Adani Enterprises (AEL) on Wednesday (11 March 2020) announced the award of the hybrid annuity road project from National Highways Authority of India (NHAI).
AEL recently participated in tender issued by NHAI under Hybrid Annuity Mode (HAM) and the company-led consortium has received a letter of award (LoA) from NHAI for a road project in Andhra Pradesh. The order entails six laning of Vijaywada bypass of National Highway (NH)-16 under Bharatmala Pariyojana on hybrid annuity mode.NHAI estimated project cost is Rs 1133.85 crore. AEL's bid project cost is Rs 1546.31 crore. First year operation and maintenance (O&M) quote is Rs 4.65 crore. Construction period of the project is 2.5 years while the operation period is 15 years.
With this project award, Adani Group will have total four NHAI road projects under HAM spanning in the state of Chhattisgarh, Telangana and Andhra Pradesh.
AEL said it will continue to evaluate and bid for attractive opportunities in transport sector which generates value for the stakeholders.
AEL is the flagship company of Adani Group, one of India's largest business conglomerates. AEL is a fast-growing company with a diversified business portfolio comprising integrated coal management and mining services, solar modules manufacturing as well as edible oil business.
AEL's consolidated net profit surged 378.19% to Rs 382.98 crore in Q3 December 2019 (Q3 FY20) as against Rs 80.09 crore reported in Q3 December 2018 (Q3 FY19). Total income increased 5% to Rs 11,075 crore in Q3 FY20 over Q3 FY19.
Shares of AEL were up 0.35% at Rs 200.70. Meanwhile, the S&P BSE Sensex was up 200.68 points or 0.56% at 35,835.63.
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