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

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..