MEP Infrastructure Developers update on NHAI road project in Maharashtra

MEP Infrastructure Developers update on NHAI road project in Maharashtra

Jun 17, 2021 10:06 IST capital market

MEP Infrastructure Developers announced that its JV partner - Longjian Road & Bridge Company (Longjian) has expressed their inability to infuse their share of 49% in the equity contribution.

The consortium was awarded the NHAI project for construction of 8 Laning of existing 4 (Four) Lane VADAPE to THANE from km. 539.202 to km. 563.000 Section of NH-3 (new NH-848) in the State of Maharashtra to be executed on Hybrid Annuity Mode. The Concession Agreement (CA) with NHAI was executed on 04 July 2018 and the appointed date declared by NHAI was 21 January 2019.

In view of the foregoing and on the companys request as per the terms of CA, NHAI, Lenders and the SPV have entered into an Endorsement Agreement for a Harmonious Substitution for the Project with the Nominated Company- MSRDC Infrastructure Projects.

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