MEP Infrastructure Developers, through a joint venture with a Spanish firm, has secured a bid to develop National Highways Authority of India’s (NHAI) road project in Gujarat under hybrid annuity mode.

The project involves the development of a four-lane road at Talaja-Mahuva section of NH 8E. The project cost is Rs6.4bn ($950m).

MEP Infrastructure Developers vice-chairman and managing director Jayant D Mhaiskar was quoted by Netindian.in as saying: "We have been able to maintain our winning run after being declared as successful bidder (L1) for the consecutive 5th project in last 8 weeks time for the hybrid annuity project.

"We are happy to enter in the state of Gujarat for hybrid annuity project and we are confident of completing the projects in a stipulated time frame and with the desired quality to play a significant role in the country’s infrastructure development."

"We are happy to enter in the state of Gujarat for hybrid annuity project and we are confident of completing the projects in a stipulated time frame and with the desired quality."

The project is under the new hybrid annuity mode, which is a combination of engineering, procurement and construction (EPC) and build operate transfer (BOT) system.

The NHAI and the private companies will share the total project cost in the ratio of 40:60, respectively.

MEP Infrastructure Developers has formed a joint venture with Sanjose India Infrastructure & Construction. MEP holds 60% stake in the JV.

The works are estimated to be carried out in a period is of two years and six months.