Gadkari, Fadnavis lay foundation stone for Rs 1,183-cr road proj in M'rashtra

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Union transport minister Nitin Gadkari along with Maharashtra Chief Minister Devendra Fadnavis Thursday laid the foundation stone for Rs 1,183-crore highway widening project, awarded to MEP Infra by NHAI, in the state.

"MEP Infrastructure Developers Ltd today announced that it has received the letter of appointed date from the National Highways Authority of India (NHAI) for the eight-laning of existing four-lane Vadape to Thane section of NH-3 (new NH-848) in Maharashtra," MEP Infra said in a statement.

The Rs 1,182.87-crore project will be executed on Hybrid Annuity Mode, it said.

The foundation stone for the project was laid by Fadanavis and union road transport minister Gadkari at Dive Anjur in Thane district, the statement said.

MEP Infra had achieved financial closure for this project in terms of the concession agreement executed with NHAI, by tying up project finance of Rs 567.78 crore, and YES bank is the lead banker to this project, it said.

Commenting on the development, Jayant Mhaiskar, chairman and managing director, MEP Infrastructure Developers Ltd, said, "We are proud of this achievement which reaffirms the positivity of the Hybrid Annuity model that has been propagated by the ministry. The financial viability of such projects will ensure the speedy growth and expansion of our road infrastructure."