Mumbai Metropolitan Region Development Authority (MMRDA) has received approval for Mumbai-Pune-MTHL Interchange (Chirle) Elevated Road Project (NH-348, NH-48).
The completion period of the project is 30 months. The project involves construction of 7.35 km long elevated corridor road connecting from Mumbai-Pune expressway to MTHL interchanger at Chirle on NH-48 from 105.4 km to 108.15 km and from 12.5 km to 17.1 km on NH-348 in Maharashtra. The project is being implemented on EPC mode. The two six-lane elevated corridors will be connecting Chirle to Gavhan Phata and Palaspe to Mumbai-Pune expressway. The estimated cost of the project is Rs 10 billion. Bharat Highways InvIT IPO subscribed 37 per cent on first day
The initial public offering (IPO) of Bharat Highways InvIT, an infrastructure investment trust, saw a subscription of 37 per cent on its first day of offer. The sale received bids for 3,83,46,450 units against 10,30,12,800 units on offer.
In the institutional investors category, 0.25 million units were picked up against 56.10 million units on offer, while the other investors category was subscribed 81 per cent. Bharat Highways InvIT also collected Rs 8.26 million from anchor investors. The Rs 25 billion public issue of Bharat Highways will conclude on March 1, 2024, with a price band of Rs 98-100 per unit.
The proceeds from the issue will be utilised to provide loans to the project special purpose vehicles (SPVs) for the repayment of their outstanding loans.