Infrastructure & PPPs in India - Q3 2026 Update - Transport and Urban Infra
INDIA is accelerating its transport connectivity, industrial manufacturing, and digital infrastructure through large-scale public capital outlays, Public-Private Partnerships (PPPs), and institutional financing. Transport and logistics remain a core priority, highlighted by the full commissioning of the 2,843 km Dedicated Freight Corridor, NHAI’s USD 18.85 Bn highway pipeline, and the opening of the USD 523 Mn Bhogapuram Airport. The country is also advancing heavy industry and digital capacity through Adani and IRH’s USD 11.3 Bn integrated aluminium complex, Rajasthan’s USD 7.55 Bn Pachpadra refinery, and Adani’s USD 10.9 Bn 1 GW data centre park in Odisha, reinforcing national supply chain resilience and long-term economic competitiveness.
This is second publication on a 2-part insight series on India
JULY 2026
ADANI ENTERPRISES AND IRH PLAN USD 11.3 BN INTEGRATED ALUMINIUM COMPLEX
Adani Enterprises Limited and International Resources Holding (IRH), an Abu Dhabi-based natural resources investment platform under IHC Group, signed a Memorandum of Understanding in July 2026 with the Government of Odisha. The corporate entities established a 50:50 joint venture to build a greenfield integrated aluminium complex in Odisha, India, with a total project cost of INR 1.08 lakh Cr (USD 11.3 Bn). The capital commitment represents the largest proposed Foreign Direct Investment in Odisha and the metallurgy sector in India. Execution is structured across two phases, allocating INR 66,000 Cr (USD 6.91 Bn) to Phase I and INR 44,000 Cr (USD 4.61 Bn) to Phase II.
The comprehensive infrastructure scope comprises a 4 million metric tonnes per annum alumina refinery alongside a 2 million metric tonnes per annum aluminium smelter. Power grid assets will be supported by a 4,000 MW captive power plant, complemented by a 1 miilion metric tonnes per annum downstream manufacturing park and supporting industrial utilities. The industrial park aims to serve key economic sectors, including transport, construction, power grid, packaging, renewable energy, and advanced engineering. Additionally, the facility will integrate local micro, small, and medium enterprises into the broader regional supply chain.
Upon completion, the facility is projected to create 53,500 direct jobs, consisting of 35,000 construction jobs and 18,500 permanent operational roles across mining, refining, and manufacturing assets. Indirect employment opportunities will also expand across regional logistics, engineering, and equipment maintenance operations. Following the agreement, the corporate partners and government agencies will proceed with land acquisition, statutory approvals, detailed engineering, and utility planning. The initiative aims to strengthen global competitiveness by leveraging local bauxite reserves to establish an integrated domestic supply chain.
HIMACHAL PRADESH SECURES USD 25 MN ROAD UPGRADATION PROJECTS
The Government of India has granted administrative approval for two major road upgradation brownfield infrastructure projects in Himachal Pradesh, India. The Ministry of Road Transport & Highways approved a total outlay of INR 239 Cr (USD 25 Mn) under the Central Road and Infrastructure Fund for the 2026–2027 period. The investment targets key regional transport corridors to improve road network capacity, logistics flow, and rural connectivity.
The total investment covers two distinct road corridors:
Chhaila-Neripul-Yashwant Nagar-Kumarhatti Road Upgradation: INR 203 Cr (USD 21.25 MN) allocated for comprehensive corridor enhancement.
Tikkar-Jarol-Khamadi Road Upgradation: INR 35.9 Cr (USD 3.75 Mn) allocated to complete the remaining 16 Km section, achieving full continuity for the transport corridor.
Procedural formalities are being finalized to enable construction commencement in Q3-2026, with completion scheduled within the stipulated project timeframe.
The primary objective of these road network upgrades is to resolve transport bottlenecks across key agricultural and horticultural trade hubs, including Theog, Kotkhai, Jubbal, Rohru, and Chopal. By modernizing highway conditions and establishing uninterrupted route continuity in regions like the Rampur Constituency, the projects aim to reduce freight transit costs, minimize post-harvest agricultural losses, and accelerate supply chain efficiency. Improved transport links will optimize market access for rural produce, supporting long-term regional economic development and supply chain integration across the state.
IIFCL RAISES USD 193.5 MN THROUGH BONDS TO SUPPORT INFRASTRUCTURE FINANCING
India Infrastructure Finance Company Ltd (IIFCL) successfully raised INR 1,848 Cr (USD 193.5 Mn) through non-convertible debentures (NCDs) to finance critical infrastructure development across India. The bond issuance experienced high institutional demand, capturing total bids worth INR 3,048 Cr (USD 319 Mn), which represented approx 6x the initial base offer size of INR 5 Bn (USD 52.4 Mn). The retained issuance of INR 1,848 Cr (USD 193.5 Mn) carries a fixed annual coupon rate of 7.25% with a final tenure of four years, 11 months, and two days.
To address growing capital requirements across national infrastructure programs, the governing board approved an overarching resource mobilization target of INR 34,200 Cr (USD 3.58 Bn) for financial year 2026–2027. This fundraising program incorporates domestic bond offerings, capital market debt instruments, and offshore debt routes. Capitalizing on regulatory frameworks and favorable foreign exchange swap facilities provided by the central bank, the state-backed financial institution intends to access long-term external commercial borrowings (ECBs) at reduced hedging costs.
