UP Cabinet Okays Municipal Bonds for Infrastructure

24 Jan 2025 CW Team

In a significant move aimed at bolstering infrastructure development in Uttar Pradesh, the state Cabinet approved the issuance of municipal bonds for the cities of Prayagraj, Varanasi, and Agra. The decision was made during a cabinet meeting chaired by Chief Minister Yogi Adityanath, which took place in the Maha Kumbh Mela area in Prayagraj.

The new initiative will see the issuance of municipal bonds, enabling these cities to raise funds from the market for infrastructure projects. For every billion raised through these bonds, the state government will provide an additional Rs 130 million as a grant, which will be deposited into an escrow account by the Government of India. Municipal bonds of up to Rs 500 million will be issued for each of the three cities.

This initiative will allow the municipalities to access a larger pool of capital, enabling long-term investments in critical infrastructure projects. It follows a similar approach previously undertaken by municipal corporations in Lucknow and Ghaziabad.

In addition to the bond issuance, the Cabinet approved a new residential project in Agra and endorsed the Agra Development Authority's proposal to construct a 100-meter-wide inner ring road. A land parcel scheme for this project was also given the green light. Furthermore, an ex-gratia amount of Rs 2.04 billion was approved to cover the difference between the 2010 circle rate and the current circle rate for 442.4 hectares of land in Agra.

The Cabinet also agreed to amend the notification from the Uttar Pradesh State Industrial Development Authority to separate industrial development areas in the villages of Rahankala and Raipur. These moves are expected to stimulate growth and development across the region.

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..