Twamev Construction & Infrastructure Ltd is a civil contractor reborn from a courtroom. It was founded in 1964 and spent decades building railways, bridges and roads across eastern India before a period of over-leveraging pushed it into insolvency in 2019. A new promoter consortium took charge in mid-2023, wiped the slate clean through the resolution process, and now runs the company on an asset-light, self-funding model - bidding for government infrastructure jobs with practically no bank debt and a balance sheet that carries only promoter loans. # Business segments Three engines at different stages - a railway-and-bridge cash cow, a national roads-and-waterworks platform, and a ropeway bet under construction - each built on the credentials of the one before. ## 1. Railway civil works: the original backbone **The company builds bridges, flyovers and track infrastructure for Indian Railways, and this segment still supplies roughly a third of the order book.** - **Born on the tracks** - the company began operations in the railways segment and has since completed landmark jobs such as the Kolkata Metro rail line. - **Bridges are the bread and butter** - current projects include road overbridges with bow-string girder spans on the East Coast Railway and a package of flyover and major bridges on the Haridaspur-Paradeep line, where the contract value was revised upward to roughly ₹77.98 crore. - **One public customer** - work comes primarily from public-sector entities, including Indian Railways, NABARD, and state government bodies, so the sales cycle is government tendering. ## 2. Roads, highways and urban infrastructure: the national platform **Road overbridges, hill-state highways and water-treatment plants make up the bulk of the remaining order book, spreading the company’s government-client base beyond railways.** - **ROBs connect the segments** - road overbridges built for the railways account for about 28% of the order book, meaning a large share of revenue sits at the intersection of road and rail. - **Hill-road credentials** - the company has built over 250 km of roads, including one of its largest projects in Mizoram, and continues to execute road work in that state for clients such as NHIDCL. - **Water works in the hills** - a water-pipeline project in Shillong contributes roughly 6% of the order book, and the company has completed public-health-engineering jobs in Shillong and Mizoram. - **Buildings round out the mix** - the company also takes on civil and finishing works for residential and commercial projects, including judicial quarters in Tripura and a housing project in Noida. ## 3. Passenger ropeways: the greenfield bet **A single signature project - the Shillong Ropeway - accounts for nearly a third of the remaining order book and opens a new category the company intends to pursue nationally.** - **One project, outsized weight** - the Shillong Ropeway, with a total outlay of around ₹175 crore, represents roughly 28-29% of the turnover left in the order book as of March 2025. - **French equipment, local execution** - the company is building the ropeway in a joint venture with KC International, while POMA of France supplies the rope equipment under an exclusive tie-up that gives the company a preferred position for bidding on ropeway projects across India. - **Central-government visibility** - the project is monitored directly by the central government, and construction kicked off with a foundation-stone ceremony in December 2024. ## 4. Ready-mix concrete: the legacy sideline **A small, legacy concrete operation that now generates rental income rather than meaningful production revenue.** - **From production to rent** - the company historically manufactured ready-mix concrete at two units in Kolkata, but today its Guwahati RMC plant is leased out, though rental income of ₹32 lakh for the full year to March 2025 has not been accounted for. - **Tiny share of the whole** - even in earlier years, ready-mix and dry-mix concrete contributed less than 0.2% of total turnover, so the segment is a footnote to the contracting business. # Group structure and partners **The company operates through a clean holding company with legacy claims parked in subsidiaries, while project-level joint ventures and an exclusive equipment tie-up give it reach without adding fixed assets.** - **Subsidiaries are legacy shells** - the wholly owned subsidiary Tantia Infrastructure and its step-down Tantia Raxaultollway carry an abandoned NHAI road project and a pending arbitration claim of roughly ₹986 crore; the bank facilities in that subsidiary have turned non-performing and no interest has been booked since April 2018. - **One associate in insolvency** - Tantia Sanjauliparkings was admitted to corporate insolvency in March 2023, and the company wrote down its investment by ₹7.74 crore in FY24. - **POMA exclusivity** - the tie-up with French ropeway-equipment maker POMA is exclusive for bidding in India, giving the company a differentiated credential in a niche infrastructure category. - **Board rebuilt from scratch** - the board was reconstituted in June 2023 with eight members: four promoters (including the chairman, Ravi Todi of the Shrachi group) and four independent directors, led by a CEO with 36 years of infrastructure experience.