INDIA ANNOUNCES USD 11.10 BN INFRASTRUCTURE PACKAGE IN RAJASTHAN
India has launched a major multi-sector infrastructure package valued at INR 1.06 lakh Cr (USD 11.10 Bn) in Balotra, Rajasthan, aimed at modernizing regional transport, energy, and industrial networks. The comprehensive initiative spans Public Private Partnerships (PPP) alongside direct state investments across petrochemicals, urban transport, railways, expressways, renewable energy, and power transmission infrastructure.
The flagship component of this rollout is the greenfield integrated refinery-cum-petrochemical complex at Pachpadra, constructed with an investment of INR 72,000 Cr (USD 7.55 Bn). Operating with a refining capacity of 9 million metric tonnes per annum, the facility is designed to scale domestic fuel production and reduce fossil fuel import dependencies. To improve regional connectivity, the project framework includes a INR 28,840 Cr (USD 3.02 Bn) civil aviation initiative scheduled for implementation over the next decade, alongside the completed INR 480 Cr (USD 50.25 Mn) terminal expansion at Jodhpur Airport.
The overall package further incorporates extensive broad-gauge railway and road corridor upgrades to streamline industrial logistics, combined with utility-scale solar power and grid transmission infrastructure to support clean energy integration goals. Strategically, these assets aim to enhance state energy security, boost regional freight capacity, and catalyze long-term employment across western India.
NHAI TO BID OUT 54 HIGHWAY PROJECTS WORTH USD 18.85 BN IN FY27
The National Highways Authority of India plans to tender 54 highway and expressway projects covering a total length of 2,442 Km. The initiative represents an estimated capital expenditure of INR 1.80 lakh Cr (USD 18.85 Bn). This target reflects a scaled-down development strategy compared to FY2025–2026, when the agency identified 124 project developments totaling 6,376 Km with an estimated capital outlay of INR 3.45 lakh Cr (USD 36.12 Bn). The upcoming project network spans 13 states: Andhra Pradesh, Bihar, Delhi, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Punjab, Tamil Nadu, and Telangana.
The infrastructure procurement strategy utilizes three primary execution frameworks: 26 projects structured via Engineering, Procurement, and Construction (EPC), 21 projects under the Hybrid Annuity Model (HAM), and 7 projects under the Build-Operate-Transfer (BOT) Public Private Partnership (PPP) framework. Under the concession guidelines, BOT Public Private Partnership (PPP) concessions will feature operational tenures ranging from 15 to 20 years, whereas HAM concessions are standardized at 15 years. Selected private concessionaires remain responsible for routine road maintenance throughout the entire concession timeline.
INDIA ANNOUNCES GREENFIELD AND BROWNFIELD NATIONWIDE AIRPORT HUB EXPANSION PROGRAM
India has outlined a comprehensive national aviation infrastructure strategy to establish a network of 44 airports organized under a hub-and-spoke model. The initiative focuses on connecting Tier-2 and Tier-3 regional cities to international routes via 4 primary hub airports and 40 designated spoke locations. As part of a long-term infrastructure expansion strategy, the government aims to develop 100 new airports and 200 heliports over the next 10 years, encompassing both Greenfield developments and Brownfield operational upgrades across key regional hubs.
To operationalize the network, flag carrier Air India introduced its Easy Connect service in July 2026. The system enables through-check-in and origin-point immigration clearance for passengers traveling from smaller cities, including Amritsar and Varanasi. Passengers transit through major hub airports, such as Delhi, without needing to collect baggage or transfer terminals. From these hub facilities, travelers gain access to 27 overseas destinations across North America, Europe, the UK, Australia, West Asia, and Southeast Asia within connection windows under 4 hours.
The service currently operates 2 daily flights out of Amritsar, with planned route expansions extending to regional centres including Ahmedabad, Goa, and Kochi. By streamlining transfer operations and eliminating layover friction, the hub-and-spoke system increases international passenger throughput, optimizes regional airport utilization, and establishes localized air transit corridors to strengthen national trade and transport connectivity.
ADANI AIRPORT CITY UNVEILS USD 2.1 BN EXPANSION ACROSS SIX AIRPORTS
Adani Airport City Limited (AACL), a subsidiary of Adani Airport Holdings Limited (AAHL), has announced an investment of over INR 20,000 Cr (USD 2.1 Bn) in the first phase of its airport city development projects. The initiative aims to develop nearly 22 million square feet of mixed-use space across airports in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur, and Guwahati. These integrated urban destinations are being built across a total land bank exceeding 655 acres across five states, with around 70% of the planned investment focused on the Mumbai Metropolitan Region.
The proposed airport cities will integrate hospitality, retail, entertainment, convention, and commercial infrastructure with regional transit networks including airport, metro, and city transport systems. Modelled after globally renowned airport districts such as Singapore's Changi, Dubai International, Amsterdam's Schiphol, and Seoul's Incheon, these projects aim to serve as key drivers for commerce, tourism, local employment, and urban growth. The developments feature offices, hotels, restaurants, and retail spaces designed alongside international design and engineering partners.
To support its expansion, AAHL has partnered with IHG Hotels & Resorts to introduce five luxury and premium hotel properties, including the debuts of the Kimpton brand in India. The projects are being executed in collaboration with several major domestic and global engineering, construction, and advisory partners, including Larsen & Toubro, Tata Projects, and CBRE. Demonstrating a focus on sustainable and resource-efficient development, all proposed airport city projects have already earned LEED Gold pre-certification from the U.S. Green Building Council.
