Ceigall India Limited has informed the Exchange about General Updates Intimation of Financial Close for Project Ceigall Ludhiana Bhatinda Greenfield Highway Private Limited
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Ceigall India's wholly-owned subsidiary, Ceigall Ludhiana Bhatinda Greenfield Highway Private Limited, has received confirmation from NHAI of financial close for a 6-lane access-controlled greenfield highway project in Punjab. The project, part of the Ludhiana-Ajmer Economic Corridor under Bharatmala Pariyojana Phase-I, has a bid cost of INR 981 crore and will be executed under the Hybrid Annuity Mode (HAM). The construction period is 24 months, followed by a 15-year operation period from the commercial operation date. Financial close was achieved on 15 May 2025, enabling the company to start drawing on project funding and begin construction.
This is a positive milestone for Ceigall India, as financial close unlocks the project's debt and equity funding, paving the way for construction to start and revenue to be recognized over the build and operation phases. It reduces execution risk on this large order and supports the company's order book momentum, which is likely to be viewed favorably by the market.