Adani Enterprises advances on securing order from UPEIDA

Adani Enterprises (AEL) rose 2.91% to Rs 1,638.15 after the company secured a letter of award for Three Greenfield Ganga Expressway projects under DBFOT (toll) basis of 594 km from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA).

Adani Enterprises (AEL) participated in the competitive bidding process invited by UPEIDA for the development, financing 8-construction of Ganga Expressway on PPP basis. The proposed Greenfield Ganga Expressway will be India's longest expressway under PPP framework which will connect Meerut with Prayagraj in Uttar Pradesh.

The key highlight of the project will be the development of 464.247 km long access controlled six lane (expandable to eight lane) Greenfield Ganga Expressway - Group-II, Ill & IV from Budaun to Prayagraj, costing a total of Rs 17,085.16 crore. The construction is expected to be completed within 3 years with a concession period of 30 years.

With these three awards, AEL's road portfolio will have 13 projects with more than 5,000 lane km and asset value exceeding Rs 35,000 crore, spread over nine states in India i.e. Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal, Odisha and Uttar Pradesh. The portfolio will have mix of HAM (Hybrid Annuity Mode), TOT (Toll-Operate-Transfer) and BOT (Build-Operate-Transfer) type assets.

Adani Enterprises (AEL)'s consolidated net profit tumbled 69.5% to Rs 121.74 crore on a 44.8% surge in net sales to Rs 13,218.02 crore in Q2 September 2021 over Q2 September 2020.

AEL is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.

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