INDIA APPROVES USD 84 MN VARANASI URBAN ROPEWAY PPP PROJECT
India is finalizing the operationalization of its first greenfield urban mass transit Public Private Partnership (PPP) ropeway project in Varanasi, Uttar Pradesh. The 3.8 Km aerial transport system connects the Cantonment railway station to Godowlia Chowk, serving as the primary access route for the Kashi Vishwanath Temple. Implemented under National Highways Logistics Management Limited (NHLML) through the Parvatmala Pariyojana initiative, the project addresses severe road congestion in historic corridors where traditional road widening is impossible. The infrastructure aims to reduce travel times along the stretch from 45 minutes by road down to 15 minutes.
The project represents a total investment of over INR 800 Cr (USD 84 Mn), covering long-term operations and maintenance. Swiss manufacturer Bartholet Maschinenbau AG provided the specialized cable transit technology, which operates 45 to 50 meters above ground level. Featuring 148 gondola cabins with individual capacities of 10 passengers, the system provides departure intervals of 1.5 to 2 minutes. This enables a peak transport capacity of 6,000 passengers per hour across both directions, accommodating up to 100,000 daily commuters.
AUGUST 2026
PM MODI OPENS USD 523 MN BHOGAPURAM AIRPORT IN ANDHRA PRADESH
Prime Minister Narendra Modi inaugurated the Alluri Sitarama Raju International Airport at Bhogapuram in Andhra Pradesh's Vizianagaram district. Developed by the GMR Group under a Public-Private Partnership model using the Design, Build, Finance, Operate and Transfer (DBFOT) framework at a cost of nearly INR 5,000 Cr (USD 523 Mn), the facility spans over 2,200 acres. Commercial operations are set to begin on August 17 with an initial annual passenger handling capacity of 6 million passengers annually, which is targeted to expand to 40 million in future phases.
The Bhogapuram facility is the second greenfield airport in the country to become operational this year, after Uttar Pradesh's Jewar airport, which commenced commercial operations on June 15. The airport forms part of a broader 2,703-acre development plan that includes an aviation hub, an EduCity, an aviation university, and improved commercial and residential infrastructure. Positioned as a major aviation gateway for India's eastern corridor, the hub aims to accelerate industrial growth, export operations, job creation, and regional connectivity across the North Andhra region.
PMRDA FINALIZES TENDER DRAFT FOR LONAVLA GLASS SKYWALK PROJECT
The Pune Metropolitan Region Development Authority (PMRDA) has finalized the tender draft for the long-delayed Lonavla glass skywalk project, moving it closer to implementation. The project is part of the INR 909 Cr (USD 95 Mn) Lion and Tiger Point Tourism Development Project in Kurwande, the skywalk is designed to be the longest in Maharashtra. Inspired by the Grand Canyon Skywalk in the United States, the structure will measure 125 meters long and 6 meters wide, including a 23-meter cantilevered section. It is being developed under the Pune district pilgrimage and tourism destination development scheme to enhance local tourist infrastructure.
The project will be executed through a public-private partnership model, where the selected private operator will be responsible for both construction and ongoing operations. The request for proposal is expected to be floated shortly as technical approvals and rate analyses are completed. The draft recently underwent review by the tender scrutiny committee at the authority's Akurdi headquarters to clear remaining technical hurdles before inviting private partners to bid.
15 INDIAN RAILWAY STATIONS SELECTED FOR PPP REDEVELOPMENT
The Ministry of Railways has identified 15 railway stations across India for comprehensive redevelopment under the Public-Private Partnership (PPP) model. This initiative aims to modernise passenger facilities and upgrade existing station infrastructure. The full list includes Old Delhi, Hazrat Nizamuddin, Anand Vihar Terminal, Vijayawada, Coimbatore Junction, KSR Bengaluru, Chennai Central, Andheri, Avadi, Tambaram, Bhopal, Vadodara, Kalyan, Dadar, and Pune railway stations.
Among these, the proposal to redevelop the Vijayawada railway station in Andhra Pradesh has already received approval from the Public Private Partnership Appraisal Committee. The adoption of the PPP model builds upon earlier modernization efforts, such as the successful redevelopment of the Rani Kamalapati station in Madhya Pradesh. By partnering with private entities, the government seeks to leverage external investment and expertise to transform these transport hubs into modern, world-class amenities for travellers.
CEIGALL JV WINS USD 73.8 MN ARUNACHAL ROAD PROJECT
Ceigall India Limited, in a joint venture with Sushee Infra & Mining Limited, has received Letters of Acceptance from the Ministry of Road Transport and Highways for a road project in Arunachal Pradesh valued at INR 704.70 Cr (USD 73.8 Mn). The joint venture is structured with Ceigall holding a 74% stake and Sushee holding 26%.
The project requires constructing an intermediate-lane road standard for the Lada–Sarli section of National Highway 913, also known as the Frontier Highway, spanning from 85.60 Km to 168.00 Km. Executed under an Engineering, Procurement, and Construction (EPC) contract, the work requires building bridges, drainage systems, and slope protection measures along various stretches.
The project aligns with national priorities to upgrade strategic road corridors in border states and will generate local employment during construction and involve mobilisation of local resources and subcontractors.
INDIA PLANS USD 4.7 BN INVESTMENT IN BORDER RAIL INFRASTRUCTURE
India is planning a major strategic investment of up to INR 45,000 Cr (USD 4.7 Bn) over the next 18 to 24 months to expand and modernize its border railway network. This investment is projected to represent nearly 22% of the country’s total railway infrastructure budget over the next two years. The proposed funds will cover new railway tracks, platform developments, and overall network enhancements aimed at boosting regional connectivity and national security across multiple frontier regions.
