GMR Infrastructure today said it has terminated its contract with the National Highways Authority of India (NHAI) for building the Kishangarh-Udaipur-Ahmedabad Highway project.
“The GMR Kishangarh Udaipur Ahmedabad Expressways Limited, a subsidiary of the company, has terminated the concession agreement entered into with NHAI for six laning of the 555 kilometres Kishangarh-Udaipur-Ahmedabad highway,” the company informed the Bombay Stock Exchange (BSE).
The company had won the project in September 2011, through the international competitive bidding route. It was to be implemented through the Public Private Partnership (PPP) model on Design, Build, Finance, Operate and Transfer basis. Financial closure for the project was achieved in May 2012.
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The infrastructure major currently has four annuity projects and six toll road projects totalling 6,685 lane kms under its Highways business segment.