Home / Business and Economy / HG Infra Withdraws Major Maharashtra Projects
HG Infra Withdraws Major Maharashtra Projects
20 May
Summary
- HG Infra halted two Maharashtra projects due to execution uncertainty.
- MSRDC returned bank guarantees without explanation.
- The company awaits formal clarification from MSRDC.
HG Infra Engineering Ltd has opted not to include two major projects from the Maharashtra State Road Development Corporation (MSRDC) in its executable order book. The infrastructure firm cited uncertainty surrounding project execution and a lack of communication from MSRDC as reasons for this decision.
These projects, L1 bids for two EPC packages on the Nagpur-Chandrapur Access Controlled Super Communication Expressway, involved significant contract values. HG Infra had submitted bids for construction packages totaling over ₹3,500 crore. However, the bank guarantees submitted for these bids were returned by MSRDC without any stated reasons.
Following the return of the bank guarantees, HG Infra sought clarification from MSRDC regarding the project status and the reasons behind their action. As no formal response has been received to date, the company has prudently decided to exclude these projects from its current order book. HG Infra has committed to informing the stock exchanges of any material developments.
