HG Infra Engineering Ltd. on Saturday said that it has been declared as the lowest bidder for a project by the National Highways Authority of India.
The project, which was estimated to cost Rs 943.99 crore by NHAI, is to be completed within 24 months. The hybrid annuity mode project involves a total stretch of 37.43 km.
The company's bid had come in at Rs 862.11 crore, the construction engineering company informed in filings with the stock exchanges.
It entails building an access controlled highway with four lanes and paved shoulders from the Tamil Nadu-Andhra Pradesh border to Puttur town in Andhra Pradesh on the NH-716.
The project also involves six-laning of the Mallavaram-Renigunta stretch of the NH-71 in Andhra Pradesh.
Under the HAM model, the government will provide 40% of the project cost as construction support during the construction period. The balance 60% will be given in the form of annuity payments over the operations period along with interest thereon to the concessionaire.
On Thursday, the shares of the construction firm had closed at 905.05, a decline of 0.82%, while the Nifty 50 had ended the day at 22,493.55, or rise of 0.09%.
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