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Ceigall India SPV Signs Over INR6 Billion Punjab Highway Project

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Ceigall India (NSE:CEIGALL, BOM:544223) said its special purpose vehicle, Ceigall Ambala Chandigarh Zirakpur, has signed a concession agreement worth 6.03 billion rupees with the National Highways Authority of India for a highway project in Punjab, according to a Wednesday filing on Indian bourses.

The project involves the construction of a 10.3 kilometer six-lane access-controlled spur road connecting the Ambala-Chandigarh section of NH-205A with the Zirakpur Bypass, the filing said.

The project will be executed under the hybrid annuity model and has an 18-month construction period followed by a 15-year operation and maintenance period, it added.

Shares of the company fell nearly 1% in recent trade.

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