Adani Enterprises subsidiary bags road project from NHAI

Adani Road Transport, a wholly-owned subsidiary of Adani Enterprises, secured a road project worth Rs 2,020.93 crore.

The order entails six laning of National Corridor NH-19 from Panagarh to Palsit in West Bengal under Bharatmala Pariyojana to be executed on BOT-(Toll) basis. The concession period is 20 years including contruction period of 2.5 years.

With this project award, Adani Group will have total nine NHAI road projects under HAM, toll-operate-transfer (TOT) and build-operate-transfer (BOT)-Toll basis in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat and West Bengal.

Meanwhile, Adani Enterprises along with its wholly owned subsidiary company, Gare Palma II Collieries (GPIICPL) has signed coal mining agreement (CMA) with Maharashtra State Power Generation Company (MAHAGENCO) for development and operation of Gare Palma Sector II Coal Mine.

The contract period will be of 34 years including mine development and final mine closure. By this development, contractual capacity of AEL as an MDO has now become 104.20 MTPA.

As per the approved mining plan, the peak rated capacity of GP-II coal mine is 23.6 MTPA with total mineable reserve of 553.177 MT for opencast mine.

Shares of Adani Enterprises rose 0.88% to Rs 1,117 on BSE.

Adani Enterprises' consolidated net profit skid 11.1% to Rs 286.60 crore on 6.1% rise in net sales to Rs 11,620.45 crore in Q3 December 2020 over Q3 December 2019.

Adani Enterprises is the flagship company of Adani Group, one of India's largest business conglomerates.

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