This update relates to disclosures made on May 21, 2024, when the company was identified as the L1 bidder for two EPC packages under the Nagpur–Chandrapur Access Controlled Super Communication Expressway project in Maharashtra.
The first package involves construction from Chargaon (Bhadravati taluka) to Nandgaon Kh (Korpana taluka, Chandrapur district), extending over 28.20 km. The estimated project cost stands at ₹1,554.45 crore, while HG Infra’s bid for the project is ₹1,991.11 crore.
Also Read: HG Infra secures ₹3,931-crore highway project from Welspun Enterprises in Maharashtra
The second package runs from Nandgaon Kh (Korpana taluka) to Jogapur (Ballarpur taluka, Chandrapur district), covering 31.75 km. This project’s estimated cost is ₹1,654.92 crore, and HG Infra’s bid amount is ₹2,151.11 crore.
The company mentioned that the bank guarantees provided as bid security for the projects were returned by MSRDC without any reasons being given. Consequently, HG Infra sought clarification regarding the status of the projects and the reasoning behind the return of the bank guarantees, yet has not received any formal response from MSRDC so far.
Given these circumstances, HG Infra has prudently chosen not to incorporate the projects into its executable order book until further clarity is obtained. The company also stated it will keep stock exchanges updated on any significant developments as required by applicable law.
Also Read: Afcons, HG Infra stocks jump up to 8% following ₹11,000 crore order wins
Shares of HG Infra Engineering Ltd closed at ₹592.00, down by ₹6.85, or 1.14%, on the BSE.
