MEP NRR1 achieves financial closure for NHAI’s road project
Wednesday, 11 Jan 2017
MEP Nagpur Ring Road 1 (MEP NRR1), a subsidiary of MEP Infrastructure Developers, has secured financial closure in terms of the Concession Agreement for the road project by National Highways Authority of India.
The scope of work includes four laning of Stand Alone Ring Road/ Bypass for the Nagpur City Package-I, from 0+500 km to 34+000 km (design 33+500 km) in Maharashtra, on Build Operate and Transfer (BOT) Hybrid Annuity basis.
The cost of the bidding project is Rs 531 crore, of which Rs 238.95 crore will be contributed by project finance, while the remaining amount will be funded by grant from NHAI & equity contribution by company.
The construction period of the project is 30 months from the appointed date. The company will receive a concession period of 15 years excluding the construction period.
NHAI will give a bi-annual annuity to the company post commercial operation date (COD).