As per the regulatory filing, MEP under Joint Bidding Agreement with Longjian was awarded the Project of Four Laning of Loha - Waranga Section of NH-361 from km. 187.800 to km. 244.369 (Design length 56.569 km.) under NH (0) in the State of Maharashtra on Hybrid Annuity Mode by National Highways Authority of India ("NHAI").
The consortium was 51:49 ratio with MEP holding the majority stake.
The project was expected to be executed by the SPV - MEP Longjian Loha Waranga Road Private Limited incorporated for the purpose.
However, MEP on Monday said, "Due to circumstances beyond the control of the Management, Longjian-the other Consortium Member, expressed their inability to infuse their share (49%) in the Equity Contribution."
MEP added, "In view of the foregoing and on our request as per the terms of CA, NHAI, Lenders and our SPV have entered into an Endorsement Agreement for a Harmonious Substitution for the project with the Nominated Company- Loha Nanded Waranga Highways Private Limited, (SPV formed by M/s Kalyan Toll Infrastructure Limited)."
At around 12.53 pm, MEP is trading at Rs17.30 per piece up 0.9% on Sensex.