new delhi, Oct 23
The Gautam Adani-owned Adani Group has set up a new company called Sultanganj Sabour Road Limited (SSRL), with the specific mandate to construct roads in Bihar, at an initial investment of Rs 100,000 to incorporate the company, the Adani Group announced in a stock exchange filing made on Wednesday. SSRL has been established with the specific mandate of constructing the Ganga Path connecting the Sultanganj-Bhagalpur-Sabour Road in Bihar, the Adani Group said in its exchange filing. The project will be implemented in a hybrid mode, using the public-private partnership model, which has gained considerable popularity in infrastructure development.
The Adani Group has a successful track record in promoting businesses in the infrastructure sector. The group has developed several railway lines in India and abroad. Adani owns the longest private railway line in India, which is approximately 300 kilometres long. Adani’s private railway lines connect ports, mines and other commercial centers to ensure seamless and uninterrupted freight movement. “The formation of SSRL reflects Adani Enterprises’ commitment to expanding its presence in India’s infrastructure sector. By creating a dedicated subsidiary for this project, Adani Enterprises Ltd (AEL) aims to streamline its operations and capitalise on the growing opportunities for road construction and development across the country,” according to an AEL statement. Adani Enterprises Ltd (AEL) has complied with the SEBI Regulations, 2015, by promptly disclosing the incorporation of SSRL. This transparency ensures that shareholders and market participants always remain informed about important corporate and business developments. After the incorporation of the SSRL, construction of the Ganga Path, connecting Munger (Safiabad) to Bariyarpur, Ghorghat and Sultanganj, is set to move forward on a hybrid annuity mode with Adani Enterprises Limited (AEL) emerging as the lowest bidder. The project’s estimated to cost Rs 4,450.17 crore. Earlier, Adani Enterprises Limited (AEL) secured the L1 position with a bid of Rs 5,338 crore, which is 19.95 per cent above the estimated cost. Other participants in the bidding process included Vishwa Samudra Engineering Private Limited at Rs 5,509 crore (23.79 percent above estimated cost), Dineshchandra R Agrawal Infracon Pvt Ltd at Rs 5,514 crore (23.91 percent above estimated cost), and Ashoka Buildcon Limited at Rs 5,524 crore (24.13 percent above estimated cost).
HG Infra Engineering Limited and Dilip Buildcon Limited were disqualified from the bidding process.
The Ganga Path project spans a total length of 42 km, comprising a 30.12 km road and an 11.88 km elevated road. The project aims to improve connectivity, facilitate smoother transport, and boost economic growth along this key route in Bihar.
