Turkish Firm Owes Rs 800 Million to Metro Contractors

31 May 2025 CW Team

Gulermak, a Turkish company involved in constructing the underground section of the Kanpur Metro, has allegedly left India without clearing dues of Rs 800 million owed to 53 subcontractors. The project was jointly executed with Sam India under the supervision of Uttar Pradesh Metro Rail Corporation (UPMRC).

The payment delays reportedly began after diplomatic tensions between India and Turkey following Operation Sindoor. Contractors claim they received irregular payments before company officials vacated Kanpur and ceased communication. Despite repeated appeals, UPMRC has not intervened, prompting nine contractors to submit formal complaints to the District Magistrate.

Specific dues listed include Rs 37 million to Metro Marble, Rs 17 million to Shreyans Infratech, and Rs 12 million to Radiant Services, among others. UPMRC stated that its payments to Gulermak were complete and that the unpaid firms were subcontracted directly by Gulermak.

The corporation has retained five per cent of the contract value as reserve and may release it to resolve the issue if Gulermak fails to pay. The incident has raised concerns over due diligence in international contracting for public infrastructure projects.

Source:Financial Express

Infrastructure Urban

13 Jun 2025

Reliance, Diehl Advance Pact for Precision-Guided Munitions

Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..

Infrastructure Urban

13 Jun 2025

Modis Navnirman to Migrate to Main Board, Merge Subsidiary

Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..

Infrastructure Urban

13 Jun 2025

Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025

The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..