The infrastructure push will focus on strategic locations bordering China, Pakistan, and Bangladesh, including key regions such as Punjab, Rajasthan, Himachal Pradesh, West Bengal, Assam, and several northeastern states. Designed to fulfill dual purpose goals, the upgraded rail facilities will support regular civilian movement while significantly improving military logistics for rapid personnel and equipment movement during emergency situations.
MAHARASHTRA URBAN INFRASTRUCTURE EXPANSION WORTH USD 2.95 BN
The Maharashtra Government has approved two major infrastructure projects totaling INR 28,227 Cr (USD 2.95 Bn) to improve regional connectivity. The major project is the 25.03 Km Metro Line 13 running from Mira-Bhayandar to Vasai-Virar, budgeted at INR 17,725 Cr (USD 1.86 Bn). Additionally, a INR 10,502 Cr (USD 1.1 Bn) allocation was sanctioned for the Pune Ring Road eastern extension between Soratapwadi and Varve-Shivare.
The state-level decision targets a daily metro ridership of 4.49 lakh by 2031, aiming to cut suburban travel times by half. A key feature of this corridor is a 4.92 Km, six-lane double-deck bridge for road and rail transport over the Vasai creek, which will mark the first physical link to Panju Island.
NIIF RAISES USD 2 BN FOR INFRA FUND II TARGET
The National Investment and Infrastructure Fund (NIIF) has secured INR 19,000 Cr (USD 2 Bn) in the first close of its Infrastructure Fund II, achieving over 60% of its total INR 30,000 Cr (USD 3.2 Bn) target. Anchored by the Government of India, the fund drew significant capital from major global pension and sovereign funds, including AustralianSuper, CPP Investments, Ontario Teachers' Pension Plan, and Temasek. Domestic participation was equally strong, with commitments from leading financial institutions and insurers such as ICICI Bank, HDFC Bank, Axis Bank, Kotak Life Insurance, and HDFC Life Insurance.
The strong institutional backing underscores growing global and domestic investor confidence in India's expanding infrastructure sector and NIIF’s long-term capital deployment strategy. In addition to the direct commitments to the main fund, NIIF anticipates raising approximately INR 9,000 Cr (USD 950 Mn) in co-investment capital. This structure will allow investors to participate directly in large-scale transactions alongside the primary fund, further amplifying capital deployment across national development projects.
BVG INDIA TO OPERATE AND MAINTAIN INDORE’S ISBT KUMEDI
BVG India Limited has secured a long-term lease-cum-operation and maintenance mandate for the Inter-State Bus Terminal (ISBT) at Kumedi in Indore, Madhya Pradesh. Spanning 14.46 acres, the facility is designed to handle over 1,500 buses and 50,000 to 55,000 daily visitors, connecting the state with Rajasthan, Gujarat, Delhi, and other neighboring regions.
The terminal operates as a multimodal transport hub integrating bus, metro, and rail networks, featuring a dedicated foot overbridge for direct metro transfers. Under an Integrated Facility Management model, BVG India will oversee engineering infrastructure, passenger services, traffic management, safety, and commercial operations, utilizing mechanized housekeeping as well as preventive and predictive maintenance across utilities.
Digital platforms will support terminal operations through automated parking, digital payments, CCTV surveillance, passenger information systems, and real-time dashboards. The facility also incorporates sustainable initiatives like solar power, sewage recycling, and organic waste management, alongside nearly 30,000 sq ft of commercial space for retail, dining, and passenger amenities.
ANDHRA PRADESH APPROVES USD 782 MN URBAN INFRASTRUCTURE PLAN
The State government of Andhra Pradesh has issued administrative sanction for a INR 7,469 Cr (USD 782 Mn) urban infrastructure package under the Hybrid Annuity Model (HAM). The outlay comprises INR 5,500 Cr (USD 576 Mn) for core capital works and INR 1,969 Cr (USD 206 Mn) to cover estimated interest obligations over a 10-year period. The package is part of a broader ₹407.44 billion urban infrastructure pipeline spanning all 123 Urban Local Bodies (ULBs) aligned with the Swarna Andhra 2047 vision.
Infrastructure gap assessments across the state's ULBs highlight extensive needs through 2029, including 724 million litres per day (MLD) of water-treatment capacity, 9,608 Km of water-distribution lines, 1,443 MLD in sewage treatment, 19,081 Km of underground drainage, and 23,612 Km of storm-water drainage. The primary focus of the new HAM package is to upgrade 4,388 Km of unbuilt or un-upgraded roads, effectively completing the state's total 25,626 Km urban road network.
Within the INR 5,500 Cr (USD 576 Mn) capital allocation, funding is divided across several key urban projects. A major portion—INR 4,656 Cr (USD 487 Mn) —is dedicated to roads with integrated drains, while INR 509 Cr (USD 53 Mn) is allocated for 541 neighbourhood parks, INR 247 Cr (USD 26 Mn) for 20,340 street-lighting points, and INR 87.78 Cr (USD 9.2 Mn) for 1,186.56 Km of medians. Implementation will be managed through relevant urban local bodies to ensure integrated execution across all developments. Upfront funding of INR 2,200 Cr (USD 230 Mn) (40% of the capital cost) will come from LRS and Building Penalty Scheme reserves. The remaining INR 3,300 Cr (USD 345 Mn) (60%) will be financed by the concessionaire and repaid over 10 years in 40 quarterly instalments via an escrow account backed by urban revenues, tied to a mandatory 10-year Operation and Maintenance obligation.
GREATER NOIDA GROWTH BOOSTED BY NEW USD 899 MN ROAD PROJECT
The Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has invited bids for a new 74 Km, six-lane access-controlled expressway estimated to cost INR 8,585 Cr (USD 899 Mn). Approved by the state Cabinet, the project is designed with provision for expansion to eight lanes and is targeted for completion within three years.
