Infrastructure & PPPs in India - Q3 2025 Update - Transport and Urban Infra

YOG INFRA
1 day ago
19 min read

INDIA's transport and urban infrastructure sectors are witnessing strong momentum, driven by multiple Public-Private Partnership (PPP) and financing initiatives. Major activity includes large road acquisitions, port terminal developments, and reforms in highway bidding and asset monetization. Key investments are planned in container terminals, bus terminals, medical colleges, and smart metering projects. Development banks and private investors are expanding support through loans, bonds, and advisory partnerships, while states promote PPP models and land redevelopment to modernize transport, water, and healthcare infrastructure nationwide.

Read more in our latest insight for the country.

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

JULY 2025

IRB INFRA'S PUBLIC, PRIVATE FUNDS AGREE ROAD PORTFOLIO ACQUISITION DEAL

IRB InvIT Fund, the public fund of IRB Infrastructure, has agreed to acquire a road portfolio from IRB Infrastructure Trust, a private fund of the developer. The transaction will be made at an enterprise value (EV) of INR 84.36 Bn (USD 988 Mn) for the portfolio, which contains multiple design, build, finance, operate and toll (DBFOT) projects in India. Unitholders of IRB InvIT Fund have also approved a fund raise to undertake the proposed acquisition.

IRB InvIT Fund will acquire 100% equity share capital of three special purpose vehicles (SPVs) operating DBFOT road projects from IRB Infrastructure Trust. The agreed EV is INR 84.36 Bn (USD 988 Mn). Unitholders also approved the appointment of the sponsor as the project manager for the operation and maintenance (O&M) activities of the SPVs. Following the acquisition, the sponsor’s O&M order book is expected to increase by approximately INR 31 Bn (USD 362 Mn), taking the total to around INR 336 Bn (USD 3.92 Bn). The binding term sheet for the acquisition was executed in May 2025. The proposed acquisitions remain subject to regulatory approvals and compliances.

CPPIB AND NEO ASSET IN TALKS TO BUY INDIA ROADS PORTFOLIO

Local infrastructure developer NKC Projects is in talks to sell a portfolio of Indian road projects to Interise Trust, backed by CPPIB, or Neo Asset Management. The developer is negotiating to sell up to five projects, all of which are hybrid annuity model (HAM) projects. Under this model, the National Highways Authority of India (NHAI) funds 40% of the project cost, while the developer covers the remaining portion through debt and equity. Repayments are made to the developer with interest in half-yearly instalments over a 15-year period, with NHAI assuming the traffic risk.

In India’s roads sector, there have been just two deals so far this year worth USD 578 Mn, compared with eight deals worth USD 2.6 Bn during the same period last year. After portfolio sales by several large developers, the availability of assets in the market has reduced significantly.

With fewer large portfolios available, investors are increasingly turning to mid-sized contractors and developers to source assets. NKC Projects, primarily a contractor, focuses on highways, bridges, flyovers, roads, industrial buildings, and large complexes. A slowdown in greenfield contract awards over the last two to three years has further reduced the development of new assets, intensifying competition for existing projects. This has led to aggressive bidding, a trend expected to continue.

MANIPAL NEARS DEAL TO BUY OTPP’S INDIAN HOSPITAL CHAIN

Singapore-based Temasek and Manipal Hospitals are set to win the sale process of Sahyadri Hospitals, owned by Ontario Teachers’ Pension Plan (OTPP). Post submission of binding bids, Manipal Hospitals has made the highest offer, with an equity value of around INR 61.5 Bn (USD 737 Mn).

Other bidders at the binding stage included AsterDM Quality Care India and Malaysia’s IHH. This acquisition marks the fourth proposed deal by Manipal Hospitals since 2021, strengthening its presence in Maharashtra. Sahyadri Hospitals currently has more than 1,200 beds across Pune, Ahmednagar (Ahilyanagar), and Nasik, with further expansion plans in the state.

