H.G. Infra Engineering Wins Multi-crore Highway Construction Project From NHAI
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A 6-lane Greenfield Highway from Varanasi-Ranchi-Kolkata is being built from Deoria village to Donoreshan village. The 35.6 km long highway in Bihar is a part of the Bharatmala Pariyojana. H.G. Infra Engineering, a company with a market capitalization of Rs 5,160 crore, has won a highway construction project from the National Highways Authority of India (NHAI).
The project’s estimated cost, according to the NHAI, is Rs 998.36 crore. However, H.G. Infra Engineering’s offer is for Rs 1,303.11 crore. The company declared on 16 March 2023 that it has been selected as the L-1 bidder by NHAI for a Hybrid Annuity Mode (HAM) project.
Construction Project Details
Here are the construction project details:
- HAM Model- The construction project will be implemented under the Hybrid Annuity Mode. This model is a mix of the Build-Operate-Transfer (BOT) and Engineering-Procurement-Construction (EPC) models. Under the HAM model, the government bears 40% of the project cost as a construction grant, while the remaining 60% is to be arranged by the private developer through debt and equity. The government pays the private developer a fixed annuity for the concession period after the construction of the project.
- Construction Period- The construction period for the project is fixed as 24 months from the date of appointment. This means that H.G. Infra Engineering must complete the project within two years and needs to deliver the project to NHAI on or before the deadline.
Insight
The award of this highway construction project will be a significant milestone for H.G. Infra Engineering. With the completion of the project, the company will further strengthen its position in the infrastructure sector. The HAM model provides a conducive environment for private developers to participate in infrastructure projects, thus creating more opportunities for companies like H.G. Infra Engineering to showcase their capabilities.
Read more: Limited Demand Weighs On Indian Steel Prices During Week 11 of 2023
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