Infrastructure Project
G R Infraprojects Executes ₹1,453.57 Crore Highway Concession Agreement with NHAI
NSE
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BSE
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G R Infraprojects Limited announced that its wholly owned subsidiary, Nasarpore Malotha Highway Private Limited, has executed a concession agreement with the National Highways Authority of India (NHAI) for a highway upgradation project in Gujarat worth ₹1,453.57 crore under the Hybrid Annuity Model (HAM).
PRICE-SENSITIVE TRIGGER
Event: Execution of concession agreement between G R Infraprojects’ subsidiary and NHAI.
Type: Infrastructure Project
Impact: Positive
Immediate Effect: The agreement strengthens the company’s road infrastructure order book and enhances long-term revenue visibility through HAM-based execution.
Key Metrics:
- Estimated project cost: ₹1,453.57 crore (excluding GST)
- Project mode: Hybrid Annuity Mode (HAM)
- Execution timeline: 910 days from appointed date
- Project location: NH-56 section in Gujarat
Highlight Metric:
- Key Highlight: G R Infraprojects secured a ₹1,453.57 crore highway concession project from NHAI.
What Happened ?
G R Infraprojects informed stock exchanges that its wholly owned subsidiary, Nasarpore Malotha Highway Private Limited, executed a concession agreement with the National Highways Authority of India on May 18, 2026.
The project involves upgradation of an existing two-lane carriageway into a four-lane divided carriageway on the NH-56 section in Gujarat under the Hybrid Annuity Model.
The concession agreement marks another addition to the company’s infrastructure execution portfolio in the highways segment.
Key Details
Project Scope:
- Upgradation of existing two-lane carriageway to four-lane divided carriageway.
- Stretch located between Nasarpore village and Malotha village in Gujarat.
- Part of NH-56 highway infrastructure development.
Execution Structure:
- Project to be executed under Hybrid Annuity Model (HAM).
- Completion timeline fixed at 910 days from appointed date.
- Executed through wholly owned subsidiary structure.
Strategic Importance:
- Strengthens GR Infraprojects’ road EPC and HAM portfolio.
- Enhances long-term infrastructure revenue visibility.
- Supports execution pipeline in national highway expansion projects.
- Reinforces presence in Gujarat infrastructure development.
Note:
- The project has been awarded through NHAI under the HAM framework, which typically combines government support with private execution participation.
Risk Analysis
Key Risks:
- Delays in land acquisition or approvals.
- Raw material and construction cost inflation.
- Execution delays due to weather or operational disruptions.
- Working capital and project financing requirements.
- Margin pressure during long execution cycle.
Worst Case Scenario:
- Any major delay in execution, cost escalation, or regulatory bottleneck could affect project profitability and cash flow realization timelines.
Risk Level: Medium
Company Commentary
- Nasarpore Malotha Highway Private Limited has executed the concession agreement with NHAI.
- The project will be executed under Hybrid Annuity Mode.
- The estimated project cost stands at ₹1,453.57 crore excluding GST.
- The company requested exchanges to take the information on record.
Official Exchange Filing: G R Infraprojects Limited