Adani Enterprises wins HAM project from NHAI in Kerala

Adani Group has informed the bourses that it has won another hybrid annuity road project from National Highways Authority of India (NHAI). Adani Enterprises Limited (AEL) had recently participated in a tender issued by NHAI under hybrid annuity model (HAM) and received a letter of award (LoA) from the highway's authority for a road project in the state of Kerala. 

The project includes six laning of Azhiyur to Vengalam section of NH-17 (New NH-66) from Des. Ch. 189+200 (ex. km 188+000) to Des.Ch. 232+100 (Ex. km 230+400) [except six laning of Paloli to Moorad section from Des. Ch. 203+000 (Ex. km 201+590) to Des.Ch. 205+100 (Ex. km 203+900)] in the state of Kerala under Bharatmala Pariyojana. 

The project cost is worth Rs 1,838.10 crore. Its first year’s operating & maintenance (O&M) cost would be around Rs 8.65 crore. The estimated construction period would be 2.5 year while its operation period is of 15 years.  

With this project award, Adani Group will have a total of 6 NHAI road projects under HAM in the states of Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh and Kerala. 

Adani Enterprises is the flagship company of Adani Group, one of India’s largest business conglomerates. AEL is a fast-growing company with a diversified business portfolio that includes mining services, solar manufacturing, Agro, roads and airport services. 

On Thursday, the stock of AEL registered a fresh 52-week high of Rs 541. From its 52-week low of Rs 116.25 in March 2020, it has recovered by approximately 365 per cent.