The proposed corridor will start near the 24.8 Km mark of the Yamuna Expressway near Film City in YEIDA Sector 21 and connect to the Ganga Expressway near Syana in Bulandshahr. This development aims to enhance regional connectivity by linking the Jewar airport region directly with major expressways in the area.
This project forms part of a broader infrastructure expansion in Greater Noida and Jewar, which includes the Yamuna Pushta Elevated Road, Chilla Elevated Road, and the Faridabad-Jewar Greenfield Expressway. Together with the upcoming Noida International Airport, Film City, and New Noida, the area is positioning itself as a central growth corridor in North India.
UP APPROVES TWO EXPRESSWAYS AND USD 2.51 BN INFRASTRUCTURE PUSH
The Uttar Pradesh Cabinet has approved infrastructure and industrial investment proposals worth INR 24,000 Cr (USD 2.51 Bn), focused on expanding road networks and creating manufacturing hubs beyond major urban areas. The initiatives combine state-funded greenfield expressway development with targeted infrastructure works designed to support private manufacturing activity.
The largest financial allocation includes INR 10,761 Cr (USD 1.13 Bn) for a six-lane Ganga Expressway extension connecting Bijnor, Lucknow, and Haridwar, with provisions to expand to eight lanes. Additionally, INR 7,968 Cr (USD 834 Mn) has been allocated for the Jhansi Link Expressway to improve access to the defence corridor and the Bundelkhand Industrial Development Authority region.
To boost regional employment and industrial growth, INR 272 Cr (USD 28.5 Mn) was sanctioned for an Integrated Manufacturing and Logistics Cluster near the Purvanchal Expressway in Sultanpur. The Cabinet also approved incentives for 11 private projects totaling INR 5,500 Cr (USD 576 Mn), including a major aluminium beverage can unit in Unnao and an industrial expansion project in Bijnor.
BIHAR UNVEILS MASTER PLAN FOR 81,730-ACRE PATALIPUTRA SATELLITE TOWNSHIP
The Bihar government has unveiled the draft Development Plan 2047 for the proposed Pataliputra Greenfield Satellite Township, designed as a modern urban extension on Patna's outskirts to handle future growth and reduce strain on the main city. Published in the official gazette, the project has entered a 60-day public consultation phase for citizens and stakeholders to submit feedback before finalization. Additionally, temporary restrictions on buying, selling, and transferring land within the designated zone have been officially lifted.
The proposed special planning zone spans approx. 81,730 acres, incorporating the Punpun and Naubatpur Nagar Panchayats, 273 revenue villages, and parts of nine blocks across Patna district. Within this broader territory, a core development area of about 3,008 acres covering 19 revenue villages has been designated for primary construction. Infrastructure development within the township will be executed using land pooling and land readjustment frameworks to ensure a structured urban ecosystem.
Connectivity features heavily in the master plan, linking the township directly to the Bihta-Sarmera National Highway (Patna Ring Road) and the proposed Amas-Darbhanga Expressway. The area is also supported by proximity to Danapur Junction, along with three railway stations and seven halts in the planning zone, alongside a proposal to develop Jat Dumri Junction. A major economic highlight is a Multi-Modal Logistics Park planned over 103 to 105 acres in Fatuha's Jaitiya Mauza, featuring warehousing, cold storage, and integrated transport facilities to boost supply chains and regional trade.
ANDHRA SIGNS MOU WITH UK TO DEVELOP URBAN INFRASTRUCTURE
The Government of Andhra Pradesh has signed a Government-to-Government (G2G) Memorandum of Understanding with the United Kingdom to transform Amaravati into a smart city and modernize urban infrastructure across all 123 municipalities in the State. The strategic collaboration centres on four core pillars: infrastructure planning, sustainable urban development, technology transfer and innovation, and integrated urban mobility. This partnership aims to leverage global expertise in project design and program management to elevate overall execution standards.
Under the agreement, advanced international tools—including Building Information Modelling, Digital Twins, Intelligent Transport Systems, and modern construction techniques—will be adopted to streamline project delivery. To support this initiative, knowledge-sharing programs and capacity-building efforts will be established between UK institutions and local agencies to train regional engineers and urban planners. Additionally, the plan focuses on overhauling transit networks by integrating metro rails, city buses, airport connectivity, and pedestrian pathways.
MAHARASHTRA SIGNED DATA CENTRE MOUs WORTH OVER USD 300 BN
Maharashtra currently hosts 65% of India's total data centre capacity, making key urban centres like Mumbai and Navi Mumbai critical hubs for the country's expanding digital infrastructure. To expand this footprint, the state has signed Memorandum of Understanding (MoUs) valued at over USD 300 Bn. These agreements aim to boost Maharashtra's overall data centre capacity to 5.7 gigawatts by 2031.
This massive investment focus is intended to build a secure digital ecosystem. The growth strategy prioritizes artificial intelligence infrastructure, cloud storage, cybersecurity, digital public infrastructure, and the development of skilled human capital required to run these facilities.
SEPTEMBER 2026
BIDDING OPENS FOR LUCKNOW METRO'S USD 197 MN UNDERGROUND ROUTE
Five infrastructure giants—AFCONS Infrastructure, Cemindia Projects, Hindustan Construction Company, Larsen & Toubro, and Tata Projects—have submitted bids for the INR 1,878 Cr (USD 197 Mn) underground contract under Lucknow Metro Phase 1B. The contract encompasses the design and construction of a 6.70 Km underground section linking Charbagh to Chowk, along with 7 new underground metro stations.
