MPRDC terminates concession agreement with Mahakaleshwar Tollways Pvt Ltd

Mahakaleshwar Tollways Private Limited (MTPL) [Concessionaire for four laning of the Indore-Ujjain portion from Ch. 5/2 to Ch. 53 on State Highway 27 on a DBFOT pattern, on a BOT Toll basis in the state of Madhya Pradesh] an Associate of Bharat Road Network Limited has received a Notice dated 27.01.2022 from M.P. Road Development Corporation Ltd ("MPRDC" or "Authority"), for Termination of Concession Agreement (CA) entered into between MTPL and MPRDC, under clause 37 of the CA with effect from 28.01.2022, alleging Concessionaire default.

As per the said Notice, the Authority is deemed to have taken possession and control of Project Highway forthwith and has directed MTPL to hand over the land and other immovable property to representative of Authority forthwith complying with other related allied obligations in aforesaid clause.

It may be noted that MTPL had earlier issued a cure period notice to MPRDC on 8th September, 2021 seeking MPRDC to cure the defaults from their side. This action by MPRDC seems to be a counter to the cure period notice issued by MTPL. MTPL is taking appropriate legal steps to protect its interest.

Shares of Bharat Road Network Limited was last trading in BSE at Rs. 36.80 as compared to the previous close of Rs. 34.00. The total number of shares traded during the day was 71887 in over 617 trades.

The stock hit an intraday high of Rs. 39.80 and intraday low of 32.75. The net turnover during the day was Rs. 2680468.00.

Source : Equity Bulls

Keywords

BharatRoadNetwork INE727S01012 BRNL MPRDC ConcessionAgreement Termination Mahakaleshwar Tollways