HG Infra forms SPV for construction of Rs 952 cr economic corridor-feeder route in Haryana

HG Infra Engineering Friday said it has formed a special purpose vehicle (SPV) for construction of Rs 952-crore highway project as an economic corridor-feeder route in Haryana. "HG Infra has incorporated a new SPV for construction of proposed Narnaul Bypass Ateli Mandi to Narnaul section of NH-11 as an economic corridor-feeder route in the state of Haryana," the company said in a regulatory filing to the BSE.

The new SPV -- HG Ateli Narnaul Private Limited (HGIEL) -- will undertake the project, which is scheduled to be completed in 910 days, on hybrid annuity mode (HAM, the company said. HGIEL's bid price for the project was Rs 952.11 crore, it said.

HGIEL is a wholly owned subsidiary company incorporated as per the requirement of National Highways Authority of India with a paid up capital of Rs 15 lakh, the company said.