GMR Infra terminates highways contract with NHAI

GMR Infrastructure said it has terminated its contract with NHAI for building the Kishangarh-Udaipur-Ahmedabad highway. "GMR Infrastructure has said that GMR Kishangarh Udaipur Ahmedabad Expressways Limited, a subsidiary of the company, has terminated the concession agreement entered into with NHAI for six laning of 555 Km Kishangarh-Udaipur-Ahmedabad highway," the company informed the BSE.

The company had won the project in September, 2011, through the international competitive bidding route. It is to be implemented through the Public Private Partnership (PPP) model on Design, Build, Finance, Operate and Transfer basis.

Also Read: Road sector continues to face multiple challenges: ICRA

The infrastructure major currently has 4 annuity projects and 6 toll projects totaling 6,685 lane kms cross under its Highways business segment. Financial closure for the project was achieved in May 2012. Shares of the company closed at Rs 20.55 apiece, up 3.27 per cent on the BSE.

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