MEP Infrastructure Developers today said it has tied up Rs 289.37 crore finance for a highway project in Gujarat.
MEP Sanjose Talaja Mahuva Road Private Limited, a subsidiary of the company, has achieved financial closure as per the concession agreement executed with the National Highways Authority of India (NHAI) for four-laning of Talaja-Mahuva section of NH 8E in Gujarat, the company said in a BSE filing.
The company has tied up "project finance of Rs 289.37 crore" under hybrid annuity mode under National Highways Development Project (NHDP) phase IV, it said.
"The bid project cost is Rs 643 crore out of which project finance will contribute Rs 289.37 crore and remaining will be funded by grant from NHAI and equity contribution of the subsidiary", it said.
The concession period of the project is 15 years and the construction period is 2.5 years.
The company has achieved financial closure of five of its projects on hybrid annuity mode (HAM) awarded by NHAI and has tied up total project finance of Rs 1,454 crore.
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