The National Highway Authority (NHA) has terminated the concession agreement with M/s Techno-CMC (TECMC) Private Limited, for the construction of the Sukkur - Hyderabad Motorway (M-6) project in Pakistan.

With a total expenditure of PKR 307 billion (USD 1 billion), the agreement between the NHA and M/s TECMC (Private) Limited was terminated after the Concessionaire failed to achieve financial close within the specified timeframe. Initially, the Concessionaire was required to attain Financial Close within six months from the Effective Date. However, at the Concessionaire's request, the period was extended by four months until September 30, 2023. Despite the extension, the Concessionaire has not rectified the defaults, breaches, and deficiencies outlined in the NHA Preliminary Notice, and financial close has not been achieved within the stipulated time.

The government of Pakistan was slated to contribute only PKR 9.5 billion (USD 33.7 million) during the construction period, while the remaining project cost of PKR 297.5 billion (USD 1.05 billion) was expected to be arranged by the private party through equity and commercial debt. Additionally, the private party was obligated to pay a minimum of PKR 408 billion (USD 1.4 billion) to the NHA and estimated corporate taxes of PKR 908 billion (USD 3.2 billion) over the concession period. Furthermore, the project was supposed to be transferred to the NHA at no cost after the concession period.