Sadbhav Infra's subsidiary Rohtak-Panipat Tollway terminates concession agreement with NHAI

RPTPL had received appointed date on April 18, 2011 from NHAI for the project.

Jul 29, 2021 10:07 IST India Infoline News Service

Sadbhav Infrastructure Projects Ltd has informed that Rohtak-Panipat Tollway Private Limited (a wholly owned subsidiary of the Company or SPV or RPTPL) on July 27, 2021 has submitted Notice of Termination of project as per Concession Agreement dated March 9, 2010 with National Highways Authority of India (NHAI) due to forceful suspension of toll collection/ User Fee because of the farmers' agitation / protest with effect from December 25, 2020.

According to the rationale report, the event of forceful suspension of toll collection/ User Fee because of the farmers' agitation / protest with effect from December 25, 2020, amounted to a Force Majeure Event as per the provisions of the Concession Agreement with NHAI.

Details of RPTPL:

National Highway Authority of India awarded the work of "Four Laning of Rohtak - Panipat Section of NH-71A from km 0.00 (km 63.00 of NH 10) to km 80.858 (km 83.39 of NH-1) in the State of Haryana under NHDP Phase III on Design, Build, Finance, Operate and Transfer ("DBFOI") basis" to Rohtak-Panipat Tollway Private Limited.

RPTPL had received appointed date on April 18, 2011 from NHAI for the project. Original concession period is 25 years from the Appointed Date. Total length of the project is 80.858 kms. RPTPL achieved CoD on January 6, 2014.

On Sensex, at around 10:32 AM, Sadbhav Infrastructure was trading at Rs28.20 apiece down by Rs0.35 or 1.23%.

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