MEP Infrastructure has won three contracts worth Rs 1,763 crore in Maharashtra and Rajasthan from NHAI and the Ministry of Road Transport and Highways (MoRTH).
"MEP Infrastructure Developers Ltd in a joint venture (JV) with its Spanish partner has received letters of award (LOAs) for Rs 1,762.98 crore from NHAI and MORTH," the company said in a statement today.
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 under which government provides 40 percent grant-in aid while the rest has to be arranged by the developer.
"...we will not only handle these projects and complete them well within the stipulated time but also look forward to playing a significant role in the country's infrastructure development," said Jayant D Mhaiskar, Vice-Chairman and MD, MEP Infrastructure.
The hybrid annuity mode will help reduce financial load during the development and execution stage and will definitely aid in reviving the highway projects in the country, the company said.
MEP Infrastructure holds 74 percent in the JV, while Sanjose India Infrastructure and Construction Pvt Ltd has 26 percent stake.
"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 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 crore and O&M bid is for Rs 5.67 crore for the first year," it said.
MEP JV has also received LOA from NHAI for 4-lane standalone ring road/bypasses for Nagpur City package I on BOT hybrid annuity basis.
The bid project cost is Rs 531 crore and O&M bid is for Rs 6.30 crore for the first year.
In a third LOA from NHAI, MEP JV has been mandated for 4-lane standalone ring road/bypasses for Nagpur City, Package-II with bid project cost of Rs 639 crore.
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