MEP Infrastructure arm achieves financial closure for Gujarat highway project

MEP Infrastructure Developers has said its subsidiary MEP Sanjose Mahuva Kahavadar Pvt Ltd has achieved financial closure for a ₹605-crore Gujarat highway project according to a concession agreement executed with the National Highways Authority of India. The project is for four-laning of the road from Mahuva to Kagavadar, a 40-km stretch, on hybrid annuity mode, the company said in an exchange filing. Of the total cost, project finance will contribute ₹272 crore, while ₹242 crore will be funded by a grant from the NHAI and the remaining ₹90.7 crore will be an equity contribution from MEP Sanjose Mahuva Kahavadar, the company said. Shares of MEP Infrastructure jumped 12.23 per cent at ₹59.40 on the BSE.