Infrastructure & PPPs in India - Q1 2025 Update - Transport and Urban Infra

YOG INFRA Q1 2025 insights

INDIA is seeing rapid growth in transport and urban infrastructure development, including a robust project pipeline annouced as part of Union Budget in Feb'2025. Apart from continued pipeline of roads and highways, there are multiple opportunities in data centres, eco-toursim proejcts, aiport expansion projects, ports, waster and waste management. There is a continued interest from international developers and investors to support such projects, majority of them being planned to be procured under PPP route.

Read more in our latest insight for the country.

This is second publication on a 2-part insight series on India

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January 2025

HITEC CITY 2.0: ANDHRA PRADESH TO SET UP DATA CITY, AI HUBS IN VIZAG

The Andhra Pradesh government has announced the development of a 500-acre "Data City" near Madhurawada in Visakhapatnam, aimed at providing world-class infrastructure for data centres and Artificial Intelligence (AI) hubs. The initiative is part of a broader strategy to position Visakhapatnam as a global IT and AI hub, tapping into growing global opportunities in AI, deep tech, and big data.

The project replicates the concept of Hyderabad's HITEC City and aims to attract both domestic and multinational companies by offering modern infrastructure, innovation hubs, and seamless connectivity. Data City is expected to become a magnet for IT-based companies looking to set up operations in Andhra Pradesh.

Major global tech companies have already shown interest:

• Google will establish a facility on 80 acres near the Data City site and has signed an MoU to offer AI training and skill development programs for local youth.

• TCS has launched an expansion project, with 30 acres allocated for a permanent campus. Temporary operations will begin soon in Medha Towers.

• Infosys, Wipro, and Cognizant are also exploring opportunities to set up operations in the city.

To support this growth, the government has introduced the IT & GCC Policy 4.0, aimed at attracting top-tier IT companies by offering modern infrastructure, high-speed internet, and dedicated innovation hubs. Additionally, the government is prioritising early investors by offering land at the lowest prices in the country and fast-tracking approval processes. The proposed Data City is located within 30 km of Bhogapuram International Airport, enhancing its accessibility for global corporations. The land acquisition process for the project is underway, coordinated by the Visakhapatnam district revenue department. The government aims to create 500,000 jobs in the IT sector through this initiative, making Data City a pivotal part of Andhra Pradesh’s economic and technological transformation.

GIP-VINCI INDIA ROADS DEAL CANCELLED DUE TO CONCESSION DOUBTS   

A deal by Global Infrastructure Partners and Vinci Concessions to jointly acquire a 207km highway in India has been cancelled due to a lack of clarity over the extension of its concession period. A pre-condition for the conclusion of the deal to acquire HKR Roadways was a five-year extension of its concession to 2041. The Telangana government has reportedly not been forthcoming in its responses to the extension request, leading to the collapse of the deal.

The concession period was originally granted by the Andhra Pradesh Road Development Corporation to the project’s developer for 25 years, through 2036. This concession was subject to revision in October 2022, and in the event of a shortfall in traffic at that time, an extension was to be provided.

HADAPSAR GLIDING CENTRE TO BE DEVELOPED IN PPP MODE

The Hadapsar Gliding Centre, a key aviation training facility in Pune, is set for development under a Public-Private Partnership (PPP) model. Previously managed by the Directorate General of Civil Aviation (DGCA), the 250-acre center was officially transferred to the Airports Authority of India (AAI) on December 31, 2024. The transition aims to improve infrastructure and training capabilities while ensuring continued public access.

AAI is currently assessing development plans, including potential facilities and upgrades. An inspection of the site is also planned to evaluate future requirements. The PPP initiative is intended to support youth aviation training and preserve affordability and accessibility for aspiring pilots.

Concerns have been raised about the potential effects of privatization on affordability and accessibility. Under DGCA management, training sessions were priced affordably, with each flying session capped at INR 187 (USD 2.16). Community members fear that private involvement could lead to higher costs, limiting access for economically weaker trainees. There is strong advocacy for maintaining public oversight to protect inclusive pilot training opportunities.

