Adani Enterprises rises on bagging lion’s share of Ganga Expressway project

NEW DELHI – Shares of Adani Enterprises rose 1.4 per cent in early trade on Tuesday after the flagship company of the Adani Group said it has received the letter of award from Uttar Pradesh Expressways Industrial Development Authority to implement three major stretches of the greenfield Ganga Expressway.

The counter rose to a high of Rs 1,625.00 against the previous close of Rs 1,589.95 on the National Stock Exchange.

In a press release on Monday, the company said that the deal, which is the largest-ever Indian expressway project awarded to a private company under the public-private partnership framework, would be cost over Rs 17,000 crore.

Adani Enterprises has received the letter of award from the Uttar Pradesh Expressways Industrial Development Authority to build 464 km from Budaun to Prayagraj, which comprises 80% of the expressway, which totals 594 km, reports said.

Adani Enterpriseswill be implementing threemajor stretches of the expressway on a DBFOT (Toll) basis over a concession period of 30 years, reports said.

According to the company’s statement, the UP government’s letter of award covers the development of access controlled six-lane (expandable to eight-lane) expressway in three groups — 151.700 km from Budaun to Hardoi, 155.7 km from Hardoi to Unnao, and 156.947 km from Unnao to Prayagraj.

With the latest project, the company’s road portfolio has grown to 13 projects with more than 5,000 lane km and an asset value exceeding Rs 35,000 crore, spread over nine states, namely, Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal, Odisha, and Uttar Pradesh, reports said.