CUMTA awaits TN approval to assume MRTS on 'As Is Where Is' basis

28 Nov 2023 CW Team

The Chennai Unified Metropolitan Transport Authority (CUMTA) is in the process of seeking government approval for a draft memorandum of understanding (MoU) to acquire the Mass Rapid Transit System (MRTS). This comes after Southern Railway agreed to hand over the entire transit system to the state government on an 'as is where is' basis.

Southern Railway has also proposed to provide 'hand-holding' support in operations and maintenance for one year free of cost during the transition period from the date of execution of the MoU. This offer is made as Chennai Metro rail, which is expected to take over the operations of MRTS, lacks the expertise to run trains. The sources further mentioned that EMU coaches, funded by the state government, will be handed over for operation to the state. If these coaches are returned to Indian Railways, they will either be reimbursed or adjusted with the state at a depreciated value.

The implications of this move suggest that the state is likely to revamp the MRTS infrastructure to align it with the standards of Chennai Metro after acquiring it. Additionally, sources revealed that the existing EMU fleet in the MRTS system of Southern Railway will be provided to the state free of cost for two years. However, lease charges will be applicable beyond the initial two years from the date of execution of the MoU.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..