FEBRUARY 2025

MMRDA SECURES RECORD USD 12 BN INVESTMENT FOR URBAN DEVELOPMENT

The Mumbai Metropolitan Region Development Authority (MMRDA) has signed a Memorandum of Understanding (MoU) with Brookfield Corporation, valued at USD 12 Bn (INR 1.03 lakh Cr). The agreement aims to transform the Mumbai Metropolitan Region (MMR) into a global economic hub.

The investment will focus on key infrastructure projects, including metro networks, roads, bridges, and transit-oriented development (TOD) to improve urban connectivity and economic sustainability. A major component of the partnership is the Mumbai 3.0 initiative, which includes KSC New Town and Special Planning Areas (SPAs) across northern and southern MMR. The plan encompasses residential, commercial, and industrial projects, as well as the development of logistics parks, data centres, and Global Capability Centres (GCCs), aimed at enhancing MMR’s global economic standing and creating a scalable, sustainable model for regional growth.

Brookfield’s investment is the largest among more than 50 investment pledges Maharashtra received at the World Economic Forum (WEF) in Davos, surpassing those from global investors like Blackstone and Temasek, which each committed USD 5 Mn (INR 41.5 Cr).

DRA INFRACON WINS USD 555 MN INDIAN BOT ROAD CONTRACT

Gujarat-headquartered infrastructure developer DRA Infracon has won a Public-Private Partnership (PPP) highway contract in Assam, securing the INR 46.1Bn (USD 555 Mn) project without any government aid. A joint venture between Adani Group and Ashoka Buildcon requested INR 1.36 Bn, while Rail Vikas Nigam Limited (RVNL) asked for INR 3.7 Bn.

The National Highways Authority of India (NHAI) invited proposals, opening technical bids in January. The contract involves upgrading two road stretches to six lanes from four and constructing a new four-lane road connecting Baihata Chariali to Sonapur. These three segments will be part of the Guwahati Ring Road and will be executed under the design, build, finance, operate, and transfer (DBFOT) model.

This marks the first large-scale tendering of build-operate-transfer (BOT) projects, valued at approximately INR 2 Trn (USD 23.15 Bn). Unlike the hybrid annuity model with smaller contract sizes, the BOT pipeline requires about INR 600 bn (USD 6.94 Bn) in equity capital, assuming a 70:30 debt-to-equity ratio.

NABFID TO COLLABORATE WITH MULTILATERAL BANKS FOR URBAN INFRASTRUCTURE

The National Bank for Financing Infrastructure and Development (NaBFID) is set to collaborate with multilateral funding agencies to develop urban infrastructure and finance sustainable projects for Urban Local Bodies (ULBs) using blended finance. This model combines catalytic capital from public or philanthropic sources with private investment, helping to reduce the cost of funds and making financing more accessible for urban development initiatives.

NaBFID will work with multilateral and green-focused banks to introduce blended finance structures in India, adopting global best practices in risk-sharing, policy frameworks, and urban financing strategies. It will also explore pooled finance structures to help ULBs raise funds for infrastructure development.

With rapid urbanization being critical to India’s goal of becoming a developed nation by 2047, the Union Budget has proposed an Urban Challenge Fund of INR 1000 Bn (USD 12 Bn). This fund will support initiatives like Cities as Growth Hubs, Creative Redevelopment of Cities, and Water and Sanitation. The fund will cover up to 25% of the cost of bankable projects, with the remaining financing—at least 50%—expected from bonds, bank loans, and Public-Private Partnerships (PPPs). For FY 2025-26, a budget allocation of INR 10,000 Cr (USD 1.2 Bn) has been proposed to support these urban initiatives.

MORTH SETS INR 35,000 CR TARGET FOR PRIVATE INVESTMENT IN PPP PROJECTS, 17% RISE

The Union Ministry of Road Transport and Highways (MoRTH) has set a target of INR 35,000 Cr (USD 4.2 Bn) for private sector investment in national highway development through the Public-Private Partnership (PPP) mode for the next financial year, marking a 17% increase from the current year’s target of INR 30,000 Cr (USD 3.6 Bn).

The asset monetisation target remains unchanged at INR 30,000 Cr (USD 3.6 Bn). In FY 2024, MoRTH achieved its highest-ever monetisation at INR 40,314 Cr (approx. USD 4.8 Bn). To reduce dependence on high-interest bank loans, MoRTH will continue using mechanisms like Toll Operate Transfer (TOT) auctions, Infrastructure Investment Trusts (InvITs), and asset securitisation.

