Delhi-Mumbai expressway SPV gets AAA rating

17 Mar 2021 CW Staff

The National Highways Authority of India’s (NHAI) fully owned special purpose vehicle (SPV), DME Developers Ltd (DMEL), has received AAA rating from CRISIL, CARE and India Rating. The SPV is executing the Delhi-Mumbai expressway project.

Through the SPV, NHAI has planned to diversify its resource base and develop a project specific sustainable and self-liquidating approach to raise finances.

Delhi-Mumbai expressway is a flagship greenfield project under ‘Bharatmala Pariyojna’. The project is being executed under 48 sub-projects, out of which 17 are Hybrid Annuity Model projects (Vadodara-Mumbai segment) and 31 are under EPC Model (Delhi-Vadodara segment).

Of these 48 sub-projects, 27 are under construction, 17 are awarded and work is yet to start, and the rest are under process for awarding. The project is scheduled for completion by March 2023, with one of the stretches to JNPT getting completed by September 2023.

The total estimated cost of the greenfield project is about Rs 87,500 crore including land acquisition cost of about Rs 20,600 crore. Expenditure other than land acquisition during construction period will be about Rs 53,849 crore, to be funded through Rs 48,464 crore debt and equity of about Rs 5,385 crore from NHAI, with debt equity ratio marked at 9:1.

For the project, DMEL’s role will be limited to housing the debt and servicing thereof. For the debt, NHAI is extending a letter of comfort to lenders. The concession agreement, implementation agreement and letter of comfort have been finalised.

Annuity payments to DMEL will be structured to enable timely servicing of debt and other incidentals. NHAI plans to form similar SPVs for other high value highway and expressway projects.

Written from a company news release.

Image source

Infrastructure Urban

04 May 2026

Jyoti Structures FY26 profit rises 56.5%

Jyoti Structures (JSL) recently reported strong financial results for the quarter and year ended 31 March 2026, driven by disciplined execution, cost management and steady progress across its order book.For Q4 FY2025-26, total income rose 44.2 per cent to Rs 2.41 billion from Rs 1.67 billion in Q4 FY2024-25. EBITDA increased 58.6 per cent to Rs 237 million, while EBITDA margin improved by 89 basis points to 9.84 per cent. Profit before tax grew 53.3 per cent to Rs 188.5 million, and net profit rose 51.9 per cent to Rs 181.4 million.For FY2025-26, total income grew 53.1 per cent to Rs 7.72 bill..

Cat BEPU to Power Doppstadt Separator at IFAT 2026

Caterpillar’s Cat Battery Electric Power Unit (BEPU) has been selected by Doppstadt to power its SWS 6 Spiral Shaft Separator, which will be showcased for the first time at IFAT 2026 in Munich, Germany, from 4–7 May.The compact plug-and-play BEPU is designed to replace a diesel engine within the same space, using the same mounting locations and relative machine position. It integrates the battery, motor, inverter, onboard charging, cooling and controls, enabling OEMs to electrify existing chassis platforms without extensive redesign.Caterpillar and Cat dealer Zeppelin Power Systems have be..

VECV sales rise 6.9% in April 2026

VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, recorded sales of 7,318 units in April 2026, compared to 6,846 units in April 2025, registering 6.9 per cent growth. The total included 7,159 units under the Eicher brand and 159 units under the Volvo brand.Eicher branded trucks and buses reported sales of 7,159 units during the month, up 6.6 per cent from 6,717 units in April 2025. In the domestic commercial vehicle market, Eicher sales rose 8.6 per cent to 6,797 units from 6,257 units a year earlier.Exports declined 21.3 per cent, with VECV recording 362 units in ..