Sadbhav Engineering starts financial closure for Rs 995-crore project
Sadbhav Engineering has begun the process of achieving financial closure for a Rs 995-crore highway project in Karnataka. The company has filed draft documents for the financial closure of Sadbhav Gagad Highway — a wholly-owned subsidiary of Sadbhav Engineering — to Karnataka State Highway Improvement Project.
The company had won a contract from the Karnataka state government for two-laning of two sections stretching 132 km between Gagad and Honnali in Karnataka under the Hybrid Annuity Model (HAM). Typically, under concession agreements for highway construction and redevelopment with the National Highways Authority of India (NHAI), the concession period begins after a project achieves financial closure.
