The project, awarded under the Hybrid Annuity Mode (HAM), is a key part of the Ludhiana-Ajmer Economic Corridor in Punjab. The contract involves developing a 25.24 km stretch, connecting NH44 near Village Rajgarh to the Delhi-Katra Expressway (NE 5) near Village Ballowal.

The estimated project cost is Rs 864.97 crore, while the bid project cost, as per the LOA, stands at Rs 1,063.79 crore. Ceigall India secured the project with a bid price of Rs 923 crore, and the completion timeline for the project is set at 24 months.

This project was initially awarded to Ceigall India in June 2022 at a bid project cost of Rs 702 crore. However, it was later revoked due to the unavailability of the construction site.

"In this regard, kindly note that the same project was earlier awarded to the company by NHAI vide LOA dated 2 June 2022, with a bid project cost of Rs 702.00 crore. However, it was subsequently amicably revoked due to the non-availability of the construction site," it added.

Ceigall India is an infrastructure engineering, procurement, and construction (EPC) company undertaking specialized structural works such as elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, expressways, and runways. The principal business operations are broadly divided into EPC projects and hybrid annuity model (HAM) projects.

The company’s consolidated net profit fell 7.5% despite a 19.5% increase in net sales to Rs 830.54 crore in Q3 FY25 over Q3 FY24.