Ceigall India announced that its subsidiary, Ceigall Sahebganj Bettiah Highway Limited, has received financial close approval from the National Highways Authority of India (NHAI) for a major infrastructure project in Bihar. The intimation was filed with stock exchanges on October 21, 2026, confirming the completion of funding arrangements for the construction and operation of a key national highway.

The project involves the four-laning of Sahebganj Areraj Bettiah on National Highway 139-W, spanning a total length of 78.942 km. The work is divided into two sections: Section 1 covers the stretch from Sahebganj to Areraj (38.362 km), while Section 2 covers the stretch from Areraj to Bettiah (40.580 km). The entire initiative is being executed under the Hybrid Annuity Mode (HAM), a common structure for public-private partnership projects in India's road sector.

Project specifics and timeline

The bid project cost for this infrastructure development is fixed at ₹2,160 crore. The financial close date is recorded as September 15, 2026. Under the HAM model, the contractor is responsible for financing a portion of the project cost, with the government providing annuity payments over the concession period. This structure shifts significant execution risk to the developer while ensuring steady cash flows post-completion.

The timeline for the project includes a 730-day construction period, followed by a 15-year operations and maintenance (O&M) period. This long-term O&M commitment ensures that the subsidiary will have a sustained revenue stream from maintenance contracts after the initial construction phase concludes.

Regulatory compliance and disclosure

This announcement is made pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It follows an earlier letter dated September 25, 2026, which likely contained preliminary updates regarding the project status. The company confirmed that the detailed information has been uploaded to its official website for public access.

The achievement of financial close marks a critical milestone for the subsidiary, transitioning the project from the bidding and agreement phase to active execution. For investors, this signifies that the necessary debt and equity commitments have been finalized, reducing the risk of project delays due to funding gaps.

Ceigall India Limited received the Completion Certificate for its ₹1,659.84 crore Delhi–Saharanpur Highway project on October 12, 2026. The certificate confirms the completion of all works for the six-lane access-controlled stretch of National Highway 709B in Uttar Pradesh.

The project, executed jointly with Gayatri Projects Limited for the National Highways Authority of India (NHAI), covers a 16.85-km section from the Delhi/UP Border to the Eastern Peripheral Expressway (EPE) Junction. This stretch is part of the Economic Corridor under Phase I of the Bharatmala Pariyojana, the government’s flagship programme to enhance highway connectivity.

Project Timeline and Execution Details

The Authority’s Engineer declared the highway fit for entry into operation with effect from September 12, 2024. This declaration occurred within the 30-day cure period following the extended completion date of August 15, 2024. The project was originally awarded on April 16, 2022, with a scheduled completion date of November 7, 2023.

Ceigall India will undertake Operation & Maintenance of the stretch at ₹2.88 crore per annum, plus escalation. Ramneek Sehgal, Chairman & Managing Director, stated that the certificate adds to the company’s track record of delivering large and complex highway works. He emphasized that such corridors are critical for regional connectivity and faster movement of goods into the National Capital Region.

Strategic Positioning

This milestone reinforces Ceigall India’s position as an infrastructure developer with over 24 years of EPC expertise. The company continues to execute projects across roads, metro, renewable energy, and power transmission sectors. It holds long-term and short-term credit ratings of IND AA-/A1+ from India Ratings.