MEP Infrastructure Developers Limited has announced the financial closure of the Talaja-Mahuya Section PPP project.

As we reported in June 2016, the joint venture of MEP Infrastructure Developers and its Spanish partner, Constructora San Jose received the letter of the award from National Highways Authority of India (NHAI) for the project. MEP Infrastructure Developers and Sanjose India Infrastructure & Construction hold 60% and 40% of the joint venture, respectively. 

The project will be funded by IDBI Bank, IIFCL and Bank of India.

The contract involves a total investment of INR 6.43 billion (US$94.5 million). The project has been awarded under a 15-year concession agreement.

The project, under the hybrid annuity model, encompasses the construction of the four laning section of NH 8E from Km. 53.585 to Km. 100.100 in the State of Gujarat.