Mumbai, Aug. 31 -- Hazoor Multi Projects has received a letter of award from the National Highways Authority of India for user fee agency services at Paranur Fee Plaza at km 52.820 on the Tambaram-Tindivanam section of National Highway 45 in Tamil Nadu. The contract covers collection of user fee on the stretch from km 28.000 to km 74.500 and includes upkeep and maintenance of adjacent toilet blocks and recouping of consumable items. The company has informed the stock exchange of the development under the relevant listing regulations.
The appointment was secured through competitive bidding and the agency engagement is for a period of one year. Responsibilities include operating the fee plaza, maintaining public amenities and replenishing consumables to ensure serviceability and compliance with highway norms. The award documentation has been filed with annexures as required by disclosure rules.
The broad consideration for the contract as stated in the filing is Rs 193,85,14,635, which converts to Rs 1,938.51 million (mn) and is approximately Rs 1.94 billion (bn). Million (mn) is used hereafter. The amount in the original presentation comprised Rs 193 crore 85 lakh 14 thousand 635. The company indicated that there are no related party interests and that the order has been awarded by a domestic entity.
The managing director authorised the filing and the company has requested the exchange to take the award on record. Hazoor Multi Projects Limited will undertake the user fee collection and ancillary maintenance works as per the terms specified by the authority. The disclosure outlines the material terms, domestic nature of the award and the one year execution period for stakeholders and investors and regulatory compliance.
Published by HT Digital Content Services with permission from Construction World.