Achieves financial closure with project finance of Rs 272.11 crore
MEP Infrastructure Developers announced that its subsidiary - MEP SANJOSE Mahuva Kagavadar Road has achieved financial closure as per the Concession Agreement executed with NHAI dt. 09 August 2016 for the project of Four Laning of Mahuva to Kagavadar Section in the State of Gujarat on Hybrid Annuity Mode under NHDP Phase IV by tying up of Project finance of Rs.272.11 crore.The Bid project cost is Rs.604.68 crore out of which Project finance will contribute Rs.272.11 crore & remaining contribution will be funded by grant of Rs.241.87 crore from NHAI and equity contribution of Rs.90.70 crore of the Subsidiary Company.
Key highlights of the Project are -
(1)Construction Period:2.5yrs from the Appointed Date
(2)Concession Period:15yrs (excluding Construction Period: 2.5yrs)
(3)The Company will receive Bi-Annual Annuity from NHAI post COD.
The Company has now achieved financial closure of Six of its HAM Projects which are awarded by the Authority & successfully tied up total project finance of Rs.1726.65 crore towards all Six HAM Projects.
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