With this acquisition, competitive positions in India’s hospital sector could shift in terms of bed capacity, EBITDA, and revenues. Key players in the sector also include Apollo Hospitals, Max Healthcare, and AsterDM Quality Care India.

Private equity-backed healthcare operators had also shown interest earlier in Sahyadri Hospitals. In June 2025, a USD 600 Mn credit facility was announced for the Manipal Group, one of the largest such deals in India.

JSW INFRA SECURES INDIAN CONTAINER TERMINAL TENDER

JSW Infrastructure has been awarded a tender for a Public-Private Partnership (PPP) project involving two container terminals at Kolkata port. The project, structured under the design, build, finance, operate, and transfer (DBFOT) model, is intended to enhance container handling capacity.

With an estimated capex of INR 7.4 Bn (USD 86.3 Mn) and a construction timeline of two years, operations will be allowed to commence during the construction phase. The project includes the reconstruction of Berth 8 and mechanization of Berths 7 and 8 at the Netaji Subhas Dock. It comes with a 30-year concession period.

The initiative aligns with the company’s strategy to expand its terminal portfolio under the government’s port privatization program. Once completed, the project is expected to significantly increase capacity and operational efficiency, supported by steady cargo volumes in Kolkata.

This development also strengthens the company’s diversification into the container segment. On the west coast, the New Mangalore Container Terminal operates with a current capacity of 0.2 million TEUs, which is being expanded to 0.35 million TEUs. The Kolkata project will bring the company’s total container handling capacity close to 1 million TEUs, positioning it as a growing player in India’s port container sector.

REC UNIT SIGNS AGREEMENTS FOR INDIA SMART METER PROJECT

A wholly owned subsidiary of government-backed REC has signed agreements with EDF India and Actis-backed Bharat Grid for the deployment of 3.3 Mn smart meters in Gujarat. The agreements relate to the rollout of smart prepaid meters under the Revamped Distribution Sector Scheme (RDSS) in the Paschim Gujarat Vij Company Limited (PGVCL) jurisdiction on a design, build, finance, own, operate, and transfer (DBFOOT) basis.

Bharat Grid, a joint venture between Actis and EDF India, has been appointed as the Advanced Metering Infrastructure Service Provider (AMISP) for the project. With an estimated cost of INR 33 Bn (USD 396 Mn), the project is expected to deliver key benefits including loss reduction, reduced downtime, better consumer engagement, and improved overall efficiency in the power distribution sector.

NABFID TO ADVISE INDIAN STATE GOVERNMENT ON INFRA PROJECTS

India’s National Bank for Financing Infrastructure and Development (NaBFID) has entered into an agreement with the Andhra Pradesh Capital Region Development Authority (APCRDA) to provide transaction advisory services for infrastructure projects in Amaravati, the capital city of Andhra Pradesh.

Under the Memorandum of Understanding (MoU), NaBFID will act as a strategic advisor, assisting APCRDA in designing a financial blueprint for high-impact infrastructure projects. The institution will support the formulation of financial strategies and the evaluation of various implementation models, including Public-Private Partnerships (PPP), for multiple projects.

NaBFID will also help identify potential revenue sources and explore monetization options for available land assets, in addition to developing financial models and engaging with stakeholders and potential investors. This partnership aims to establish a robust financial roadmap for Amaravati, aligning with the city’s long-term development goals and priorities, while enabling structured, service-oriented urban infrastructure development.

INDIA ROADS MINISTRY TIGHTENS BID RULES TO CURB AGGRESSIVE PROPOSALS

India’s Ministry of Road Transport and Highways is tightening bid rules to curb aggressive pricing. In a letter addressed to procuring agencies, including the National Highways Authority of India (NHAI), the ministry proposed amendments to around a dozen financial and technical criteria. Key proposed changes include:

Bidders must have a net worth equal to at least 20% of the estimated project cost, up from 15%.
In consortium bids, each member must have a net worth of 10% of the estimated project cost in the immediately preceding financial year, up from 7.5%.
Bidders must have completed similar work costing at least 35% of the estimated project cost, up from 20%.

