MEPIDL achieves financial closure for its fifth HAM project

MEP Infrastructure Developers has announced the successful financial closure of its Hybrid Annuity project in Gujarat (Talaja-Mahuva section) in accordance with the Concession Agreement executed with the National Highways Authority of India (NHAI). The said project are a part of the Bhavnagar-Veraval stretch in Gujarat. The bid project cost of the project is Rs 643.05 crore, out of which project finance will contribute Rs 289.37 crores and remaining will be funded by grant from NHAI and equity contribution by the company.   This project will be funded by IDBI Bank, IIFCL and Bank of India.   MEP is currently one of the largest players in the Hybrid Annuity space with six successful bids in recent times for projects across Maharashtra and Gujarat worth around Rs 3,836.99 crore. The company has now achieved financial closure of five of its HAM projects which were awarded by NHAI and successfully tied up total project finance to the tune of Rs 1,454.54 crore towards all five HAM projects. Key highlights of the project: Four-laning of the Talaja-Mahuva section of NH-8E from km 53.585 to km 100.100 (Design Chainage from km 54.990 to km 100.450) (Package-II) in Gujarat under NHDP Phase-IV on Hybrid Annuity Mode. Construction period: 30 months form the appointed date. Concession period: 15 years (excluding construction period of 30 months). The company will receive bi-annual annuity from NHAI post Commercial Operation Date (COD).