Highway Infrastructure Secures Rs. 69 Crore Contract from IDA
Filing Summary
Highway Infrastructure Limited has received a Letter of Acceptance from the Indore Development Authority (IDA) for a development project under Town Planning Scheme-08. The contract, valued at approximately Rs. 69 Crore, involves the development of a road from Kumedi to Lasudiya Mori, extending up to A.B. Road in Indore. The project is expected to be executed over a period of 30 months. The contract includes a 5% performance security and a 7.87% additional performance security. The project is not a related party transaction, and the promoter group has no interest in IDA.
Highway Infrastructure Limited has announced the receipt of a Letter of Acceptance from the Indore Development Authority (IDA) for a development project under Town Planning Scheme-08. The contract is valued at Rs. 69,68,72,955, plus applicable GST. The project involves the development of a road from Kumedi to Lasudiya Mori, extending up to A.B. Road in Indore.
The contract specifies a 5% performance security amounting to Rs. 3,48,43,648, which is valid for the contract period plus an additional three months. Additionally, a 7.87% additional performance security of Rs. 6,67,76,941 is required, valid until the stipulated time of completion plus three months. The project is to be executed over a period of 30 months.
The contract awarded by the IDA is a domestic order, and there is no involvement of international entities. The nature of the contract is the development of a road under the specified town planning scheme. The filing confirms that the promoter or promoter group companies do not have any interest in the IDA, and the contract does not fall within related party transactions.
The Indore Development Authority is responsible for the planning and development of infrastructure projects in Indore. The authority focuses on urban development, including road construction and town planning schemes, to enhance the city’s infrastructure.
Highway Infrastructure Limited specializes in infrastructure development projects, focusing on road construction and urban planning. The company prioritizes expanding its project portfolio through strategic contracts with government and development authorities.