Aggressive bids remain common. A recent greenfield highway project in Uttar Pradesh received a bid priced 22% lower than NHAI’s estimate. Industry data shows that of 130 projects awarded between September 2022 and November 2024, at least 85 attracted bids below NHAI’s estimates. In some cases, bids were as much as 32% lower than the authority’s cost assessment.

ADB APPROVES ADDITIONAL USD 101 MN LOAN FOR INDIAN WATER PROJECT

The Asian Development Bank (ADB) has approved USD 101 Mn in additional financing for the ongoing West Bengal Drinking Water Sector Improvement Project in India. The new financing will support the development of alternate safe water sources in Purba Medinipur district and fund the preparation of a new drinking water supply proposal for salinity-affected areas in South 24 Parganas and unserved regions of Purba Medinipur. It will also enhance institutional capacity for drinking water service delivery through the rollout of an Asset Management and Service Delivery Framework (AMSDF).

The project was originally approved in 2018 with an initial investment of USD 240 Mn. It introduced an innovative model for rural drinking water supply, featuring continuous service delivery above typical rural standards in India. Key features include 390,000 meters household connections, supervisory control and data acquisition (SCADA) systems, and GIS-based monitoring.

Significant progress has been made across the districts of Bankura, North 24 Parganas, and Purba Medinipur, including the construction of four water treatment plants, 79 storage reservoirs, and around 6,200 kilometers of distribution pipelines. The additional financing will scale up access to safe, sustainable, and inclusive drinking water services, reducing reliance on groundwater sources contaminated by arsenic, fluoride, and salinity.

GMR PLANS BOND ISSUE TO REFI DEBT, FUND SMART METER PROJECT

GMR Power & Urban Infra (GPUIL) is planning to issue INR 18 Bn (USD 209 Mn) in rupee bonds across two separate deals to fund refinancing needs and a smart-metering project.

GPUIL plans to raise INR 15 Bn (USD 174 Mn) in non-convertible debentures (NCDs), primarily for refinancing existing debt. Proceeds are expected to refinance borrowings previously secured from private credit investors. The coupon is expected to be in the 14%–16% range.

In the second transaction, the company aims to raise up to INR 3 Bn (USD 35 Mn) in NCDs for its smart-metering project in Uttar Pradesh. The coupon is also expected in the 14%–16% range.

INDIA AUTHORITY IDENTIFIES ASSETS FOR SECOND ROADS TRUST

The National Highways Authority of India (NHAI) has identified six road assets totalling 348 km that it plans to place into an infrastructure trust to be listed on Indian exchanges, according to industry sources.

The proposed assets include:

80 km stretch between Barachetti and Gorhar (Jharkhand) with annual toll revenue of INR 1.8 Bn (USD 21.2 Mn)
78.7 km Gorhar to Barwa Adda (Jharkhand) with annual toll revenue of INR 1.5 Bn (USD 17.7 Mn)
82.5 km Vijaywada to Chilakaluripet (Andhra Pradesh) with annual toll revenue of INR 3 Bn (USD 35.4 Mn)
32 km Chennai bypass (Tamil Nadu) with annual toll revenue of INR 1.9 Bn (USD 22.4 Mn)
43 km Chennai to Toda (Tamil Nadu) with annual toll revenue of INR 1.6 Bn (USD 18.9 Mn)
32 km Bangalore to Neelmangla–Tumkur (Karnataka) with annual toll revenue of INR 2.2 Bn (USD 25.9 Mn)

This marks the first time NHAI will be offering units in a roads trust for retail subscription. NHAI operates a privately listed roads trust that has raised a total of INR 436.4 Bn (USD 5.15 Bn) across four fundraising rounds, including participation from domestic investors.

