Latest news with #CPWD
Time of India
3 days ago
- Business
- Time of India
Centre to pump in more for Chandrababu Naidu's Nagar Amaravati
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel After facilitating loans for developing Amaravati city, the Centre has gone beyond the budget promise for key NDA ally N Chandrababu Naidu 's dream project and decided to fund a common central secretariat and a residential complex in the greenfield capital The Central Public Works Department , the primary construction agency of the Centre, will build the two projects worth ₹2,787 crore. The common central secretariat is planned within the government complex zone in Velagapudi on the banks of river Krishna in the Thullur mandal. This project is worth ₹1,458 crore. CPWD will also construct General Pool Residential Accommodation in Amaravati at ₹1,329 far, the Centre has facilitated World Bank and ADB loans to the tune of ₹15,000 crore and Housing and Urban Development Corporation loan of ₹11,000 crore. Besides, German state-owned developed bank KfW may offer a loan of ₹5,000 crore."So far the funds have been in the form of loans. The two projects will be the first direct intervention," said a senior state government Department of Expenditure has given in-principle approval to the two proposals from the housing and urban affairs ministry, the nodal ministry for CPWD. Since the two projects are above ₹500 crore, they will need approval of the Public Investment Board . As per people familiar with the matter, the final cost will be appraised at the next meeting of the board that is headed by secretary (expenditure) and is the appraisal body for public investment proposals of central ministries and public sector undertakings.
Mint
3 days ago
- Business
- Mint
Globe Civil Projects IPO: Check here for the GMP and key risks to know before the issue's opening for subscription
Globe Civil Projects IPO: The issue opens for subscription on 24 June 2024. Check here for the GMP and key risks you should know before the issue's opening for subscription The Globe Civil Projects IPO GMP (grey market premium) stands at ₹ 9. This means that the Globe Civil Projects shares are commanding a ₹ 9 premium over the issue price of ₹ 71 in the grey market. The same also means that the market participants are expecting 12.68% listing gains, and the listing of Globe Civil Projects shares is expected to be at ₹ 80, or a 12.68% premium over the upper band of the offer price of ₹ 71 a piece, as suggested by data. As per the RHP, or the Red Herring Prospectus, the company highlighted the following risks: 1. In fiscal 2024, fiscal 2023, and fiscal 2022, Globe Civil Projects derived 29.77%, 57.48%, and 54.62%, respectively, of its revenue from operations from the construction project receipts business segment from projects developed by the by Central Public Works Department ('CPWD'), its top customer. Any slowdown or inability to win new project awards from CPWD (whether due to a slowdown or cessation in new projects being undertaken by such entities, an inability to qualify for and successfully compete for new projects, or otherwise) or the loss of any of Globe Civil Projects' current significant projects (whether due to restructuring or termination of such projects) could adversely affect its business, results of operations, and financial condition. 2. Globe Civil Projects' business and profitability are substantially dependent on the demand for construction services, changes in budgetary allocation, and the requirements for construction projects in the infrastructure and non-infrastructure sectors across India. Any reduction in the activity and expenditure levels in such sectors may adversely affect its business and prospects and may reduce the number of projects Globe Civil Projects undertake and impede its growth 3. In fiscal 2024, fiscal 2023, and fiscal 2022, Globe Civil Projects derived 11.71%, 14.92%, and 11.23%, respectively, of its revenue from operations from trading of goods, primarily TMT steel. Any reduction in trading activity, changes in market demand, or fluctuations in the price of TMT steel may reduce its revenue from this segment and, consequently, impact its total revenue from operations. 4. For the fiscal years 2024, 2023, and 2022, Globe Civil Projects' revenue from operations from projects undertaken under JVs contributed 33.36%, 28.98%, and 35.15%, respectively, amounting to ₹ 978.44 million, ₹ 575.36 million, and ₹ 891.50 million, respectively. The failure of a JV counterparty or consortium member to perform its obligations could impose additional financial and performance obligations, resulting in reduced profits or, in some cases, significant losses, and it may adversely affect its business, results of operations, and financial condition. 5. For fiscal 2024, fiscal 2023, and fiscal 2022, its % contribution to revenue from operations (construction project receipts) from its top ten projects was 89.54%, 92.82%, and 99.13%, respectively. Any delay or loss of any of these projects could adversely affect Globe Civil Projects' business, cash flow position, results of operations, and financial condition. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
