Adani Enterprises unit bags LoA for road project in Maharashtra

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Adani Road Transport (ARTL) has received a Letter of Award (LoA) from National Highways Authority of India (NHAI) for a road project in Maharashtra worth Rs 2,008.47 crore.

ARTL, a wholly owned subsidiary of Adani Enterprises ("AEL"), is engaged in the business of construction, operation and maintenance of roads. highways, expressways. It is focused on building road infrastructure in the country.

ARTL recently participated in the tender under Build-Operate-Transfer ("BOT") Toll mode invited by NHAI. It has received LoA for the project which entails six laning of Kagal-Satara section of NH-48 (old NH4) in the state of Maharashtra. The project will be executed under Bharatmala Pariyojana.

The estimated cost of the project is Rs 2,008.47 crore. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment. The concession period will be 18 years.

With this project award, Adani's road portfolio will have total 14 projects with more than 5,000 lane km with asset value exceeding Rs 41,000 crore spread across India.

Adani Enterprises, the flagship company of Adani Group, one of India's largest business conglomerates. It is an integrated infrastructure with businesses spanning coal trading, coal mining, oil and gas exploration, ports, multi-model logistics, power generation and transmission, gas distribution, and edible oil and agro commodities.

On a consolidated basis, Adani Enterprises reported a net loss of Rs 12 crore in Q3 FY22 as against a net profit of Rs 297 crore in Q3 FY21. Total income increased by 61% year on year during the quarter to Rs 18,963 crore.

Shares of Adani Enterprises rose 1.09% to close at Rs 2,015.70 on BSE yesterday, 31 March 2022.

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