NESCO Wins Rs 2.25 Billion Tender for Bengaluru-Chennai Highway Project

08 Jan 2025 CW Team

This project represents a significant milestone for NESCO as the company expands its presence in infrastructure development. NHLML, a 100 per cent owned Special Purpose Vehicle (SPV) of the National Highways Authority of India (NHAI), functions under the Ministry of Road Transport and Highways. The scope of work includes the development, operation, and maintenance of Wayside Amenities in the South Zone along the Bengaluru-Chennai Expressway Corridor (Phase II), on a lease basis, covering three sites. The contract is a domestic agreement for developing and operating infrastructure facilities, with a lease period of 30 years and the first right of refusal for an additional 30-year extension.

The development period is set to be completed within 10 months from the Appointed Date. The estimated development cost is Rs 750 million per site, totalling Rs 2.25 billion for all three sites. The projected annualised revenue is Rs 3.50 billion from the fourth year of operations across all three sites, with an annual lease rent of Rs 1690.60 million for the three sites, subject to fixed annual revisions based on the Wholesale Price Index (WPI) and Consumer Price Index (CPI). The contract does not involve any related party transactions, nor does it allow any interest or involvement of promoters, promoter groups, or group companies in the awarding entity.

The project aims to enhance the user experience along the Bengaluru-Chennai Expressway by providing modern amenities. NESCO's leadership expressed confidence in completing the project within the stipulated timelines and delivering substantial value. In a stock exchange filing, the company stated that this opportunity aligns with its vision of contributing to India's infrastructure growth and creating long-term value for stakeholders.

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