MEP Infrastructure announces financial closure for projects
MEP Infrastructure Developers Ltd has informed BSE that MEP Sanjose Nagpur Ring Road 2 Private Limited 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 II from Km 34+500 to Km 62+035 (Total length 28+035 Km) in the State of Maharashtra on BOT (Hybrid Annuity) basis, by tying up of Project finance of Rs. 287.55 Crores.
The Bid project cost is Rs. 639.00 Crores out of which Project finance will contribute Rs. 287.55 Crores and remaining will be funded by grant from NHAI and equity contribution by the Company.
Key highlights of the Project are as under:
1) Construction Period: 30 Months from the Appointed Date.
2) Concession Period: 15 years (excluding Construction Period of 30 Months).
3) The Company will receive Bi-Annual Annuity from NHAI post Commercial Operation Date (COD).