Adani Enterprises incorporates subsidiary to develop highway project in MP

Adani Enterprises on Friday said it has incorporated a wholly-owned arm NPRPL to develop a highway project under the Bharatmala program in Madhya Pradesh.

The wholly-owned subsidiary Nanasa Pidgaon Road Private Ltd (NPRPL) will develop and manage the project under hybrid annuity mode (HAM).

"The Company has incorporated a wholly owned subsidiary company namely, 'NPRPL' on 8th May, 2020," the company said in a filing to the BSE.

It said the subsidiary will carry out the development, maintenance and management of the project -- four-laning of Nanasa to Pidgaon section of NH-47 (Old NH-59A) (Indore-Harda, Pkg-III) under Bharatmala Pariyojana Phase-I (Economic Corridor) in Madhya Pradesh.

The cost of the acquisition or the price at which the shares are acquired is "Rs 1,00,000/- (10,000 Equity Shares of Rs. 10/- each)," it said.

The arm is yet to commence business operations, it added.