Vahan and Aeroeagle Automobiles, quoted significantly higher rates. The SPV, once formally registered, will be responsible for overseeing the e-bus project for 12 years and ensuring an assured mileage of 72,000km per bus annually. As per the agreement, Noida Authority will lead the SPV and shoulder 48% of the project cost. Greater Noida Authority and YEIDA will each contribute 26%. The distribution of buses will reflect the same ratio: 300 buses for Noida, 100 each for Greater Noida and Yamuna Expressway areas. The SPV will manage the fare system, while the operators will be paid on a per-kilometre basis. As per the RFP, each bus is meant to ply 200 km per day. However, in practice, buses may run 250-300 km daily. Officials said that fares are expected to generate Rs 135 crore annually, with another Rs 10 crore from advertising. However, despite total revenues of Rs 145 crore, projected expenses exceed Rs 370 crore, creating a funding gap of Rs 225–230 crore annually. Noida Authority's share of the viability gap funding (VGF), based on its 48% stake, comes to about Rs 107 crore per year, or Rs 1,290 crore over the contract's 12-year duration. Initially, buses will be operated from terminals located in Sector 82 and Sector 91. Noida Authority will handle the necessary infrastructure development. Within one year of the agreement, Greater Noida and YEIDA will each construct one bus depot, officials said.
