Welspun bags Rs 1,460 cr road project in Maharashtra

Welspun Enterprises has bagged a Rs 1,460 crore road project from PWD in Maharashtra.
The company has received the letter of award from PWD, Government of Maharashtra, for upgradation of roads/two-laning of roads/ two-laning of roads with paved shoulder under Maharashtra Road Improvement Programme (MRIP) Package on Hybrid Annuity Mode (HAM) in Amravati.
The bid project cost is Rs 1,460 crore, with the project length being 352.15 km across 9 sub-packages, it added.
The company said it will receive from PWD 60% of the bid project cost during the construction phase, in five equal installments which would be paid upon achievement of physical progress milestones.
The balance 40% will be serviced through semi annual annuity payments over 10 years. The company said it has seven projects under hybrid annuity mode totalling over Rs 8,500 crore.
The company’s consolidated Q2 net profit rose 80% at Rs 31 crore against Rs 17.2 crore.