Welspun Enterprises bags road project from PWD, Maharashtra
In a filing to BSE, Welspun Enterprises has informed it has received the Letter of Award from PWD, Government of Maharashtra for upgradation of roads/two laning of roads/ two laning of roads with paved shoulder under MRIP Package on hybrid annuity mode (HAM) Package No. AM 2 Under Public Works Circle, Amravati in Maharashtra State.
The company further informed that the bid cost for the project is Rs. 1,460 crore and the total length of the road project is 352.15 km across 9 sub-packages. As per the Letter of Award, the construction period is of 2 years from the Appointed Date and O&M period is 10 years after Commercial Operation Date.
Welspun Enterprises will receive from PWD 60% of the Bid Project Cost during the construction phase, in five equal installments (adjusted for Price Index Multiple) which would be paid upon achievement of physical progress milestones. The balance 40% will be serviced through semi annual annuity payments over 10 years. In the O&M phase, the Company will receive semi-annual O&M payments with the first year O&M payment being Rs. 31.50 crore.
@EPC World Media