MEP Infrastructure Developers Limited ('MEP') (Lead Member) under the Joint Bidding Agreement with Longjian Road & Bridge Company Limited ('Longjian') (with an equity contribution of 51:49) was awarded the Project of Construction of 8 (Eight) Laning of existing 4 (Four) Lane VADAPE to THANE from km. 539.202 to km. 563.000 Section of NH-3 (new NH-848) in the State of Maharashtra to be executed on Hybrid Annuity Mode by National Highways Authority of India ("NHAI"). The said Project was being executed by the SPV: MEP LONGJIAN VTR PRIVATE LIMITED incorporated for the purpose.
The Concession Agreement (CA) with NHAI was executed on July 4, 2018 and the appointed date declared by NHAI was January 21, 2019.
Due to circumstances beyond the control of the Management, Longjian-the other Consortium Member, expressed their inability to infuse their share (49%) in the Equity Contribution.
In view of the foregoing and on our request as per the terms of CA, NHAI, Lenders and the SPV have entered into an Endorsement Agreement for a Harmonious Substitution for the Project with the Nominated Company - MSRDC Infrastructure Projects Limited.
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