H.G. Infra Engineering Suspends Two MSRDC Projects from Executable Order Book Amid Uncertainty
H.G. Infra Engineering Limited announced an update on projects awarded by the Maharashtra State Road Development Corporation (MSRDC). Following the return of bank guarantees related to two major expressway packages, the company has decided to exclude these projects from its executable order book until clarity emerges from MSRDC.The developments relate to projects for the Construction of Nagpur-Chandrapur Access Controlled Super Communication Expressway in the State of Maharashtra. The company had previously been declared the L1 bidder by MSRDC for these specific packages.
The details of the two packages are as follows:
| Project Description | MSRDC Estimated Project Cost (INR in Crore) | Mode | Length (In KM) | HGINFRA Bid Project Cost (INR in Crore) |
|---|---|---|---|---|
| Construction of Nagpur-Chandrapur Access Controlled Super Communication Expressway (Package NC-04) from km 90+400 Chargaon Tq. Bhadravati to km 118+600 Nandgaon Kh Tq. Korpana Dist. Chandrapur (Length- 28.200 km) | 1554.45 | EPC | 28.2 | 1991.11 |
| Construction of Nagpur-Chandrapur Access Controlled Super Communication Expressway (Package NC-05) from km 118+600 Nandgaon Kh. Tq. Korpana to km 150+350 Jogapur Tq. Ballarpur Dist. Chandrapur (Length- 31.750 km) | 1654.92 | EPC | 31.75 | 2151.11 |
The company reported that the bank guarantees submitted against the bid security for these projects were returned by MSRDC. H.G. Infra Engineering noted that MSRDC did not communicate any reasons for the return of the guarantees.
Despite seeking clarification from MSRDC regarding the status and the reasons for the bank guarantee return, the company stated that no formal response has been received to date.
In light of these developments and considering the current uncertainty surrounding the potential execution of these projects, H.G. Infra Engineering Limited has prudently decided not to include the aforementioned packages as part of its executable order book until further clarity is received from MSRDC.
HGINFRA Stock Price Movement
H.G. Infra Engineering Limited shares shed 1.18% in after-hours trading today, settling at ₹594.75. The stock concluded the session on a total volume of 49,289 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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