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| Exchange Disseminated Time 27/08/2016 14:26:32 | MEP Infrastructure Developers Ltd has informed BSE that one of Company's Subsidiary viz. Raima Toll Road Private Limited ("SPV and/or Concessionaire") had entered into the concession agreement with National Highways Authority of India ("NHAI") on April 10, 2013 for Operation and Maintenance of Madurai-Tirunelveli-Panagudi-Kannyakumari section from km.0.00 to km.243.170 (total length 243.170) in the state of Tamil Nadu [Package No.6 (NS)]. The Commercial Operation Date (COD) for the Project was achieved on September 22, 2013.
During the operations period, the Concessionaire was unable to implement the toll notification towards collection of toll dues from certain State operated transport agencies, resulting in significant ongoing loss of revenue for the Concessionaire. Further, also due to non-fulfilment of certain obligations by both the Parties, there have been claims made, which are in the process of being amicably settled.
As part of the amicable settlement process, it has been mutually agreed by the Parties for the concessionaire to hand over the operations of the toll plaza facilities to NHAI from August 25, 2016 at 08:00 hours. |
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