Recent Study: India Infrastructure Report Q3 2013

From: Fast Market Research, Inc.
Published: Mon Jul 08 2013

We have slightly revised down our construction forecasts for FY2013/14 and FY2014/15, with real growth reaching 7.0% in FY2013/14 (previously 7.6%) and 7.6% in FY2014/15 (7.9%). This is because the factors dampening construction activity in FY2012/13 - relatively non-conducive monetary conditions, policy inertia and lacklustre infrastructure activity - remain pertinent, while material improvement in the business environment for India's infrastructure sector is becoming increasingly unlikely given the government's weakening political position and the upcoming parliamentary elections.

Major developments in India's infrastructure industry:

* In May 2013, a consortium of India-based Larsen & Toubro (L&T) and Japanese company Sojitz Corporation was in pole position to secure a rail freight corridor construction contract in India. A final decision on the contract is likely to be made during June 2013. The consortium has submitted a price bid of approximately INR67bn (US$1.24bn). The contract will be for the civil and track construction of a 640km stretch between Rewari in Haryana and Palanpur in Gujarat. The segment is part of the 1,483km Western dedicated rail freight corridor scheduled to be constructed between Dadri near Delhi and the Jawaharlal Nehru Port near Mumbai. The other bidder is the Ircon-Mitsui-Leighton consortium with a bid of about INR110bn (US$2.03bn).
* In May 2013, the Indian Supreme Court was given the go-ahead to the commissioning of the Kudankulam Nuclear Power Plant in the Indian state of Tamil Nadu. The court has ruled that the project is important for the country's sustainable growth, as well as for the public welfare in the state. The two nuclear reactors planned for the plant have been slammed by the public. Each of the reactors is being designed to have a power generation capacity of 1,000MW. Meanwhile, the court asked the Ministry of Environment and Forests, the Tamil Nadu Pollution Control Board, the Atomic Energy Regulatory Board, Nuclear Power Corporation of India and the Department of Atomic Energy to evaluate the plant's safety and environmental impact.
* In April 2013, the state government of Maharashtra in India is set to approve the development of the 60.2km elevated rail corridor between Churchgate and Virar, reports Infra PPP. The rail corridor will include 33.5km of elevated rail line, as well as 18km of underground rail and 8.7km of at-grade rail. It will also have 27 railway stations and a railway depot. Companies will be shortlisted by the end of May 2013 with the winning bidder scheduled to be named by September 2013.

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