MEP IDL declared as a Successful Bidder (L1) with Bid Project Cost of Rs.826.28 Crores for Hybrid Annuity Project of MORTH in Maharashtra

Mumbai, April 12, 2016: MEP Infrastructure Developers Ltd (BSE: MEP) in a joint venture (JV) with its Spanish partner has been declared as a successful bidder (L1) by Ministry of Road Transport and Highways (MORTH) for a project under the Hybrid Annuity namely Four laning of Kante – Waked section of NH-66 (erstwhile NH-17) in the State of Maharashtra with Bid Project Cost Rs.826.28 Crores.

“The Company has been able to maintain its winning run after being declared as successful bidder (L1) for the consecutive 4th time in last 3 weeks for the Hybrid Annuity project and to have a promising start of the new fiscal. We are confident of completing the projects in a stipulated time frame and with the desired quality to play a significant role in the country’s infrastructure development,” said Mr. Jayant D Mhaiskar, Vice-Chairman and Managing Director, MEP Infrastructure Developers Ltd.

The project is under new Hybrid Annuity Mode, which is a mix of engineering, procurement and construction (EPC) and build operate transfer (BOT) system. The Authority and the private companies share the total project cost in the ratio of 40: 60 respectively. This model of BOT Hybrid Annuity will definitely aid in reviving the highway sector in the country.

MEP Infrastructure Developers Ltd has formed a joint venture with Sanjose India Infrastructure & Construction Pvt. Ltd with each holding 74% & 26% respectively.

MEP JV has been declared successful bidder (L1) by MORTH for Four laning with paved shoulders of NH-66 (Erstwhile NH-17) from km. 281/300 to km 332/200 (Total Length – 50/900 Km.) on Kante - Waked section in Maharashtra under NHDP IV on Hybrid Annuity Mode. The Bid Project Cost is Rs.826.28 Crores and First year O&M Bid is for Rs.11.60 Crores for the First Year. The Construction period is of 2 years from the appointed date and the Concession period is 15 years excluding the Construction period.

MEP JV has also received LOAs from MORTH for the following Hybrid Annuity projects:
• Rehabilitation and up-gradation of NH-66 (Erstwhile NH-17) from km. 241/300 to km 281/300 (Total Length – 40/000 Km.) on Arawali - Kante section in Maharashtra to Four Lane with paved shoulder under NHDP IV on Hybrid Annuity Mode from MORTH. The Bid Project Cost is Rs.592.98 Crores and O&M Bid is for Rs.5.67 Crores for the First Year.
• Four Lane Stand Alone Ring Road/ Bypasses for Nagpur City Package I from Km 0+500 to Km 34+000 (Total Length – 33+500 Km) on BOT (Hybrid Annuity) basis from NHAI. The Bid Project Cost is Rs.531.00 Crores and O&M Bid is for Rs.6.30 Crores for the First Year.
• Four Lane Stand Alone Ring Road/Bypasses for Nagpur City, Package-II from km 34+500 to km 62+035. (Total Length - 28+035 km) in the State of Maharashtra on BOT (Hybrid Annuity) basis from NHAI. The Bid Project Cost is Rs.639.00 Crores and O&M Bid is Rs.6.75 Crores for the First Year.

The Company’s order book for the Hybrid Annuity Project now stands for Rs.2,589.26 Crores and we expect to achieve the Financial Closure by end of August, 2016, Mr. Mhaiskar added.