The National Monetisation Plan raised INR 3.86 lakh Cr (USD 46 Bn) against a target of INR 4.3 lakh Cr (USD 51 Bn) between FY 2022–24, amid limited private sector participation in core infrastructure. The target for new highway construction has been set at 10,000 km for FY 2025-26, down from 12,000 km for the current year, continuing a downward trend since 2019–20.

FOCUS ON PUBLIC-PRIVATE PARTNERSHIPS (PPP) FOR INFRASTRUCTURE DEVELOPMENT

The Union Budget 2025 introduced key measures to strengthen Public-Private Partnerships (PPP) in infrastructure development, emphasizing collaboration between public and private sectors. A three-year pipeline of PPP projects has been announced, enabling states to identify and plan infrastructure initiatives with private sector participation. This approach aims to ensure efficient project execution by leveraging private sector investment, expertise, and technology, accelerating infrastructure growth and fostering economic development through shared responsibility.

To support these efforts, INR 1.5 lakh Cr (USD 18 Bn) has been allocated as interest-free loans to states and Union Territories for 50 years, easing financial burden and enabling them to undertake critical infrastructure projects without interest liabilities. A dedicated INR 20,000 Cr (USD 2.4 Bn) fund has been introduced to promote innovation in PPP projects, encouraging private sector participation in advanced technologies, smart city solutions, and green innovations.

The budget also prioritizes energy transition through a dedicated Nuclear Energy Mission, targeting 100 GW of nuclear power by 2047. With an outlay of INR 20,000 Cr (USD 2.4 Bn), the mission will focus on small modular reactors, providing clean, scalable, and cost-effective energy solutions.

5 ECOTOURISM SITES TO BE DEVELOPED UNDER PPP MODE IN KULLU

Even though Himachal Pradesh did not receive any ecotourism project from the Union Ministry of Tourism among the recently approved 40 projects worth INR 3,295.76 Cr (USD 396 Mn) for the development of lesser-known tourism sites in 23 states, the State Forest Department will independently develop five ecotourism sites in Kullu under the Public Private Partnership (PPP) mode. The Eco Tourism Society has identified Kaisdhar, Kasol, Bindravani, Solang Nala, and Suma Ropa for development by private companies. Each company will be allotted one hectare of land, which they will operate for 10 years.

The initiative aims to promote ecotourism without disturbing the natural environment, allowing tourists to experience scenic beauty while ensuring conservation of forest wealth and generating local employment opportunities.

OMAXE TO DEVELOP JV & PPP PROJECTS UNDER BETOGETHER BRAND

Omaxe Group has launched BeTogether, a brand focused on reshaping urban and economic development through collaborative real estate projects. With an investment of over INR 2,800 Cr (USD 337 Mn) over 3–5 years, these projects carry a revenue potential of over INR 5,000 Cr (USD 602 Mn).

BeTogether aims to address infrastructure gaps, promote socio-economic growth, and create vibrant urban spaces through Joint Ventures and Public-Private Partnerships (PPP). The project portfolio includes BeTogether Centre Point Vrindavan, a joint venture to modernize Vrindavan while preserving its cultural heritage. Additionally, partnerships with the Uttar Pradesh State Road Transport Corporation (UPSRTC) aim to upgrade bus terminals in key cities such as Lucknow, Ghaziabad, Kaushambi, Ayodhya, Amausi, and Prayagraj, enhancing transportation infrastructure and urban connectivity.

Built on the principles of innovation, sustainability, and inclusivity, BeTogether seeks to develop modern infrastructure in Tier 2 and Tier 3 cities by collaborating with landowners, investors, and government bodies. These strategic partnerships will deliver high-quality amenities, improved connectivity, and enhanced public spaces, supporting long-term economic development.

MARCH 2025

GR INFRA WINS USD 490 MN GREENFIELD INDIA HIGHWAY BID

GR Infraprojects has secured an INR 42.2 Bn (USD 490 Mn) build, operate, transfer (BOT) greenfield highway contract in northern India. The developer offered to share 17.17% of its revenue annually with the National Highways Authority of India (NHAI), surpassing seven other bidders. The second-highest bid proposed a 5.94% revenue share. A sector observer noted that earnings before interest, tax, depreciation, and amortization (EBITDA) in road projects typically stands at around 95%, and agreeing to a 17.17% revenue share would reduce that to approximately 80%.

