MEP Infrastructure Developers has informed that MEP Nagpur Ring Road 1 -Subsidiary Company of the Company, has achieved the financial closure within the stipulated time in accordance with the Concession Agreement executed with NHAI dated May 19, 2016 for Four Laning Stand Alone Ring Road/ Bypass for the Nagpur City Package I from Km 0+500 to Km 34+000 (Design 33+500 Km) in the State of Maharashtra on BOT (Hybrid Annuity) basis, by tying up of Project finance of Rs 238.95 Crores. The Bid project cost is Rs 531.00 Crores out of which Project finance will contribute Rs 238.95 Crores and remaining will be funded by grant from NHAI and equity contribution by the Company. Key highlights of the Project are Construction Period is 30 Months from the Appointed Date; Concession Period is 15 years (excluding Construction Period of 30 Months); and the Company will receive Bi-Annual Annuity from NHAI post Commercial Operation Date (COD).
The above information is a part of company’s filings submitted to BSE.
