MEP Infrastructure Developers today said it has bagged a contract from the National Highways Authority of India (NHAI) for four laning of a 28km stretch of the outer ring road in Nagpur on hybrid annuity model.
The company has received a letter of appointment from NHAI for the contract which stretches from Fetri village to Dhargaon (Package II) with a total length of 28.05 km, MEP said in a statement issued here.
MEP had already bagged the contract for four laning 33.5km of the same project under Package I from Jamtha village to Fetri. Both these projects will be developed on hybrid annuity model.
The company had achieved financial closure for the projects in October 2016 and they will be funded by IDBI, IIFCL and Mumbai District Central Co-operative Bank.
The packages also include modification of the existing flyovers and construction of ultramodern underpasses at strategic locations.
"The proposed outer ring road will be of paramount importance to decongest traffic in the city and to save precious time and fuel of vehicle users and provide better connectivity to the proposed Nagpur-Mumbai Maharashtra Samruddhi Corridor," the company said.
MEP, in a joint venture with Sanjose India Infrastructure and Construction, had received the Letters of Award (LOAs) for over Rs 1,100 crore in March 2016 from NHAI for the four lane standalone ring road/bypasses for Nagpur city Package I and II.
(Reopens BCM16)
The company said it has achieved financial closure for two of its hybrid annuity projects in Ratnagiri, Maharashtra, for a total Rs 638.67 crore, which will be funded by IDBI Bank, IIFCL, Mumbai Bank and PMC bank.
The projects are: four laning of Arawali-Kante and Kante-Waked sections. The project finance for them will be Rs 266.84 crore and Rs 371.83 crore, respectively, it said.
"With this announcement, we have now achieved financial closure for 4 out of 6 HAM (hybrid annuity model) projects awarded to us. The financial viability of such projects will ensure a speedy growth and expansion of our road infrastructure," the company's Chairman and Managing Director, Jayant Mhaiskar, said.