Other bidders included IRB Infrastructure Developers, DRA Infracon, a joint venture of Welspun and Ceigall, Gawar Construction, PNC Infratech, and Adani Enterprises, while two bidders were disqualified.

The NHAI invited bids for the project in January last year, splitting it into two stretches of 88.4 km and 90 km. The 20-year concession's financial proposals were opened after multiple bidding deadline extensions, while technical proposals were reviewed in February. India’s central roads agency announced in late 2023 that it aims to call for bids worth INR 2 Trn (USD 23 Bn) in BOT projects over the next two years.

TAMIL NADU ADVANCES SUSTAINABLE GROWTH WITH PUBLIC-PRIVATE PARTNERSHIPS IN TOURISM, AVIATION, AND GREEN ENERGY

Tamil Nadu is actively promoting Public-Private Partnerships (PPP) to drive growth in eco-tourism, airport infrastructure, and green energy. The state is leveraging collaborations with private investors to enhance sustainability efforts while ensuring economic development, aligning with its broader vision of integrating modern infrastructure with environmental conservation.

In eco-tourism, the government is partnering with private enterprises to develop sustainable tourism projects that boost local economies while preserving biodiversity and natural ecosystems. By encouraging responsible tourism practices, Tamil Nadu aims to balance economic benefits with environmental protection.

In the aviation sector, the PPP model has facilitated significant expansions, notably at Tiruchirappalli International Airport, where recent upgrades such as runway extensions and a new integrated passenger terminal have improved regional connectivity for domestic and international travelers. Additionally, Chennai Airport has transitioned to operating entirely on renewable energy through a combination of rooftop solar installations and green tariffs, reducing its carbon footprint and setting a benchmark for other airports.

Renewable energy remains a cornerstone of Tamil Nadu’s growth strategy. The state is home to the Muppandal Wind Farm, one of the world’s largest onshore wind farms with an installed capacity of 1,500 MW. Ongoing investments in wind and solar power projects continue to position Tamil Nadu as a leader in India’s clean energy transition.

INDIAN CABINET APPROVES USD 521 MN HIGHWAY PPP 

India's Cabinet Committee on Economic Affairs (CCEA) has approved the construction of a six-lane access-controlled Greenfield High-Speed National Highway in Maharashtra, connecting JNPA Port (Pagote) to Chowk. The 29.2 km stretch will be developed under the Build, Operate and Transfer (BOT) model at an estimated cost of INR 4,500.62 Cr (USD 521.38 Mn). The project aligns with the PM Gati Shakti National Master Plan and aims to enhance road connectivity to major ports, addressing the rising container traffic at JNPA Port and the upcoming Navi Mumbai International Airport.

The highway will begin at NH-348 near JNPA (Pagote) and terminate at NH-48 (Mumbai–Pune Highway), linking the Mumbai–Pune Expressway and Mumbai–Goa Highway (NH-66). The project includes two tunnels through the Sahayadri range to replace the ghat section, ensuring high-speed, efficient movement for commercial and container vehicles.

INDIAN CITY TO LAUNCH GREEN WASTE PROCESSING PPP

Indore is set to launch India’s first green waste processing plant under a Public-Private Partnership (PPP) model as part of the Swachh Bharat Mission-Urban. The facility, built on 55,000 square feet of land in Bicholi Hapsi, aims to convert green waste such as wood and branches into eco-friendly wooden pellets, providing a sustainable alternative to coal and supporting energy conservation.

The plant will process approximately 30 tons of green waste daily, a volume that can increase to 60–70 tons during autumn. The Indore Municipal Corporation (IMC) will supply the green waste and earn a royalty of around INR 3,000 (USD 36) per tonne. The waste will be sourced from municipal activities and institutional premises under a structured fee model.

The project involves drying green waste over three to four months to reduce moisture content by 90%, followed by mechanical processing into fine sawdust. This sawdust will be repurposed across various industries:

• As eco-friendly fuel

• In the manufacturing of composite furniture materials

• For producing biodegradable packaging and disposable plates

• In agriculture as soil-enriching fertilizer

Wooden pellets produced at the facility can also be used by large-scale consumers like the National Thermal Power Corporation (NTPC), contributing to cleaner energy production.

