Team News Riveting
Ahmedabad, December 20
Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, India’s fastest-growing integrated infrastructure group, has received the Letter of Award (LoA) from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) to implement three major stretches of the greenfield Ganga Expressway on a DBFOT (Toll) basis. The concession period shall be 30 years.
The Ganga Expressway in Uttar Pradesh, which will connect Meerut with Prayagraj, will be India’s longest expressway to be implemented on DBFOT basis. Of its 594-km length, AEL will build 464 km from Budaun to Prayagraj, which comprises 80% of the expressway project. The LoA to AEL 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.
“India is building at a record pace the road infrastructure it needs for its development and we are delighted to play a role in building a network of world-class road connectivity all across the nation,” said K P Maheshwari, CEO, Road Business. “This Letter of Award to build the Ganga Expressway, India’s longest, is further evidence of the Adani Group’s ability and speed of execution in managing complex, world-class infrastructure projects for the nation.”
With this LoA from UPEIDA, AEL’s road portfolio has grown to 13 projects with more than 5,000 lane kms and an asset value exceeding Rs. 35,000 Cr. spread over nine states in India – Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, Kerala, Gujarat, West Bengal, Odisha and Uttar Pradesh. The portfolio has a mix of HAM (Hybrid Annuity Mode), TOT (Toll-Operate-Transfer) and BOT (Build-Operate-Transfer) type assets.
Adani Enterprises Limited (AEL) is the flagship company of the Adani Group, India’s fastest-growing diversified organisation. AEL has focused on incubating emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built unicorns like Adani Ports & SEZ, Adani Transmission, Adani Power, Adani Green Energy and Adani Total Gas, the company has contributed significantly to make the country self-reliant with its portfolio of exciting businesses.
The next-generation of its strategic business investment is centred around airport management, roads, data centres and water infrastructure which have significant scope for value unlocking. This has led to robust returns to shareholders. Rs. 150 investment in Adani Enterprises, which was the group’s first IPO in 1994, has grown to Rs. 5,24,000.