The development of this underground corridor is critical for navigating Lucknow's dense urban topology and commercial hubs while minimizing surface-level commuter disruptions. Tunnelling through these heavily populated areas requires specialized civil engineering, utility management, and structural safety systems.
The project has now moved into the technical and financial evaluation phase, where officials will review the submissions before awarding the contract. The eventual contractor will oversee the full design and execution of the corridor, significantly improving rapid transit connectivity across the city’s established urban zones.
ADANI AIRPORT HOLDINGS RAISES USD 1 BN FROM GLOBAL INVESTORS FOR EXPANSIONS
Adani Airport Holdings, a subsidiary of Adani Enterprises, is raising approximately USD 1 Bn from a global investor consortium including Temasek, BlackRock, Alpha Wave Global, and Premji Invest. The transaction involves selling up to a 5.54% stake through the issuance of fresh shares. Prior to this capital injection, the airport operating business was valued at around USD 18 Bn.
The newly raised capital will be directed toward expanding and modernizing existing airport terminals, constructing adjacent commercial infrastructure, and scaling services like ground handling. These infrastructural improvements are expected to significantly boost the company's network capacity to handle roughly 200 million passengers annually.
The subsidiary manages eight major airports - including Mumbai International Airport, accounting for about 25% of India's passenger traffic and 33% of its air cargo volumes. This expansion push arrives as the group also considers establishing a new domestic airline to challenge established carriers in the market.
CENTRE ALLOCATES USD 217 MN FOR SILIGURI CORRIDOR HIGHWAY
The Centre has approved INR 2,077.18 Cr (USD 217 Mn) to construct a 31.02 Km, four-lane highway in the strategic Siliguri Corridor, also known as the Chicken’s Neck. The new highway, designated as National Highway 327, will run parallel to NH27 at a distance of 20 Km to 30 Km. It will connect Bagdogra to Galgalia in Bihar's Kishanganj district via Panitanki and Kharibari, providing a critical secondary route through this narrow strip of land hemmed in by Nepal, Bangladesh, China, and Bhutan.
This project aims to strengthen road connectivity to Northeast India and improve regional transit access toward Nepal, Bhutan, and Bangladesh. By four-laning this route, the initiative will decongest urban and transit hubs like Bagdogra, Naxalbari, Kharibari, and Panitanki while streamlining access to Bagdogra Airport. Additionally, the improved infrastructure is expected to accelerate the movement of local agricultural, horticultural, and tea produce to larger domestic and international markets.
Designed with specialized infrastructure, the highway will feature three major bridges, one road overbridge, service roads, and five elephant underpasses designed to protect wildlife in the Kurseong forest division during peak crossing seasons. This road development comes amid a broader effort to fortify the Siliguri Corridor through enhanced defense and transit infrastructure, including planned high-speed rail links, expanded railway tracks, and upgraded regional air infrastructure.
USD 1.15 BN VARUNA ELEVATED CORRIDOR APPROVED TO TRANSFORM VARANASI TRANSIT
The Union Cabinet has approved the INR 10,998 Cr (USD 1.15 Bn) Varuna Elevated Corridor project in Varanasi, set to be constructed by the National Highways Authority of India. Spanning 43.218 Km, this predominantly elevated 6/4-lane highway along the Varuna River will serve as a high-capacity route connecting NH-31 to the Varanasi Ring Road. The infrastructure will feature flyovers, ramps, loops, service roads, an iconic cable-stayed bridge, and an extradosed bridge.
Designed for speeds of 80–100 Kmph, the project aims to significantly slash travel times across major local transit hubs. Commutes between NH-31 and Kashi Railway Station will be halved from 40 to nearly 20 minutes, while trips from Varanasi Junction to Lal Bahadur Shastri International Airport will drop from roughly an hour to 20 minutes. It will also provide streamlined access to Varanasi Cantonment, Varanasi City Station, Deen Dayal Upadhyaya Junction, and Ramnagar Port.
Beyond transit, the corridor will separate long-distance through-traffic from local city movement to ease urban congestion. This improved connectivity will benefit key cultural and educational destinations, including the Kashi Vishwanath Temple, the city's ghats, and Sampurnanand Sanskrit University. Additionally, it will boost regional economic activity by strengthening freight links to the Chandauli Socio-Economic Zone and six major local logistics hubs.
CENTRAL GOVERNMENT APPROVES USD 109 MN ROAD INFRASTRUCTURE PROJECTS FOR WEST BENGAL
The Central Government has approved six major road infrastructure projects in West Bengal worth INR 1,042 Cr (USD 109 Mn) under the Central Road Infrastructure Fund for 2026–27. Sanctioned following a proposal by the state Public Works Department, these initiatives cover more than 194 Kms of vital road networks across North Bengal, South Bengal, and the tribal-dominated Junglemahal region spanning Bankura, Purulia, West Midnapore, and Jhargram.
Strengthening rural and highway connectivity remains a key priority for local administration, with the state Public Works Department committed to delivering timely and high-quality construction. The completion of these projects is expected to facilitate smoother travel, improve regional logistics, and drive robust economic growth for residents across the state.
JHARKHAND UNVEILS USD 188 MN REDEVELOPMENT PLAN FOR RANCHI
The Jharkhand Urban Infrastructure Development Corporation (JUDCO) has proposed a INR 1,795 Cr (USD 188 Mn) development plan to overhaul public infrastructure in Ranchi. The initiative encompasses eight key projects aimed at upgrading commercial hubs, public transport hubs, and administrative space across the capital.
