Adani Enterprises Ltd (AEL), the flagship company of Adani group, won the contract to build, 80 per cent of India’s longest expressway- 594 km long – connecting Meerut and Prayagraj. The mega project, worth Rs 17,000 crore is the largest ever expressway to be received by a private company under the public-private framework.
AEL announced that it received the Letter of Award (LoA) from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) to implement three major stretches of the greenfield Ganga Expressway on a DBFOT (Toll) basis. The concession period shall be 30 years.
The shares of AEL were up to 2.83% today, at Rs 1,635 on the BSE at 11:16 am IST after the acknowledgement of LOA.
“With a project cost of Rs 17,085.16 crore, the proposed Greenfield Ganga expressway will be India’s longest expressway under PPP (public-private partnership) framework, which will connect Meerut with Prayagraj in the state of Uttar Pradesh,” AEL, the flagship of the Adani Group conglomerate, said in a press release.
AEL has been working on projects across the country in several states including Chhattisgarh, Telangana, Andra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal, Odisha and Uttar Pradesh with an asset value of over Rs 35,000 crore.
“Around 65,000 km of national highways are to be constructed under the Bharatmala Pariyojana. Under its first phase, the National Highways Authority of India will build 34,800 km of highways by 2022. Awards for the phase-I of Bharatmala are expected to be completed by FY23, while execution is expected to be completed by FY25. NHAI seeking to mobilise around Rs 265,000 crore in FY22 and FY23 to fund additional road-building projects,” AEL conferred in an annual report.