Under the PPP model:

• IMC will provide land and green waste, and handle transportation to the facility.

• The private company will develop the remaining infrastructure—sheds, electricity, and water—and manage plant operations.

Additional private facilities, such as Meghdoot and sub-grade plants in Sirpur (10,000–15,000 sq. ft. each), are already processing garden waste like leaves and twigs. Compost pits have also been set up in municipal gardens to handle organic waste.

This initiative supports cleaner urban living by improving waste management, enhancing hygiene, and reducing pollution caused by open waste burning. It contributes to controlling the city’s Air Quality Index (AQI) and supports the broader vision of “Garbage-Free Cities” under the Swachh Bharat Mission-Urban, while generating revenue and promoting a circular economy.

MUMBAI INTERNATIONAL AIRPORT PLANS INFRA UPGRADE

Mumbai International Airport Limited (MIAL), a subsidiary of Adani Airport Holdings, plans to invest INR 10,000 Cr (USD 1.16 Bn) over the next five years to upgrade infrastructure at Chhatrapati Shivaji Maharaj International Airport (CSMIA).

Key infrastructure projects include:

• Redevelopment of Terminal 1 to replace aging Terminals 1A and 1B with modern infrastructure and enhanced capacity.

• Capacity expansion and digitalisation at Terminal 2, incorporating technologies such as self-baggage drop, CTIX hand baggage screening, and full-body scanners.

• Airside infrastructure upgrades including runway maintenance, apron and taxiway improvements.

• Introduction of smart passenger technologies including eGates (under the DigiYatra initiative), IoT-driven solutions, and enhanced security systems.

• Sustainability initiatives such as EV adoption, energy-efficient operations, water conservation, and achieving net zero emissions by 2029.

To support these enhancements, MIAL has submitted a proposal to the Airport Economic Regulatory Authority (AERA) to revise the airport’s tariff structure for the first time since 2021. The proposal includes:

• Introduction of a User Development Fee (UDF) of INR 325 (USD 3.8) for departing domestic passengers and INR 650 (USD 7.6) for departing international passengers.

• A 35% reduction in airline landing and parking charges to balance the impact of the new UDF and help maintain stable airfares.

The proposed changes are expected to increase the Yield Per Passenger (YPP) from the current INR 285 (USD 3.4) to INR 332 (USD 3.9), an 18% rise, aligning with AERA’s consultation paper issued on 10 March 2025.

INDIA CONSIDERS WIDENING COMMERCIALISATION OF AIRPORT LAND

The central government is reportedly considering amendments to the Airports Authority of India (AAI) Act, 1994, to allow private airport operators to develop commercial hubs beyond traditional aviation-linked activities. If approved, private firms would be permitted to build infrastructure such as shopping complexes, conference centres, and commercial offices around airports, expanding their scope beyond existing facilities like hotels, restaurants, and cargo terminals. The civil aviation ministry has initiated inter-ministerial consultations on the proposed amendments, which could lead to a bill being introduced in Parliament. This move is part of a broader plan to privatise 11 airports in tier-II cities, including Varanasi, Amritsar, Raipur, and Bhubaneswar.

Currently, Chapter 3, Section 12 of the AAI Act allows only limited commercial use of airport land. The proposed changes aim to unlock the potential of urban land around airports for multi-use development, while continuing to prohibit hazardous and polluting activities.

A key issue still under discussion is whether already privatised airports like Delhi and Mumbai will be granted the same expanded land-use rights. The government is also considering keeping the land-use provisions open-ended, offering greater flexibility to future airport operators. The civil aviation ministry plans to complete the privatisation of the 11 identified airports by the end of the next financial year, marking a significant policy shift in the development of India’s airport infrastructure.

INDIAN STATE CONSIDERING HOSPITAL PPPs

Faced with a shortage of medical specialists, the Punjab government is planning to hand over some of its hospitals to private institutions under a Public-Private Partnership (PPP) model. This marks the first time government hospitals in the state would be operated by private entities.

The proposed PPP model aims to address the lack of specialists such as paediatricians and gynaecologists in certain areas. The pilot project will involve smaller health facilities that are struggling with manpower shortages. Major hospitals will not be included in this initiative.