INDIA ROADS AUTHORITY SEEKS BIDS FOR 79KM GREENFIELD PROJECT

The National Highways Authority of India (NHAI) is seeking bids for a project to expand an existing 79 km road to four lanes. The project is divided into two parts:

1. 38.4 km stretch between Sahebganj and Areraj, and

2. 40.5 km stretch between Areraj and Bettiah, in Bihar state.

The bid project cost is estimated at INR 24.8 Bn (USD 287 Mn). The contract is under the Hybrid Annuity Model (HAM), in which the NHAI covers 40% of the cost, while the developer arranges the remaining 60% through a mix of debt and equity. The developer is repaid with interest in half-yearly installments over a 15-year concession period, during which the NHAI assumes traffic risk.

The NHAI has recently amended several technical and financial criteria to reduce aggressive bidding. Project awards have slowed, with the last call for bids issued in November 2024. For the current fiscal year, NHAI is expected to bid out projects worth around INR 600 Bn (USD 6.9 Bn), mostly in the second half.

AUGUST 2025

ASIA HEALTHCARE HOLDINGS TO INVEST INR 400 CR IN ASIAN INSTITUTE OF NEPHROLOGY AND UROLOGY TO DOUBLE HOSPITAL NETWORK

Asia Healthcare Holdings (AHH), backed by Singapore’s GIC and TPG, has announced an additional investment of INR 400 Cr (USD 48 Mn) in the Asian Institute of Nephrology and Urology (AINU) to accelerate its nationwide expansion. With this fresh infusion, AHH’s total investment in AINU will reach INR 1,000 Cr (USD 120 Mn) since FY24, making it one of the largest commitments in India’s single-speciality hospital segment for urology and nephrology. The funding will enable AINU to double its hospital network over the next 4–5 years, with a strong focus on Tier 2 city penetration.

AINU currently operates seven centres, including flagship hospitals in Hyderabad (150 beds) and Chennai (100 beds), as well as facilities in Tier 2 cities such as Vizag and Siliguri, each with around 75 beds. The chain plans to add 3–4 new hospitals by FY 2027, backed by a capex of INR 150 Cr (USD 18 Mn). The expansion will also focus on strengthening clinical capabilities through sub-specialities such as female urology and paediatric urology, with its newly opened Banjara Hills centre in Hyderabad positioned as a hub for these services.

India’s single-speciality hospital market, covering areas such as eye care, oncology, fertility, mother & childcare, and urology, is projected to grow from INR 1.25 Tn (USD 15 Bn) to INR 2.58 Tn (USD 31 Bn) over the next 3–4 years. This growth is driven largely by private equity-backed models targeting underserved geographies, highlighting the scaling potential of speciality hospital chains in secondary cities where healthcare infrastructure gaps remain significant.

CAPITALAND TO INVEST USD 2.2 BN IN INDIAN STATE OF MAHARASHTRA

CapitaLand Investment (CLI), a Singapore-based global real asset manager, has signed a memorandum of understanding with the Maharashtra government to invest more than INR 192 Bn (USD 2.19 Bn) by 2030 in Pune and Mumbai. The investments will cover business parks, data centres, logistics and industrial parks, underscoring CLI’s confidence in Maharashtra’s growth as a hub for innovation, services, and digital infrastructure.

CLI’s presence in Maharashtra began in 2013 with the launch of International Tech Park Pune, Hinjawadi. Over the past decade, it has invested more than INR 68 Bn (USD 819 Mn) across 10 assets spanning business parks, data centres, and logistics facilities. The new planned investments will build on this foundation, strengthening CLI’s portfolio in key growth sectors.

As part of its broader India growth strategy, CLI aims to increase its funds under management to SGD 15 Bn (USD 11.72 Bn) by 2028 from over SGD 8 Bn (USD 6.25 Bn). With over three decades of presence in India, the company plans to scale its investments through listed trusts, private funds, and dedicated platforms, positioning itself as an integrated real asset manager, developer, and operator delivering sustainable, high-quality projects.

