NHAI targets Rs 30bn bond issuance for Delhi-Mumbai Expressway

18 Oct 2023 CW Team

DME Development, a division of the National Highways Authority of India (NHAI), is preparing to enter the bond market for the first time this fiscal year, with the aim of generating Rs 30 billion ($360.74 million).

Established as a special-purpose vehicle by the NHAI in August 2020, DME Development is responsible for constructing the Delhi-Mumbai expressway, which traverses the states of Delhi, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra.

In March, DME successfully secured Rs 23.55 billion through the issuance of 10-year bonds carrying a semi-annual coupon rate of 7.89%. Prior to that, in February, the company raised Rs 36.84 billion via 10-year bonds at a semi-annual coupon rate of 7.82%.

Currently, DME is in the process of planning another bond issuance, aiming to raise approximately Rs 30 billion through 10-year bonds. The company is considering inviting bids for the issuance later this month.

Infrastructure Transport

15 Sep 2025

Cabinet Approves Key Highway and Rail Projects in Bihar Region

The Union Cabinet on Wednesday approved the four-laning of the 84.2-km Mokama-Munger section of the Buxar-Bhagalpur high-speed corridor, a key industrial region in poll-bound Bihar. The Cabinet also sanctioned the doubling of the 177-km Bhagalpur-Dumka-Rampurhat railway line, which passes through Bihar, Jharkhand, and West Bengal, at a cost of Rs 31.7 billion.The Rs 44.5 billion highway project will be constructed under the hybrid annuity model, a variant of public-private partnership. The Mokama-Munger stretch was the only remaining two-lane section of the 363-km Buxar-Bhagalpur corridor. Fou..

NGT Issues Notice on Bengaluru Twin Tunnel Project

The National Green Tribunal (NGT) on Wednesday issued notices in response to a petition filed by Bengaluru Praja Vedike and others, challenging the Bengaluru twin tunnel road project. Petitioners claim the project was “hastily announced” and bypassed mandatory environmental impact assessment procedures.Notices have been served to the Karnataka Government, Greater Bengaluru Authority, State Environment Impact Assessment Authority (SEIAA), Bengaluru Smart Infrastructure Ltd (B-SMILE), the Union Ministry of Environment, Forest and Climate Change, and project consultants.The 16.74-km twin-tube..

India’s Residential Sales to Dip Slightly in FY26

Residential sales in India’s seven major cities are projected to decline by up to 3 per cent year-on-year in FY26 to 620–640 million square feet (msf), amid a moderation in sales velocity, according to ratings agency Icra.In FY25, sales stood at 643 msf, down 8 per cent YoY, following a sharp contraction in new launches and moderated demand in the affordable and mid-income segments. This slowdown came after the sector posted a robust compound annual growth rate of 26 per cent in area sales between FY22 and FY24.Icra noted: “Having seen a strong upcycle, the sector entered an equilibrium ..