H.G. Infra Drops ₹4,142 Crore MSRDC Maharashtra Expressway Projects From Order Book
H.G. Infra Engineering has removed two Nagpur-Chandrapur Access Controlled Super Communication Expressway packages (NC-04 and NC-05) from its executable order book after MSRDC returned the company's bank guarantees without providing any reasons. The total bid project cost for the two EPC packages stands at ₹4,142.22 crore, spanning approximately 60 km in Maharashtra. The company, which was declared the L1 bidder, has stated it will await further clarity from MSRDC before accounting for the projects.
*this image is generated using AI for illustrative purposes only.
H.G. Infra Engineering has decided to exclude two projects awarded by the Maharashtra State Road Development Corporation (MSRDC) from its executable order book. The decision follows the unexpected return of bank guarantees submitted by the company for these projects, with no reasons communicated by the authority. Consequently, the company has opted for prudence and will not account for the projects until further clarity is received from MSRDC.
The company had previously disclosed that it was declared the L1 bidder for two packages of the Nagpur-Chandrapur Access Controlled Super Communication Expressway. The projects were to be executed on an Engineering, Procurement, and Construction (EPC) mode. Despite being the lowest bidder, the company has not received a formal response from MSRDC regarding the status of the projects or the return of the bank guarantees.
Project Details
The two packages involve the construction of the expressway in the state of Maharashtra. The total length of the projects spans approximately 60 km. The table below outlines the specific details of the packages, including the estimated costs and bid amounts.
| Project | 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 | 1554.45 | EPC | 28.20 | 1,991.11 |
| 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 | 1654.92 | EPC | 31.75 | 2,151.11 |
Current Status
The total bid project cost for the two packages amounts to ₹4,142.22 crore. Following the return of the bank guarantees and the lack of communication from MSRDC, H.G. Infra Engineering has deemed the execution status uncertain. The company stated that it will keep the stock exchanges informed of any material developments in accordance with applicable laws.
Historical Stock Returns for HG Infra Engineering
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.09% | -1.01% | -1.14% | -31.71% | -47.07% | +63.85% |
Will MSRDC re-tender the Nagpur-Chandrapur Expressway packages, and could H.G. Infra Engineering face stiffer competition or revised cost estimates in a fresh bidding process?
How might the exclusion of ₹4,142.22 crore worth of projects from H.G. Infra's executable order book impact its revenue guidance and stock valuation in the near term?
Could the unexplained return of bank guarantees signal broader financial or administrative challenges within MSRDC that may affect other ongoing or planned infrastructure projects in Maharashtra?
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