Indore-based Highway Infrastructure has received a Letter of Acceptance from the National Highways Authority of India (NHAI) for operations at the Velanchettiyur Fee Plaza in Tamil Nadu. The contract is worth Rs 24.45 crore, the company said in a stock exchange filing.
NHAI toll collection contract
The company has been engaged as a user fee collection agency. The selection was made through an e-quotation on an e-tender, according to the filing.
The fee plaza is at Km 332+000 on the Karur to Dindigul section of NH-7. The four-lane divided carriageway runs from Km 292.600 to Km 373.725. The actual stretch at site is Km 290+000 to Km 367+725. The project falls under NHDP Phase II (TN-04).
The contract also covers upkeep of the toilet blocks adjacent to the plaza. This includes recouping consumable items.
The company has 90 days to execute the order. The filing describes the contract as one for operation and collection of user fees at the plaza.
NHAI is a domestic entity, and the order is classified as domestic.
Highway Infrastructure’s latest orders
The announcement follows another toll mandate this month. The company told exchanges on September 18 that it had received a Letter of Acceptance for a two-year toll collection and operations contract on the Gorakhpur Link Expressway, with the state authority holding the right to extend it by six months. That contract, from UPEIDA, was reported at Rs 220.66 crore.
About Highway Infrastructure
Highway Infrastructure is an Indore-based company with a history of more than two decades, according to its website. It works across three verticals: tollway collection, EPC infrastructure and real estate development. Toll collection is one of its key revenue segments, and the company says it relies on technology-driven processes for the work. In EPC, it builds roads, bridges and highways for government bodies such as NHAI, IDA, PWD and IMC, as well as private parties. Its registered office is at Pipliyahana Junction, Ring Road, Indore.
Highway Infrastructure share price today
Highway Infrastructure’s share price has been up 6.09% as of intraday on October 1. The company’s share price has increased by 1.23% in the past month. Highway Infrastructure’s share price decreased by 43.65% in the past year.