MBL Infrastructure surrenders project

MBL Infrastructure, which is into the business of execution of civil engineering projects with specialisation in roads and highways, announced that the project awarded to the company has been surrendered. 

The project was related to six laning of Greenfield proposed Udaipur Bypass, which was a connection between NH-76 at exiting Km 118-500 at Debari to NH-8 Km 287-400 in Kaya village at Udaipur Bypass-length 23.883. 

The project was on hybrid annuity mode, package-4 under National Highways Development Project (NHDP) phase 5 in Rajasthan. The surrender was in the wake of non-submission of full performance guarantees by the bankers and accordingly was terminated by NHAI. However, the company still has two other Hybrid Annuity projects which it is executing and the company has duly submitted performance guarantees on the same. The stock is likely to remain in the limelight with the news in coming sessions.