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MEP Infrastructure Developers receives LoA from NHAI

Capital Market 

For appointment of MEP as Contractor for collection of user fees at Paduna Fee Plaza

MEP Infrastructure Developers has received the Letter of Acceptance (LOA) dated 10 August 2017 from National Highways Authority of India (NHAI) informing that MEP has been appointed as the Contractor for the Project of "Collection of user fee through User Fee Collecting Agency at Paduna Fee Plaza at Km. 311.100 for the section Km. 278.000 to Km. 348.000 (Udaipur-Kherwada) of NH No. 8 in the State of Rajasthan'.

Key highlights of the Project are as under:
(i)User Fee Collection rights at Paduna Fee Plaza.
(ii) Terms of the Contract Agreement:

a. Period of the Contract is 3 (Three) Months.
b.The operations will commence on August 17,2017,after complying the statutory formalities viz.submission of performance security, signing of contract as per the LOA.
(iii)MEP has to remit on a daily basis Rs. 29,70,000/- (Rupees Twenty Nine Lakhs Seventy Thousand Only) to NHAI for a period of 3(Three) Months towards user fee collection for the said Project.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 13:57 IST