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GODREJ & BOYCE BAGS `107 CRORE ORDER FROM Positive from Stable. The change in outlook primarily factors in the
BANGALORE AIRPORT expected healthy increase in toll collections in FY2023, supported
Godrej & Boyce recently announced its business Godrej MEP by healthy toll rate increase on the back of high inflation and
(Mechanical, Electrical, and Public health engineering) has been improved economic activity. Toll collections are expected to INFRASTRUCTURE
awarded an MEP contract worth `107 crore for the Bangalore increase by 17-20% during FY2023 owing to sharp rise in toll rates,
International Airport project. The scope of the project comprises traffic growth and adjustment of 3-4% revenues which were lost
a Multi-Model Transportation Hub (MMTH) that will be built between due to the second wave of Covid in Q1FY2022, ICRA said.
Terminal 1 and Terminal 2 of the BLR airport and will cover roughly
nine lakh square feet, the flagship company of the Godrej Group CIDCO HANDS OVER ENTIRE 2,866-ACRE LAND FOR
said in a statement. Once Terminal 2 is operational, the MMTH NAVI MUMBAI INTERNATIONAL AIRPORT DEVELOPMENT
will be able to meet the current and future needs of both people The Maharashtra government’s town planning authority, the
and luggage movement, it said. The goal of this MMTH is to have City and Industrial Development Corporation (CIDCO), has
closed parking with retail development at the ground level. With handed over the entire 2,866 acres of land to Adani Enterprises
the creation of 75 kilometres of piping and 200 kilometres of the concessionaire for the development of greenfield Navi
cables, Godrej MEP will deliver the project in just under six months. Mumbai International Airport. CIDCO has managed to evict all
3,070 structures in the project area of the proposed international
CPPIB-LED INVIT BUYS BROOKFIELD’S INDIA ROAD airport, which will be the second airport for the country’s financial
PORTFOLIO FOR `9300 CRORE capital. The town planning body is also close to completion of the
Canada Pension Plan Investment Board (CPP Investments), the rehabilitation of more than 5,000 families from the villages that
largest pension money manager in Canada has agreed to buy fall under the area. With this, CIDCO has achieved an important
a portfolio of Indian road assets from Canadian asset manager milestone in the development of the airport project, which is
Brookfield in a deal valued at around `9375 crore ($1.2 billion), in being developed by Navi Mumbai International Airport Pvt Ltd
what could be one of the largest road infrastructure transactions in (NMIAL), a subsidiary of Adani Enterprises. “CIDCO has successfully
the country. IndInfravit Trust, an infrastructure investment trust (InvIT) completed the important milestones of the airport project till date
led by Canada Pension Plan Investment Board, has entered into due to the cooperation of the PAPs (project-affected persons) of
an agreement with investment holdings of Brookfield- BIF India Navi Mumbai International Airport. The challenging task of clearing
Holdings Pte Ltd. and Kinetic Holdings 1 Pte Ltd, on Friday to buy the airport site was no exception to it. The work of Navi Mumbai
the entire equity shareholding of five operational road projects International Airport is proceeding as per the scheduled timelines
from Brookfield, said the press statement. and the project is on track,” said Sanjay Mukherjee, Vice Chairman
Brookfield is finalising the sale of its roads portfolio in India to and Managing Director, CIDCO.
IndInfravit Trust, for an enterprise valuation of `9,000-9,500 crore, CIDCO is developing the international airport project on an area
ET first reported in April. The transaction values the equity of the of or over 2,866 acres (1160 hectares) by acquiring 10 villages
five operational road assets that Brookfield owns through platform in Panvel area of Raigad district near Mumbai. Considering
Peak Infrastructure at around `6,000 crore. The business also has the contribution made by the PAPs from these villages for a
debt of `3,000-3,200 crore debt report added.. nationally important project, CIDCO has already provided
Omers and German insurer Allianz are the other key shareholders them a comprehensive rehabilitation package as approved
of the IndInfravit Trust along with L&T Infrastructure Development by the government of Maharashtra. As part of this package,
Projects (L&T IDPL), which also acts as sponsor of the vehicle. for the rehabilitation of those affected by the airport project,
The Roads Portfolio comprises three toll roads and two annuity CIDCO is developing Pushpak Nagar, a complete rehabilitation
roads, with approx. 2,400 lane kms in Andhra Pradesh, Bihar, and resettlement area with all the physical, social and cultural
Maharashtra and Uttar Pradesh. The Roads Portfolio has been infrastructure near the airport area. “For this international airport
operational, on an average, for approximately 9 years, and project, CIDCO received excellent cooperation from the PAPs at
has an average residual concession period of 20 years, added every stage. So far, 3,070 buildings in the airport core area have
the statement. IndInfravit currently holds a portfolio of thirteen been evicted by CIDCO. Rehabilitation of more than 5,000 families
operational road concessions with approx. 5,000 lane kms spread from these evicted buildings to the rehabilitation and resettlement
across five states. This acquisition will expand the portfolio into area is near to completion,” CIDCO said in a statement.
three additional states, Andhra Pradesh, Bihar and Uttar Pradesh. Public buildings, churches as well as public and privately owned
Brookfield entered the road sector in India in 2015 after buying the a total of 56 temples have been relocated to the rehabilitation
road assets of Gammon Infrastructure Projects It then acquired area and the idols have been shifted with the support of the PAPs.
road assets from Hyderabad-based KMC Constructions. Peak A total of 27 constructions including community temples, schools
handed back two projects acquired from Gammon, Andhra and cemeteries have also been evicted. It has also completed
Expressway and Rajahmundry Expressway, to NHAI after managing all necessary and important pre-development works in the airport
them. In 2019, Brookfield had tried to sell its 150-km, Mumbai- area. In March, Adani Enterprises’s subsidiary and concessionaire
Nashik Expressway and engaged in talks with several players such Navi Mumbai International Airport Private Ltd had announced
as Cube Highways and IRB Infrastructure. However, a deal didn’t achieving financial closure for the greenfield international
fructify. The UK based global investor. In April, rating agency ICRA airport with the execution of financing documents with the has
had revised the outlook on the toll roads sector for FY2023 to underwritten the entire debt requirement of `12,770 crore

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