MUMBAI PORT AUTHORITY TO SEEK BIDS FOR MARINA PROJECT

The Mumbai Port Authority is planning to invite bids for a marina project. The project will involve building a facility to park 424 yachts. The authority will finance the INR 4.5 Bn (USD 51.6 Mn) development with its own funds and offer a 30-year operations and maintenance contract.

The operator will be required to invest up to INR 4 Bn (USD 48 Mn) to create support infrastructure including yacht repair yards, fuel and water bunkering facilities, a clubhouse, hotels, and restaurants. Construction is expected to be completed by January 2029. This will be India’s first marina, targeting leisure boats. As a temporary measure, the authority plans to build a parking facility for up to 20 yachts in front of its domestic cruise ship terminal until the main project becomes operational.

An earlier attempt in 2022 to build a 300-yacht marina under the Public-Private Partnership (PPP) model failed to attract bids. In 2023, the authority offered a larger commercial development area but did not approve requests to increase capacity to 900 yachts.

CUBE HIGHWAYS TO ACQUIRE RELIANCE INFRA'S PS TOLL ROAD

Reliance Infrastructure will sell its Pune Satara Toll Road (PSTR) project to Cube Highways at an enterprise value (EV) of INR 20 Bn (USD 229.3 Mn). As part of the transaction, Reliance Infra expects to realize equity proceeds of INR 6 Bn (USD 68.8 Mn) and reduce its consolidated debt by INR 14 Bn (USD 160.5 Mn).

The 140 km six-lane expressway between Pune and Satara in Maharashtra, along National Highway NH-4 (now NH-48), was developed under the Build-Operate-Transfer (Toll) model and forms part of the Golden Quadrilateral. Toll collection commenced in October 2010.

This is the second toll road deal between Reliance Infrastructure and Cube Highways, following the sale of the Delhi-Agra Toll Road in 2020. Reliance Infrastructure continues to operate a portfolio of seven toll road assets spanning approximately 2,468 lane kilometres across high-traffic corridors in India.

MACQUARIE PREPARES TO SELL ITS TOT ROAD BUNDLE FOR USD 1.5 BN

Macquarie is preparing to sell its largest infrastructure investment in India — a portfolio of nine toll-operate-transfer (TOT) roads acquired from the National Highways Authority of India (NHAI) in 2018. The sale is expected at an enterprise value of INR 13,000–14,000 Cr (USD 1.5–1.6 Bn). The portfolio comprises 648 km of projects in Andhra Pradesh and Gujarat.

Macquarie is working with a foreign investment bank to launch the sale process. Depending on buyer appetite, the portfolio may be sold as a whole or in three smaller packages. If sold entirely, it would mark the largest roads sector deal in India, surpassing KKR’s 2024 acquisition of 13 roads from PNC Infratech for INR 9,000 crore (USD 1.1 Bn).

In 2023, Macquarie refinanced its TOT bundle debt by raising INR 6,100 Cr (USD 730 Mn) from lenders such as ICICI Bank, NIIF-backed Aseem Infrastructure Finance, and IIFCL. Of this, INR 5,600 Cr (USD 670 Mn) was used to repay existing debt, with the remainder allocated for maintenance and planned capex. The refinancing replaced loans from lenders including HDFC Bank, Yes Bank, and State Bank of India with 20-year tenure loans, reducing interest costs by 50–100 basis points and providing flexibility to sell assets individually if required.

SEPTEMBER 2025

APMSIDC INVITES TENDERS FOR INR 446 CRORE MEDICAL COLLEGE PROJECT

The Andhra Pradesh Medical Services & Infrastructure Development Corporation (APMSIDC) issued a tender for the development of a medical college and teaching hospital in Madanapalle.

The project includes a 150-seat undergraduate and 24-seat postgraduate medical college, along with a 625-bed hospital, to be developed on a Public-Private Partnership (PPP) basis under the Design, Build, Finance, Operate, and Transfer (DBFOT) model. The total estimated project cost is INR 446.28 crore (USD 53.79 Mn).