4 days ago
- Business
- Time of India
Central nod for 2 infra projects in Amaravati
Vijayawada: The Union govt on Tuesday granted in-principle approval to two key infrastructure projects in capital Amaravati. The dept of expenditure in the ministry of finance issued two separate memos granting the approvals for the construction of a common central secretariat and a general pool residential accommodation for employees working in various central govt departments. The ministry of finance issued memos accepting the proposal submitted by the ministry of housing and urban affairs. The central public works department (CPWD) will execute both the projects. While the project cost of general pool residential accommodation is estimated at Rs 1,329 crore, the common central secretariat building has an estimated cost outlay of Rs 1,458 crore. Both projects were proposed in 2018 but were pending due to prevailing uncertainty over the capital in the last five years. The Union govt has given the go-ahead for both projects with a total cost of Rs 2,787 crore. Union minister of state, Dr Pemmasani Chandra Sekhar, thanked Prime Minister Narendra Modi, Union minister for housing and urban affairs Manohar Lal Khattar, and Union finance minister Nirmala Sitaraman for approving the two projects in Amaravati. He observed that these approvals reflect the NDA govt's steadfast commitment to building Amaravati and a strong reaffirmation of the vision of chief minister N Chandrababu Naidu and deputy chief minister K Pawan Kalyan to shape a world-class capital for Andhra Pradesh.
NDTV
12-06-2025
- Politics
- NDTV
Action Against Former Delhi Official Over Irregularities In Educational Infrastructure
New Delhi: Disciplinary proceedings will be held against SR Meena -- a former Executive Engineer of the Public Works Department -- for alleged irregularities in the construction of classrooms under Samagra Shiksha Abhiyan during the Aam Aadmi Party government. Delhi's Lieutenant Governor VK Saxena has approved a proposal from the vigilance department for this. The decision comes after serious irregularities were allegedly identified in the implementation of the Samagra Shiksha Abhiyan, a Central initiative aimed at enhancing educational infrastructure in Delhi, which was allocated Rs. 38.37 crore for the construction of 226 classrooms across various schools. SR Meena is currently serving with CPWD in Amritsar. The misconduct dates back to 2019, but the case against another officer, Krishan Pal. Former AAP ministers Manish Sisodia and Satyendra Jain were summoned by the Anti-Corruption Branch earlier this week over allegations of financial irregularities of around Rs 2,000 crore in the construction of over 12,000 classrooms and semi-permanent structures in the city's government schools. Officials said investigation revealed several lapses on the part of the PWD, including how the funds were diverted from one school to another - instead of classrooms, halls were being made. The situation escalated when a petition was filed in the Delhi High Court, asking the court to direct the government to hand over possession of six newly built school buildings. The litigation prompted the Chief Secretary to investigate the matter, during which significant irregularities in construction practices and fund management were uncovered.
Indian Express
12-06-2025
- Politics
- Indian Express
Delhi Confidential: Matching Barricades
After the new Parliament building was inaugurated in 2023, the Parliament House complex has seen a range of new features — from landscaping to relocation of statues to new uniforms for staff. Soon, visitors to the complex would get to see 'aesthetically pleasing' barricades in place of the usual ones placed by the security. The CPWD has designed the barricades to match the look of the new building, in the same red sandstone colour and cast iron design mimicking the jaalis inside. The triangular Parliament building will be displayed at the centre of it. Now that the government has announced that there is no special session to commemorate the 50th anniversary of the Emergency declaration, the BJP is considering a plan to conduct mock parliament sessions across the country. Party sources said there is a suggestion that mock sessions showing how Parliament passed the 42nd amendment of the Constitution — during the Emergency to centralise power and curtail judiciary — should be conducted in every district. The controversial remarks made during the debate, including the one made by Congress leader C M Stephen daring the courts to defy Parliament (he had said 'I don't know whether they (courts) will have the temerity to defy this Parliament. If they do it, we have our machinery) will be played in the mock parliament sessions.
