Adani Enterprises (AEL) has won a contract worth Rs 1,140 crore in Chhattisgarh from National Highway Authority of India, marking its entry into the road construction space. The company has won a four-lane road project under the hybrid annuity model (HAM). AEL is the flagship entity of the Adani Group and was the lead partner in a consortium that bid for the contract. Adani Group is a leading infrastructure company with presence in different verticals such as ports, energy and logistics.
The project has to be completed in 730 days, and the operation period will be 15 years from the start of operations.
In a statement given to the Bombay Stock Exchange it has been stated, “As Government is contemplating doubling the length of Country’s highways to two (2) lakh kilometre, Adani Group considers this as growth opportunity for the Company. In this regard, Adani Group is pleased to announce its foray into the public transport infrastructure space, with the award of the first Hybrid Annuity Road Project from National Highway Authority of India (NHAI).”
The project is four constructing a four-lane road between Bilaspur and Pathrapali (53,300 kms) in the State of Chhattisgarh.
The statement reads, “AEL has recently participated in tender issued by NHAI under Bharatmala Pariyojana, and we are pleased to inform you that the Company led consortium has received a letter of award (‘LOA’) from NHAI for the project of “4-lane with paved shoulder configuration of Bilaspur-Pathrapali (Km. 0+000 to Km. 53+300) section of NH-111 (New NH-130)” in the State of Chhattisgarh under Bharatmala Pariyojana on Hybrid Annuity Mode.”
The project has been awarded under the Bharatmala Pariyojana programme. Bharatmala Pariyojana is for the highways sector to optimise the freight and passenger movement across the country through undertaking projects such as, Economic Corridors, Inter Corridors and Feeder Routes, National Corridor Efficiency Improvement, Coastal and Port connectivity roads, Border and International connectivity roads, and Green-field expressways.
To head the project, the company has appointed former CEO of Essel Highways, Krishna Prakash Maheshwari.
Earlier, the Adani Group has invested Rs 100 crore in December 2017 in Hyderabad-based BSCPL Infrastructure through Adani Capital, which is a financial arm of Adani Capital.