MEP Infra ties up Rs. 568 crore for Thane-Vadape road project.

Road developer MEP Infrastructure has achieved financial closure for a hybrid annuity model (HAM) project in Maharashtra. The project involves the construction of eight lanes on the Vadape-Thane section of NH-3, which currently has just four lanes.

MEP Longjian VTR Pvt Ltd., the SPV created for the project, has received Rs. 567.78 crore as project finance, the company said. The rest of the funds for the project - bid at a cost of Rs. 1,183 crore -will be contributed by MEP, through a Rs. 142-crore equity infusion, and the National Highways Authority of India (NHAI), through a Rs. 473-crore grant.

At present, MEP Infra has 10 operational projects, including six toll collection projects in as many States, three OMT (operate-maintain-transfer) projects and one BOT (build-operate-transfer) project.

It has so far won nine HAM projects valued at a Rs. 6,758 crore. Of these, Maharashtra MEP, in a joint venture with Long Jian Road & Bridge Company Ltd., has won three worth Rs. 2,921.83 crore.

MEP operates one of the largest OMT contracts, at the five Mumbai entry points, for a period of 16 years until 2026. Last year, it was awarded the Delhi Entry Points Toll Collection Project for five years.

HBL