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Development Watch – Week #2 August ’22

Development News

Carbon Capture Platform for 1 million smallholder Farmers

A national platform has been launched for smallholder farmers that would help them leverage climate/carbon finance for sustainable agro-forestry, climate-smart agriculture and other activities resulting in carbon sequestration and mitigation. The platform is being launched by Intellecap and Transform Rural India Foundation. The platform brings together more than one million smallholder farmers who will be provided support and training for climate-smart agriculture and agro-forestry.

Delhi Metro to go global with Consultancy and Construction Projects

Delhi Metro is on a trail to start consultancy and construction projects across the world. Spread across Egypt to Vietnam, these global projects would help in boosting revenues from non-ticketing sources. It could include the port city of Alexandria in Egypt. DMRC, which is India’s first and biggest metro rail company, submitted bidding documents to procure consultancy jobs for a metro rail project in the Egyptian city. Other bids include an entire metro line in Mauritius, and three more metro networks in Tel Aviv (Israel), Manama (Bahrain) and Ho Chi Minh City (Vietnam).

Retail hubs to be developed on Delhi-Meerut Corridor

The National Capital Region Transport Corporation (NCRTC) will develop stations as retail hubs on the Delhi-Meerut corridor. NCRTC is executing India’s first Regional Rapid Transit System (RRTS) project between Delhi and Meerut. It will take advantage of the Transit Oriented Development (TOD) Policy of the Delhi and UP governments. The corporation has separate development plans for different stations. It would help generate non-fare revenue from the Rs. 30,000 crore project, which has funding from ADB, New Development Bank, and Asian Infrastructure Investment Bank (AIIB).

Macquarie Asia’s India Toll Road to be acquired for Rs. 3,110 Crores

Adani Road Transport Ltd. (ARTL) will acquire Gujarat Road and Infrastructure Company Ltd. (GRICL) and Swarna Tollway Private Ltd. (STPL). Macquarie Asia Infrastructure Fund has 56.8% stake in GRICL while it has 100% stake in STPL. ARTL is a wholly owned subsidiary of Adani Enterprises Ltd. and has acquired 4 toll road assets from Macquarie Asia at an enterprise value of Rs. 3,110 Crores.

Lok Sabha passes Bill to promote Non-Fossil Fuels

A bill seeking to mandate the use of non-fossil energy sources such as biomass, ethanol, and green hydrogen was passed by the Lok Sabha on Monday, August 8. It is known as the Energy Conservation (Amendment) Bill, 2022. Power Minister Mr. RK Singh called it the “bill for the future”. The bill was passed by the House after rejecting amendments moved by opposition members.

The bill provides for penalties for violations by industrial units, and on manufacturers if a vehicle fails to comply with fuel consumption norms. It also seeks to promote domestic carbon market, carbon trading and faster decarbonization through use of non-fossil sources. The power minister also stated that the renewable energy capacity addition in India was fastest in the world.

Brigade Group to develop Land Parcels in Chennai and Bengaluru

Brigade Group has signed definitive agreements for land parcels in Chennai and Bengaluru. They have a total revenue potential of Rs. 4,000 Crores in the next 4-5 years. The Bengaluru joint development property located close to international schools in Sarjapur Road has a development potential of over 2 million sq ft of residential apartments. On the other hand, agreement to purchase, acquire and develop the Mount Road property in Chennai from TVS Group company has a potential 1 million sq ft of mixed use development comprising office, retail and residential. Brigade group has a strong pipeline of upcoming projects of 10 million sq ft with key projects in Bengaluru, Chennai and Hyderabad.

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