This initiative is aimed at strengthening healthcare infrastructure and expanding medical education capacity in the region, addressing the rising demand for high-quality healthcare services and trained medical professionals.

PRIVATE PUBLIC PARTNERSHIP TO BUILD 10 NEW MEDICAL COLLEGES, IMPROVE HEALTHCARE ACCESS IN ANDHRA PRADESH

The Telugu Desam Party-led National Democratic Alliance (NDA) government in Andhra Pradesh launched a Public-Private Partnership (PPP) model to build 10 new medical colleges and to improve healthcare access and quality statewide.

The new PPP initiative unlocks stalled investments, adds 110 UG medical seats annually for Andhra Pradesh students, and guarantees free OPD and majority IPD services while integrating advanced technologies. PPP model will result in savings of INR 3,700 crores (USD 445.78 Mn) in development costs and INR 500 crores (USD 60.24 Mn) annually in operating costs.

The key highlights of the new PPP model:

10 medical colleges to be developed and operated under PPP to provide quick, quality, and statewide access, complementing ongoing government efforts to operationalize sanctioned institutions.
Estimated savings of INR 3,700 crore (445.78 Mn) in development costs and approximately INR 500 crore (USD 60.24 Mn) per year in operations and maintenance through private-sector efficiency and shared investment under the PPP model.
Additional 110 UG seats annually for AP students: the PPP seat-sharing pattern provides 75 Convenor Quota (General) seats per 150-seat college, yielding 11 extra state-quota seats per college versus prior structures (total 110 across 10 PPP colleges).
Patient-first commitment: free OPD services, free diagnostics in OPD, and free IPD for 70% beds under PMJAY, NTR Vaidya Seva Trust, and CGHS rates; paid services apply to 30% IPD beds with market-rate diagnostics for paid patients.
Technology and quality upgrade: integration of AI-driven diagnostics, telemedicine, and digital health records, with collaboration opportunities for reputed medical institutions to elevate academic and clinical standards.

Andhra Pradesh has expanded to 36 medical colleges with 4,046 UG seats by 2024–25, up from six colleges and 650 seats in 1995-96, driven by both government and private sector participation. Despite this growth, delayed capital execution left 11 sanctioned colleges inoperative as of June 2024, necessitating course correction through targeted funding and a PPP-led delivery model to meet immediate demand and quality benchmarks.

GOVERNMENT TO BUILD NEW MARGAO BUS TERMINAL FOR INR 251 CR ON PPP MODEL

The state government has announced plans to construct a new bus terminal in Margao at a cost of over INR 251 crore (USD 30.24 Mn) under a Public-Private Partnership (PPP) model. The facility will cover more than 46,000 sqm and offer around 650 parking spaces, including 510 for two-wheelers and 100 for four-wheelers. The concession period will extend for a minimum of 33 years for the bus port and 57 years for the business complex. The new bus Terminal will feature air-conditioned waiting lounges with free WiFi and passenger amenities such as separate toilets, baby feeding rooms, drinking water facilities, information booths, wheelchair access, luggage trolleys, eateries, and exclusive shopping stores.

The project will be implemented through a design, build, finance, operate, and transfer (DBFOT) model, with the state government inviting private bidders to execute it. The redevelopment plan aims to modernize the existing terminal and includes the construction of essential infrastructure such as bus bays, a KTCL depot, parking spaces, a fuel station, a workshop unit, departure and halting areas, and a passenger terminal. These facilities will support the operation of regulated bus services managed by Kadamba Transport Corporation, other state road transport agencies, and private operators.

The project will incorporate commercial developments aligned with applicable by-laws and zoning regulations. The private partner will be responsible for designing, financing, constructing, commissioning, and managing all facilities, including bus station operations. Upon completion of the concession period, the developer must transfer the project facilities to the government or its nominated agency, free of cost and in good working condition, ensuring sustainable and long-term urban mobility infrastructure in the region.