Major commercial initiatives include the INR 630.53 Cr (USD 66 Mn) redevelopment of Sainik Market Mall into an 11-storey complex, a INR 180 Cr (USD 19 Mn) upgrade for New Market near Ratu Road Chowk, and a new INR 95 Cr (USD 10 Mn) multi-storey market complex on CIP Road in Kanke. Additionally, a 6-storey Jharkhand Corporate Office Building estimated at INR 440 Cr (USD 46 Mn) is planned for the Dhurwa HEC area to streamline administrative operations.
To modernize transit, the state plans to upgrade the ITI Bus Terminal for INR 23.88 Cr (USD 2.5 Mn), the Government Bus Stand for INR 20.74 Cr (USD 2.17 Mn), and beautify the Birsa Munda Bus Terminal at Khadgarha for INR 3.75 Cr (USD 393,000). The plan also includes a major INR 400.42 Cr (USD 42 Mn) interstate bus terminal and commercial complex in Dubaliya to better accommodate long-distance travelers.
HARYANA INITIATES DEVELOPMENT OF 9,000-ACRE ‘NAMO CITY’ URBAN CENTRE
Haryana has initiated the development of Namo City, a proposed 9,000-acre greenfield urban centre situated along the Kundli-Manesar-Palwal (KMP) Expressway and the upcoming Delhi-Katra Expressway. Designed to relieve congestion in Delhi's wholesale markets, the project originally began as a 5,000-acre commercial township proposal presented to trade representatives in late June before expanding in scope.
The Haryana Shehri Vikas Pradhikaran (HSVP) has mapped out participating villages across the Jhajjar, Sonipat, and Rohtak districts for land acquisition. Farmers in these identified areas have been requested to submit their formal consent on the state's e-Bhoomi portal by October 31 to facilitate the development process.
Despite the planned expansion, potential reluctance from local farmers regarding the surrender of their land could pose a significant challenge to the project's execution. Authorities are currently focusing on securing these necessary land agreements to ensure the urban centre moves forward as scheduled.
INDIA FULLY COMMISSIONS 2,843 KM DEDICATED FREIGHT CORRIDOR NETWORK
India has fully commissioned its 2,843 Km Dedicated Freight Corridor (DFC) network, following the inauguration of the final three sections of the Western DFC. Spanning roughly 326 Km and constructed at a cost of around INR 20,700 Cr (USD 2.17 Bn), these newly completed segments link New Dadri in Uttar Pradesh directly to New JNPT in Maharashtra. The broader network—comprising the 1,506 Km Western corridor and the 1,337 Km Eastern corridor—now functions as a dedicated, high-capacity backbone connecting key industrial hubs, agricultural regions, and ports.
By separating heavy freight operations from traditional passenger lines, the network enables around 443 freight trains to run daily with improved speed and reliability. Transit times over 100 Km have been cut nearly in half, while long-distance haul times that previously took nearly 30 hours by road can now be completed in roughly 10 to 12 hours by rail. Additionally, the corridor supports double-stack container trains capable of carrying cargo equivalent to over 250 trucks, which drastically cuts fuel consumption and lowers transit losses for perishable agricultural goods.
The completion of the freight network offers significant strategic advantages to major commercial hubs like the Jawaharlal Nehru Port Authority, boosting its overall handling capacity and global trade integration. Over the past decade, India's logistics costs relative to GDP have dropped from 14% to approximately 10%, with the potential to reach around 7% as multimodal connectivity expands. Overall, the dedicated rail infrastructure significantly enhances supply chain efficiency, lowers operational costs, and increases the global
JSW INFRASTRUCTURE COMPLETES USD 49 MN ACQUISITION OF NCR RAIL INFRASTRUCTURE
JSW Infrastructure Limited has completed the acquisition of NCR Rail Infrastructure Limited for approximately INR 467.47 Cr (USD 49 Mn), expanding its presence into Northern India's inland logistics and rail freight sectors. The deal includes acquiring a six-line private freight terminal located in Khurja, Uttar Pradesh, along with two operational covered warehouses spanning around 0.2 million sq. ft. and a land bank of roughly 130 acres. Additionally, JSW Infrastructure spent around INR 41.94 Cr (USD 4.4 Mn) for an extra 39.57 acres of land previously owned by Arshiya under a resolution plan.
The transaction aligns with JSW Infrastructure's broader strategy to expand beyond port-centric operations into an integrated logistics platform that links maritime gateways with inland destinations. Situated about 90 Km from New Delhi and 40 Km from the upcoming Noida International Airport in Jewar, the Khurja terminal provides direct access to key industrial, commercial, and freight corridors. Private rail terminals and integrated infrastructure of this nature play an essential role in improving first- and last-mile connectivity, supporting India's shifting cargo demands towards rail-based freight.
IRFC SIGNS USD 440 MN LOAN DEAL WITH DAMODAR VALLEY CORPORATION
The Indian Railway Finance Corporation (IRFC) has signed a term loan agreement worth INR 4,200 crore (USD 440 Mn) with Damodar Valley Corporation (DVC) to finance solar and Battery Energy Storage System (BESS) projects across Jharkhand and West Bengal. This strategic funding marks a key milestone under the 'IRFC 2.0' diversification strategy, allowing the company to extend its financing beyond core rail assets into railway-linked green infrastructure. The initiative directly supports the clean energy transition while aligning with Indian Railways' target to achieve net-zero carbon emissions by 2030.