Under the proposed arrangement, patients will continue to receive free treatment, while the government will reimburse private partners for their services. The names and identity of the government hospitals will remain unchanged. This model is already in use in Punjab’s public health system, with private firms operating diagnostic centres at government hospitals. The state considers this experience successful and is looking to expand the PPP framework to include full hospital management at select locations.

INDIAN HIGHWAYS MINISTRY TO TIGHTEN RULES FOR GREENFIELD BIDS

India’s Ministry of Road Transport and Highways is expected to amend bid parameters to restrict participation from technically and financially weak developers in auctions for greenfield projects.

The planned changes follow concerns over deteriorating construction quality in recent years, attributed to relaxed qualification criteria. These relaxations, introduced post-Covid-19 to enable smaller firms to participate, reportedly led to underqualified contractors securing projects with aggressive bids. As a result, several contracts have proven to be unviable.

Between September 2022 and November 2024, 85 of 130 highway projects reportedly received bids lower than National Highways Authority of India (NHAI) estimates, with one bid coming in 32% below the estimate. Due to insufficient equity capital, some developers relied on short-term borrowings during the construction phase, intending to sell the asset post-completion to address liquidity constraints.

INDIA APPROVES USD 782 MN ROPEWAY PPPS

India’s federal government has approved the construction of two major ropeway projects in Uttarakhand through public-private partnerships under the Design, Build, Finance, Operate, and Transfer (DBFOT) model.

1. Govindghat to Hemkund Sahib Ji Ropeway

• Length: 12.4 km

• Cost: INR 27.3 Bn (USD 313.7 Mn)

• Technology: Combination of Monocable Detachable Gondola (MDG) for the Govindghat-Ghangaria stretch (10.55 km) and Tricable Detachable Gondola (3S) for the Ghangaria-Hemkund Sahib Ji stretch (1.85 km)

• Capacity: 1,100 passengers per hour per direction (PPHPD), or 11,000 passengers per day

• Purpose: To replace the current 21-km uphill trek with an all-weather, efficient transport option for pilgrims and tourists, including those visiting the Valley of Flowers UNESCO World Heritage site

• Impact: The project will enhance last-mile connectivity, generate employment, and support the local tourism economy year-round

2. Sonprayag to Kedarnath Ropeway

• Length: 12.9 km

• Cost: INR 40.81 Bn (USD 469.2 Mn)

• Technology: Tricable Detachable Gondola (3S)

• Capacity: 1,800 PPHPD, or 18,000 passengers per day

• Travel Time Reduction: From 8–9 hours to approximately 36 minutes

• Purpose: To ease access to Kedarnath, one of India’s most revered pilgrimage sites, currently accessed via a 16-km trek from Gaurikund

• Impact: Expected to provide safe, quick, and eco-friendly transportation while boosting regional tourism and employment opportunities

Both projects aim to improve connectivity to high-altitude pilgrimage destinations, promote balanced socio-economic development in Uttarakhand, and provide a major boost to tourism and associated sectors such as hospitality and food services.

INDIA DECIDES TO POSTPONE HIGHWAY AUCTIONS

India’s Ministry of Road Transport and Highways has decided to indefinitely postpone auctions for highway concessions under the Toll, Operate, Transfer (TOT) model. This decision halts the 15th, 17th, 18th, and 19th TOT auctions. The 15th round had received the highest bid from a private group at INR 16.9 Bn (USD 195 Mn).

The 16th auction had previously been awarded to a highways trust established by a global investment firm focused on Indian roads. The ministry believes that selling units to highway investment trusts has yielded better value for the government than the auctioning of concessions. As a result, all future TOT bundle auctions will be paused until a detailed comparative analysis of both methods is conducted.

Additionally, the ministry is considering securitizing toll receivables to partially finance highway construction, a model previously used for the 1,350 km Delhi-Mumbai greenfield expressway. Another proposed reform includes reducing TOT concession tenures from 20 years to 5 years, aimed at attracting domestic investors who prefer lower equity commitments.

Highway stretches generating toll revenues of INR 8 Mn to INR 10 Mn (USD 91,658 to USD 114,458) annually could become more attractive with shorter concession periods. The National Highways Authority of India (NHAI) has been directed to draft a new scheme incorporating these models for ministerial review within a month.

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List of Key Transactions - Q4 2024

Source: YOG INFRA analysis

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