MEP IDL bags Rs.1762.98 Crores worth contracts under Hybrid Annuity from NHAI and MORTH

New Delhi, April 07, 2016: MEP Infrastructure Developers Ltd (BSE: MEP) in a joint venture (JV) with its Spanish partner has received Letters of Award (LOAs) for Rs.1762.98 Crores from National Highways Authority of India (NHAI) and Ministry of Road Transport and Highways (MORTH).

“We are happy to begin the new financial year with this big news. I am sure with the in house capability strength we will not only handle these projects and complete them well within the stipulated time but we also look forward to playing a significant role in the country’s infrastructure development,” said Mr.Jayant D Mhaiskar, Vice-Chairman and Managing Director, MEP Infrastructure Developers Ltd.

The LOAs bagged by MEP are as per the new Hybrid Annuity Mode, which is a mix of engineering, procurement and construction (EPC) and build operate transfer (BOT) system. The Authority and the private companies share the total project cost in the ratio of 40: 60 respectively. This new form will help reduce financial load during the development and execution stage. This will definitely aid in reviving the highway projects in the country.

MEP Infrastructure Developers Ltd has formed a joint venture with Sanjose India Infrastructure & Construction Pvt. Ltd with each holding 74 % & 26 % respectively.

MEP JV has received an LOA from MORTH for rehabilitation and up-gradation of NH-66 (Erstwhile NH-17) from km. 241/300 to km 281/300 (Total Length – 40/000 Km.) on Arawali – Kante section in Maharashtra to Four Lane with paved shoulder under NHDP IV on Hybrid Annuity Mode. The Bid Project Cost is Rs.592.98 Crores and O&M Bid is for Rs.5.67 Crores for the First Year.

MEP JV has also received LOA from NHAI for Four Lane Stand Alone Ring Road/ Bypasses for Nagpur City Package I from Km 0+500 to Km 34+000 (Total Length – 33+500 Km) on BOT (Hybrid Annuity) basis. The Bid Project Cost is Rs.531.00 Crores and O&M Bid is for Rs.6.30 Crores for the First Year.

In a third LOA from NHAI, MEP JV has been mandated for Four Lane Stand Alone Ring Road/Bypasses for Nagpur City, Package-II from km 34+500 to km 62+035. (Total Length – 28+035 km) in the State of Maharashtra on BOT (Hybrid Annuity) basis. The Bid Project Cost is Rs.639.00 Crores and O&M Bid is Rs.6.75 Crores for the First Year.

Adding to their achievements, MEP IDL has also bagged LOAs from the Road Infrastructure Development Company of Rajasthan Ltd (RIDCOR) for “Collection of fee through contractor on the basis of competitive Bidding for Lalsot-Kota Road and Alwar-Sikandra Road in Rajasthan for fee plaza [s] at the below Locations. The contractual amount for the project is Rs.30.33 Crores and Rs.19. 08 Crores respectively. 

Corporate Comm India (CCI Newswire)