The renewable energy projects will leverage DVC's existing land, transmission lines, and reservoirs to maximize capital efficiency and expand clean energy capacity. DVC has outlined a broader capital expenditure plan of around INR 70,000 crore (USD 7.3 Bn) by 2030 to boost its overall power generation to 16,000 MW, which includes a INR 20,000 crore (USD 2.1 Bn) investment to add 4,000 MW of solar capacity. Key financiers like IRFC play a pivotal role in enabling these large-scale deployments across the power sector.
INDIAN RAILWAYS APPROVES USD 17.5 MN ALKAPURI ROAD OVER BRIDGE
Indian Railways has approved a INR 167 crore (USD 17.5 Mn) project to build a four-lane Road Over Bridge (ROB) at Alkapuri in the Vadodara Division of Western Railway. The project aims to enhance connectivity between Alkapuri and Kalaghoda while relieving traffic congestion around the current railway crossing. It will be executed jointly with the Gujarat Government on a 50:50 cost-sharing basis, with Indian Railways contributing approx. INR 83.27 crore (USD 8.7 Mn) and the state government supplying an equal sum.
The new grade-separated bridge will replace the limitations of the existing Alkapuri Road Under Bridge (RUB) near Vadodara Railway Station. The current structure features a low vertical clearance of about 3 meters, which restricts heavy vehicle passage, and frequently suffers from monsoon waterlogging. The new four-lane design will allow rail operations to proceed without interruption while expanding road traffic capacity.
Traffic studies near the site indicate heavy congestion, with peak-hour traffic exceeding 1,600 Passenger Car Units (PCU) per hour alongside minimal pedestrian infrastructure and frequent traffic conflicts. Beyond easing daily traffic, the upgraded bridge will significantly improve access to Vadodara Railway Station, the Gujarat State Road Transport Corporation bus station, and the upcoming High-Speed Rail station.
ANDHRA SIPB APPROVES 28 PROJECTS WORTH USD 2.3 BN
The 21st State Investment Promotion Board (SIPB) meeting, chaired by Andhra Pradesh Chief Minister Nara Chandrababu Naidu, approved 28 industrial proposals total worth INR 22,178 crore (USD 2.3 Bn). These projects span various sectors, including energy, IT and communications, food processing, manufacturing, and tourism, and are projected to create 19,739 jobs. To maintain momentum, all approved projects have been assigned a six-month timeline to begin execution.
Across its 21 meetings to date, the board has cleared 387 projects worth INR 14.05 lakh crore (USD 147 Bn), with an estimated overall employment potential of over 1.07 million jobs. The state government is now prioritizing the establishment of an integrated port infrastructure ecosystem. This plan focuses on combining logistics, shipbuilding, manufacturing, warehousing, and commercial activities along the coastline, supported by enhanced multimodal transport links connecting ports with rail, road, air, and inland waterways.
Additionally, Andhra Pradesh aims to establish itself as a major hub for high-tech manufacturing, quantum computing, and emerging technology industries. Upgrades are planned for electronics clusters in Kopparthy, Tirupati, and Lepakshi to foster research, design, and manufacturing in semiconductors, robotics, and solar panels. Surrounding industrial ecosystems, including drone and space cities as well as expanded shipbuilding capabilities for defense and tourism, are also set to receive targeted development support.
ADANI GROUP WINS APPROVAL FOR USD 10.9 BN ODISHA DATA CENTRE
Adani Group subsidiary High Density Data Centre Ltd has received approval from the Odisha government to establish a INR 1.04 lakh crore (USD 10.9 Bn) integrated data centre park. The project, cleared by the High-Level Clearance Authority involves a 1-gigawatt facility with about 250 acres earmarked at Naraj near Cuttack for the development & is expected to generate around 1,000 jobs. This project was cleared alongside 26 other state proposals and operates as a standalone venture separate from the group's recent AI data centre deal with International Holding Company.
The Odisha government approved three other data centre and AI-related initiatives, bringing total investments in the sector to approx. INR 1.42 lakh crore (USD 14.87 Bn). These include an AI-optimized facility in Khordha by HCLTech and Sarvam AI, a sovereign AI campus in Puri by Sentraforge AI, and a separate data centre in Cuttack by RKD Construction. Adani’s existing data centre arm currently operates in Chennai while developing additional sites in Mumbai, Pune, and Hyderabad.
USD 6.44 BN NORTHEAST HIGHWAY CORRIDOR ANNOUNCED
Union Road Transport and Highways Minister Nitin Gadkari announced a 630 Km Northeast highway corridor project estimated at INR 61,500 crore (USD 6.44 Bn). The network aims to connect Siliguri in West Bengal with Guwahati in Assam and Shillong in Meghalaya through a combination of new highway construction and major upgrades to existing roads. Additionally, an expressway link connecting Gorakhpur in Uttar Pradesh with Siliguri is proposed to significantly enhance regional connectivity.
The project is structured into three primary segments designed to optimize travel times and distances across the region. The initial 400 Km stretch will connect Siliguri and Guwahati with a planned investment of INR 30,000 crore (USD 3.14 Bn). A second greenfield section between Jorabat and Barapani will shorten the distance from Guwahati to Shillong from 100 Km to 66 Km. The final greenfield route between Shillong and Silchar will replace the existing 230 Km path with a streamlined 165 Km corridor.
Alongside the broader corridor, approval has been granted for a 4-lane, access-controlled highway between Baihata Chariali and Tezpur in Assam. Spanning 135.87 Km, this specific project is valued at INR 8,970.20 crore (USD 939 Mn). Together with the proposed Gorakhpur-Siliguri expressway, these infrastructure developments will establish seamless transit routes linking Uttar Pradesh with India's northeastern states.
List of Key Transactions - Q3 2026
Source: YOG INFRA analysis
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