MSRTC LEASE PERIOD EXTENDED TO 98 YEARS FOR PPP LAND DEVELOPMENT

The state government has taken a major decision regarding the commercial utilisation of surplus land owned by the Maharashtra State Road Transport Corporation (MSRTC). Under the revised policy, the lease period for projects to be developed through Public-Private Partnership (PPP) has been extended from 60 years to 98 years.

MSRTC’s surplus lands will be developed on the PPP model, with a lease period of 49 years plus an additional 49 years, making it a total of 98 years. During this period, it will be mandatory for the developers to share a fixed portion of the income or commercial returns generated from the use of the land with MSRTC.

To make the development of MSRTC’s properties in Mumbai Metropolitan Region financially viable and to promote sustainable growth of the corporation, commercial use will be permitted in accordance with DCPR-2034 and UDCPR-2020 regulations. The decision will not only bring idle land under productive use but also give momentum to new projects. More importantly, the additional revenue generated will provide MSRTC with significant financial support, enabling the corporation to deliver better quality services to passengers.

GOA APPROVES RS 192-CR MODERN BUS STAND PROJECT IN MAPUSA

The Goa government has approved the construction of a modern bus stand in Mapusa, addressing a long-standing demand from residents of Bardez.

The Rs 192-crore (USD 23.13 Bn) project will be developed under a Public-Private Partnership (PPP) using the design, build, finance, operate, and transfer (DBFOT) model. The private partner will manage the entire project lifecycle before transferring it back to the government. The new facility, spanning over 27,000 sq. mtrs., will replace the deteriorating current bus stand, which has faced issues such as garbage accumulation and waterlogging during monsoons.

Planned amenities include over 700 parking spaces—500 for two-wheelers and 200 for four-wheelers, alogside a modern transport hub and a commercial complex to improve project viability. Given Mapusa’s strategic commercial and cultural importance, the project aims to enhance commuter convenience and urban infrastructure. The main bus terminal is expected to be completed within 24 months, with the commercial complex scheduled for completion within 36 months of the appointed date.

MP GOVT'S HELICOPTER SERVICE PLAN TO BOOST TOURISM, CONNECTIVITY

In a major push to enhance tourism and regional connectivity, the Madhya Pradesh government has unveiled a helicopter service plan covering three strategic sectors across the state. The initiative, designed under a Public-Private Partnership (PPP) model, aims to link key cultural, religious, and commercial destinations through air travel, making Madhya Pradesh one of the first states in India to adopt such a comprehensive aviation-based tourism strategy, Kailash Vijayvargiya.

The first sector includes Indore, Ujjain, Omkareshwar, Mandu, Maheshwar, Gandhi Sagar, Mandsaur, Neemuch, Hanuman, Khandwa, Banpur, Barwani, Rajpur, Ratlam, Jharsuguda, Nalkhara, and Bhopal. These locations are known for their historical significance and scenic beauty, and the helicopter service is expected to make them more accessible to domestic and international tourists.
The second sector connects Bhopal with destinations such as Pachmarhi, Tamia, Chhindwara, Sanchi, Datia, Damoh, Gwalior, Shivpuri, Kucha, Ochha, Guna, Rajgarh, Sagarput, Vaikunth, and Timgarh. This route is designed to support heritage tourism and pilgrimage circuits, with Bhopal and Indore serving as central hubs.
The third sector focuses on eastern and central Madhya Pradesh, linking Jabalpur, Kanha National Park, Chitrapur, Sarasi, Parsali, Mehar, Satna, Panna, Khajuraho, Patti, Rewa, Sindori, Amarkantak, Sini, Seedi, Manda, Pech, Dandori, and again, Bhopal and Indore. This route is expected to attract eco-tourists and wildlife enthusiasts, especially with Kanha and Panna being prominent tiger reserves.

