Delhi-Mumbai Expressway raises Rs 5k cr through maiden bond offering

16 Mar 2022 CW Team

Delhi-Mumbai Expressway Development Limited (DMEDL), a wholly-owned entity of the National Highways Authority of India (NHAI), has raised Rs 5,000 crore via a maiden 15-year bond offering with variable coupon rates.

The bond, with a basic size of Rs 1,000 crore plus greenshoe of Rs 4,000 crore, was priced at 6.85%. The coupon would be reset each quarter based on the yield on the three-month treasury bill plus a fixed spread of 311 basis points, as per the bond dealers.

In February this year, the rating agency CARE reaffirmed “AAA” with a stable outlook. The Delhi-Mumbai stretch is aimed to be achieved by March next year. The last section of the highway, i.e., spur to Jawaharlal Nehru Port Trust (JNPT), is envisaged to be achieved by September 2023.

The total estimated project cost is envisaged at around Rs 87,453 crore (comprising the land purchase cost offered to be borne by NHAI).

DMEDL will raise the finance needed for the growth of the Delhi-Vadodara section on an EPC basis and the upfront commitment needed for the development of the Vadodara-Mumbai section on a Hybrid annuity model (HAM) basis.

The rating is backed by the Letter of Comfort (LoC) from NHAI in favour of the lenders funding the project.

NHAI will retain at least a 51% stake in the firm and invest additional equity or arrange for term facilities in case of any shortfall in the funding plan.

Image Source

Also read: Delhi-Mumbai Expressway raises Rs 18,456 cr from bonds and loans

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..