"The company has bagged the project with an annual remittance of Rs 87.30 crore, payable on a weekly basis over the project tenure," MEPIDL said in a statement.
The project includes user fee collection rights at Sau Kala toll plaza and the operations will commence from September 14, after complying with the statutory formalities.
With this announcement, MEPIDL has further strengthened its presence in Jharkhand with three projects and now has a total of 10 short term toll projects awarded by NHAI with Authority remittance of Rs 659.61 crore per year.
MEPIDL with pan-India footprint in operate-maintain-transfer (OMT) and tolling operations in the road infrastructure sector has recently made its foray into the engineering, procurement and construction space with the win of six hybrid annuity mode projects in Maharashtra and Gujarat.
MEPIDL commenced its business in December 2002 with collection of toll at the five Mumbai entry points and as on date the company has completed 98 projects, with an aggregate of 189 toll plazas and 1,152 lanes.
The company has 18 operational projects, 14 toll collection projects (25 toll plazas) in 8 states, 3 OMT projects — covering 1,361.32 lane kms and 9 toll plazas — and 1 build-operate-transfer project — covering 42 lane km and 5 toll plazas.