Adani enters road construction, bags Rs.1,140 cr project

Expanding its operational ambit in the road sector, Adani Enterprises (AEL), an arm of the Adani Group, has entered in the road and highway building segment and bagged a contract for a four-lane road project under HAM at an investment of Rs.1,140 crore, in Chhattisgarh. The project, awarded under the Bharatmala Pariyojana program, entailed scope of work on 53-km stretch between Bilaspur and Pathrapali. Construction is to be completed in 730 days, while the concession period is 15 years from the start of commercial operations. The company in question is the lead partner in a consortium that bid for the road project and to further boost its business prospects in the segment it has roped in former CEO of Essel Highways, Krishna Prakash Maheshwari, to head the road development arm. The Adani Group has shown interest in roads with its non-banking financial arm, Adani Capital, having invested Rs.100 crore last year in Hyderabad-based BSCPL Infrastructure, said official spokesperson.