MBL Infrastructures has finalized Welspun Enterprises as a sponsorer, subject to necessary approvals, for funding by way of equity infusion and debt for its two NHAI Hybrid Annuity Model (HAM) Projects. The first project is for four laning of Chhutmalpur-Ganeshpur in the State of Uttar Pradesh and Uttarkhand being executed by MBL (CGRC) Road, SPV of the company and the second project is for four laning of Gagalheri- Saharanpur- Yamunanagar in the state of Uttar Pradesh being executed by MBL (GSY) Road, SPV of the company.
The financial closure for the aforesaid projects will be achieved by July 31, 2017. The performance guarantee aggregating to Rs 106.30 crore for the aforesaid projects provided by the company would be released by NHAI on completion of the necessary formalities and Rs 23 crore will be received by the subsidiary companies as consideration for transfer of 49% and Rs 24.50 crore on exercise of option to buy balance 51% by Welspun Enterprises.
MBL Infrastructures is engaged in the construction and maintenance of roads and highways, industrial infrastructure projects and other civil engineering projects for various government bodies and other clients.