Indore, featured prominently across all three sectors, is being positioned as the aviation and commercial hub of Central India. With existing helicopter services already operating in the city, the expansion is expected to catalyse both tourism and business travel. It improved air connectivity will not only reduce travel time but also stimulate economic activity in remote and underserved regions. The helicopter tourism plan is part of a broader vision to integrate aviation into the state's development strategy. By leveraging the PPP model, the government aims to ensure affordability, operational efficiency, and private sector innovation.

BIHAR INFRA BOOST: CABINET CLEARS 4-LANE MOKAMA–MUNGER ROAD CORRIDOR; RS 4,447 CRORE ALLOCATED

The Cabinet Committee on Economic Affairs (CCEA) has approved the construction of a 4-lane greenfield access-controlled Mokama–Munger section of the Buxar–Bhagalpur high-speed corridor in Bihar. The project will be taken up on Hybrid Annuity Mode (HAM), covering 82.4 km at a total capital cost of Rs 4,447.38 crore (USD 50.1 Mn). The corridor, designed for speeds of up to 100 km/h, will cut overall travel time to about 1.5 hours while offering safer, faster and uninterrupted connectivity for both passenger and freight vehicles.

The Mokama–Munger link will connect key towns such as Barahiya, Lakhisarai, Jamalpur and Munger, while providing onward connectivity to Bhagalpur. The project is expected to accelerate industrial activity in eastern Bihar, with the Munger–Jamalpur–Bhagalpur belt emerging as an economic hub.

The region is developing with a defence ordnance factory, locomotive workshops, food processing centres, textile clusters and logistics hubs. Increased industrial activity will drive freight movement on the new section.

MRVC FLOATS ₹21,000 CRORE TENDER FOR 2,856 AIR-CONDITIONED VANDE METRO COACHES

In a step towards modernising the suburban railway network, the Mumbai Railway Vikas Corporation Ltd (MRVC) has floated an e- tender for the procurement and 35-year maintenance of 2,856 fully air-conditioned Vande Metro suburban coaches. The global bids have been invited in what could be termed one of the most expensive tenders for rolling stock and depots at the cost of Rs 21,000 crore (USD 2.53 Bn).

These rakes will be in 12-, 15-, and 18-car formations as per requirements and feasibility of operation, significantly enhancing passenger capacity, comfort, and safety across the city's lifeline. The majority of suburban services in Mumbai are operated with 12-car rakes, with only limited 15-car services. To address future demand and reduce overcrowding, the new procurement provides for both 15-car services on a larger scale and the option of 18-car rakes.Two state-of-the-art maintenance depots will also be developed one each on Central and Western Railway (Bhivpuri & Vangaon) - ensuring dedicated upkeep of the new fleet. Under the Mumbai Urban Transport Project Phase-3 and 3-A, covers not just the supply of these modern rakes, but also their maintenance for 35 years.

APM TERMINALS PIPAVAV, ONGC SIGN 5-YR PACT TO SET UP OFFSHORE OIL & GAS LOGISTICS

APM Terminals Pipavav, an integrated cargo and inland services company, has secured a five-year contract with Oil and Natural Gas Corporation (ONGC) to establish an offshore oil and gas logistics base at the multi-cargo Pipavav Port.

This strategic partnership designates APM Terminals Pipavav as ONGC's key supply base partner, enhancing the port’s pivotal role in servicing offshore operations. The contract, valued at Rs 500 crore (USD 5.63 Mn), aims to boost India’s energy security by providing world-class port infrastructure and improving ONGC’s operational efficiency for offshore assets. By integrating cargo handling with specialised offshore logistics, the initiative is expected to streamline supply chain operations, strengthen the port's capabilities, and support the expanding oil and gas sector. The partnership underscores APM Terminals Pipavav’s commitment to innovation and service excellence in maritime logistics.

List of Key Transactions - Q3 2025

Source: YOG INFRA analysis

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