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Highway Contracts
Highway Infrastructure Ltd, which has reported a multi-fold rise in the September quarter net profit to Rs 9.7 crore, expects to execute Rs 150-200 crore worth of EPC projects and is actively bidding for new projects of around Rs 250 crore, a top company official said on Monday. The company plans to execute Rs 150Rs 200 crore worth of EPC projects over the next two years and is actively bidding for new projects worth approximately Rs. 250 crores, Arun Kumar Jain, Managing Director, Highway Infrastructure Ltd said. The September quarter witnessed a robust influx of new orders, including the expansion of toll operations with projects at Kiratpur and Muzaina Fee Plazas in Uttar Pradesh, a Greenfield Expressway in Rajasthan, and Chotiya Fee Plaza in Chhattisgarh, Jain said. The company achieved its highest-ever order book of Rs 775 crore, which provides strong revenue visibility, Jain said. The infrastructure development and management company, which has a presence in tollway collectio
Union Minister Nitin Gadkari has said the finance ministry has agreed to allow contractors engaged by state-owned NHAI and NHIDCL to convert their bank guarantees into insurance surety bonds. Gadkari had recently said changes will be made to the surety bond offering to make it more lucrative as no contractor is buying it because of the strict conditions imposed by insurance regulator Irdai. "I conveyed to the road transport secretary that he should talk to the finance secretary once to give it (allowing conversion of bank guarantee to surety bonds) from retrospective effect. "In NHAI, in the road ministry and NHIDCL whatever bank guarantees are there, if they want, they can convert them into insurance surety bonds. Permission should be given for this," Gadkari said on Wednesday at an event organised by the National Highways Authority of India. Last year in December, Gadkari launched the country's first-ever surety bond insurance product with an aim to reduce the dependence on ...