MEP Infra receives appointment date from NHAI for road project

The company will receive Bi-Annual Annuity from NHAI post commercial operation date (COD).

Jan 24, 2019 03:01 IST India Infoline News Service

MEP Infrastructure in its filing to the exchanges informed that the company’s subsidiary MEP Longjian VTR Private Limited has received January 21 as an appointment date from the National Highways Authority of India (NHAI) for a road project.

The scope of work includes construction of 8 Laning of existing 4 Lane Vadape to Thane from 539.202km to 563.000km section of NH-3 (new NH-848) in Maharashtra to be executed on Hybrid Annuity Mode, the company informed in a press note after market hours to the exchanges on Wednesday.

The construction period of the project is 2.5 years from the appointed date and the concession period is 15 years (excluding construction period). The company will receive Bi-Annual Annuity from NHAI post commercial operation date (COD), the company added.

"MEP Longjian VTR Private Limited had achieved the financial closure in terms of the concession agreement executed with NHAI, by tying up of project finance of Rs567.78cr on January 1, 2019," the company said.

MEP Infrastructure Developers Ltd's share price ended at Rs40, down by Rs0.85 or 2.08%, from its previous close of Rs40.85 on the BSE.

The scrip opened at Rs41.55 and touched a high and low of Rs42 and Rs39.75, respectively. A total of, 7,20,201 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs739.29cr.

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