In Nagpur, MaharashtraMEP Infrastructure Developers announced that MEP Nagpur Ring Road 1 -Subsidiary Company of the Company, has achieved the financial closure within the stipulated time in accordance with the Concession Agreement executed with NHAI dated 19 May 2016 for Four Laning Stand Alone Ring Road/ Bypass for the Nagpur City Package I from Km 0+500 to Km 34+000 (Design 33+500 Km) in the State of Maharashtra on BOT (Hybrid Annuity) basis, by tying up of Project finance of Rs. 238.95 crore.
The Bid project cost is Rs. 531.00 crore out of which Project finance will contribute Rs. 238.95 crore and remaining will be funded by grant from NHAI and equity contribution by the Company.
Key highlights of the Project are as under:
1) Construction Period: 30 Months from the Appointed Date.
2) Concession Period: 15 years (excluding Construction Period of 30 Months).
3) The Company will receive Bi-Annual Annuity from NHAI post Commercial Operation Date (COD).
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