Page 32 - Construction_Opportunities_April_2024

EQUIPMENT TICKER TAPE Delhi-based real estate developer Numax Realcom Consortium
NUMAX REALCOM PLANS `1,000 CRORE INVESTMENT
FOR TOWNSHIP DEVELOPMENT IN MUZAFFARNAGAR

is set to embark on the development of an integrated township
in Muzaffarnagar, Uttar Pradesh, with a whopping investment of
`1,000 crore. Having secured approval from the Muzaffarnagar
Development Authority, the consortium has been granted the
green light to construct an extensive integrated township. This
venture will encompass a wide array of facilities, including plots,
villas, commercial complexes with independent floors, schools,
police stations, and more. Strategically located near the Delhi
CNH NAMES GERRIT MARX AS CEO Dehradun Expressway in Muzaffarnagar, Uttar Pradesh, the
CNH Industrial N.V. (NYSE:CNHI) announces the appointment of township is poised to offer a modern and vibrant living experience
Gerrit Marx to the role of CEO effective July 1, 2024. He succeeds to its residents.
Scott Wine, whose request to leave the Company at the end
of the current three-year business plan cycle to pursue other
interests, has been accepted by the Board.
Marx rejoins CNH from Iveco Group where as CEO he has led that
company’s drive into a new era of connectivity, integrating the
latest digital and data technologies with Iveco’s product offering.
He has also chaired Iveco’s powertrain business overseeing its
transition to alternative propulsion systems. Prior to first joining CNH
in January 2019, Mr. Marx worked for 20 years in senior roles at
McKinsey, Daimler Trucks, and Bain Capital, living in Brazil, China,
Europe and Japan.
During the more than three years of Wine’s tenure as CEO, CNH
has become an agriculture and construction pure-play following
the Iveco Group demerger and is now solely listed on the New
York Stock Exchange. Among his achievements, Mr. Wine has Muzaffarnagar is experiencing rapid development, with
delivered three straight years of record revenues and EBIT margins concerted efforts underway to bolster connectivity with
while overseeing the improved performance of the Company’s neighboring cities through well-maintained roads and rapid rail
Agriculture segment, the turnaround of the Construction segment, networks. This upcoming integrated township project by Numax
and the 2021 acquisition of Raven Industries, the precision Realcom Consortium is poised to further elevate Muzaffarnagar’s
agriculture technology business. In this period the Company has status as a thriving urban hub in Uttar Pradesh.
more than doubled its R&D expenditures, launched ambitious
margin improvement and value enhancement initiatives, and by LANCOR HOLDINGS LTD ENTERS LOI FOR JOINT
May 2024 will have returned more than $3 billion to shareholders DEVELOPMENT PROJECT IN CHENNAI
in the form of dividends and share buybacks. Lancor Holdings Ltd has sealed a significant deal by signing a
CNH’s Chair, Suzanne Heywood commented: “We’re delighted Letter of Intent (LOI) for the joint development of around 85,000
to welcome Gerrit back to CNH as CEO. We look forward to him square feet, earmarked for constructing 48 luxury residential
bringing the same energy and focus he has demonstrated so apartments in one of Chennai’s prime residential zones.
effectively when leading Iveco, to his new role at a time when The company anticipates swift commencement of the project’s
CNH is navigating the current end-market downcycle with an implementation, expressing confidence in the seamless
emphasis on managing inventory and costs, expanding margins, execution and sale of the luxury apartments without encountering
and harnessing the full potential of the newly established tech any major hurdles.
stack. On behalf of the Board, I would also like to thank Scott
Wine for his leadership and considerable contribution to CNH’s
progress in these years and wish him well in his future endeavors.”
With Marx’s appointment as the Company’s new CEO taking
effect on July 1, 2024, the Board has decided that the Investor
Day presentation scheduled for May 21, 2024, will be postponed
to a later date to allow Mr. Marx to lead the Company’s planning
and objectives for the next phase of its development. In the
meantime, the Company’s first quarter financial results will be
presented as planned in a conference call on May 2, 2024 by
Mr. Wine, who will continue as the Company’s CEO until the end
of June.

32 CONSTRUCTION OPPORTUNITIES|APRIL 2024