MEP Infrastructure Developers has announced that its subsidiary MEP Longjian VTR Road has achieved financial close of a road widening project in the Indian state of Maharashtra.

The project involves the widening of a 23.8km section of National Highway 3 (NH-3) between Vadape and Thane. The existing four-lane road will be widened to eight lanes.

MEP will construct and maintain the road segment under a 15-year concession contract, excluding 2.5 years of construction. The concession is structured on a hybrid annuity model.

The total project cost is INR11,828.7 million (US$168.17 million). The National Highway Authority of India (NHAI), the contracting authority, will contribute INR4,731.5 million (US$67.27 million). MEP's equity contribution amounts to INR1,419.4 million (US$20.18 million) and the company has secured INR5,677.8 million (US$80.72 million) project finance.