Adani Enterprises (AEL), the flagship entity of the Adani Group, on Wednesday said it has won a contract for a four-lane road project under the hybrid annuity model (HAM), worth Rs 1,140 crore, in Chhattisgarh.
Adani Enterprises (AEL), the flagship entity of the Adani Group, on Wednesday said it has won a contract for a four-lane road project under the hybrid annuity model (HAM), worth Rs 1,140 crore, in Chhattisgarh. This marks the company’s foray into the road construction space, which it had been considering for some time. Adani was the lead partner in a consortium that bid for the project. The company declined to share any further details either on the contract or about their plans for the road sector. FE had reported on February 5 that the Adani Group was evaluating acquisition opportunities as it was looking for a quick entry in the roads sector. The company has roped in Krishna Prakash Maheshwari, former CEO of Essel Highways, the road development arm of Essel Infraprojects, to spearhead its entry into roads construction. The Adani Group has shown interest in roads with its non-banking financial arm, Adani Capital, having invested Rs 100 crore in December 2017 in Hyderabad-based BSCPL Infrastructure. The hybrid annuity model project, awarded under the Bharatmala Pariyojana programme, is for a 53-km stretch between Bilaspur and Pathrapali. Construction is to be completed in 730 days, while the length of the concession is for 15 years from the start of commercial operations. Adani already has a presence in other areas of the infrastructure such as ports, energy and logistics.