MEP Infrastructure Developers’ subsidiary – MEP SANJOSE Mahuva Kagavadar Road has achieved financial closure as per the concession agreement executed with NHAI for the project of four laning of Mahuva to Kagavadar section in the state of Gujarat on Hybrid Annuity Mode under NHDP Phase IV by tying up of project finance of Rs 272.11 crore. The bid project cost is Rs 604.68 crore out of which project finance will contribute Rs 272.11 crore & remaining contribution will be funded by grant of Rs 241.87 crore from NHAI and equity contribution of Rs 90.70 crore of the subsidiary company.
The construction period is for 2.5 years from the appointed date with concession period of 15 years (excluding construction period). The company will receive Bi-Annual Annuity from NHAI post COD. The company has now achieved financial closure of six of its HAM Projects which are awarded by the Authority & successfully tied up total project finance of Rs 1,726.65 crore towards all Six HAM Projects.
MEP Infrastructure Developers is engaged in tolling operations of the road infrastructure sector, with a pan-India presence. MEP Infra is in the business of pure toll collection projects as well as OMT projects, which involve maintenance obligations in addition to toll collection on operational roads (including highways) constructed by third parties.