MEP Infrastructure Developers shares surged nearly 8 per cent intraday on Monday after it informed bourses the company in Joint Venture (JV) with Sanjose India Infrastructure & Construction has received the Letter of Award (LOA) from NHAI (National Highways Authority of India) for four-laning of Mahuva to Kagavadar of NH-8E from Km 100 to Km 140 (Design Chainage from Km 100 to Km 140) (Package III) in the State of Gujarat on Hybrid Annuity Mode under NHDP Phase IV.
At 12.46 pm, shares of MEP were trading 6.46 per cent up at Rs 38.70. The scrip opened at Rs 36.20 and has touched a high and low of Rs 39.25 and Rs 36.20, respectively, in trade so far. Sensex was up 80 points at 26,477.71.
The construction period of the project is 2.5 years from the appointed date with concession period of 15 years (excluding construction period of 2.5 years). The bid project cost is Rs 604.68 crore and O&M Bid is Rs 8.46 crore for the first year. The company will receive Bi-Annual Annuity from NHAI post Commercial Operation Date (COD).
Further, MEP Infrastructure Developers – Sanjose India Infrastructure & Construction – JV, hybrid annuity order-book stands at Rs 3,836.99 crore to be executed over the next 3 years (from the appointed date).
MEP Infrastructure Developers is engaged in tolling operations of the road infrastructure sector, with a pan-India presence. MEP Infra is in the business of pure toll collection projects as well as OMT projects, which involve maintenance obligations in addition to toll collection on operational roads (including highways) constructed by third parties.