Patel Engg bags NHAI order worth Rs 518cr

Patel Engineering today announced it has bagged an annuity-based Build-Operate-Transfer (BOT) project worth Rs 518 crore from National Highways Authority of India (NHAI).

According to an official release issued by the company to the BSE today, the project, to be jointly executed by Patel Engineering and KNR Constructions, is located on NH-7 in Andhra Pradesh under North-South Corridor (NHDP Phase II).

The semi-annual annuity project will generate total revenue of Rs 1597.32 crore.

The work includes design, construction, development, finance, operation and maintenance of Islam Nagar to Kadtal stretch of Nagpur-Hyderabad section on NH-7. The work also includes about 32 kms four-laning bypass out of total 48 kms.

Rupen Patel, MD, Patel Engineering said: "We would focus on selective road development projects following government's new initiative to encourage private sector participation in the road sector development through BOT annuity projects."