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NHAI notes financial close for subsidiary's Rs. 2,160.00 Crores Bihar HAM highway project

Ceigall India's subsidiary has received an NHAI letter noting financial close for 4-laning of NH 139-W in Bihar on HAM mode.

By ScoutQuest · Wed 21 Oct 2026, 3:12 PM IST · 1 min read

Bid project cost

Rs. 2,160.00 Crores

Construction period

730 Days construction, 15 Year O&M

Financial close date

15-09-2026

Financial close noted by NHAI

Ceigall Sahebganj Bettiah Highway Limited, a subsidiary of Ceigall India Ltd, has received a letter from the National Highways Authority of India (NHAI) noting the financial close of its Bihar highway project. Financial close generally means the funding arrangements for a project are tied up and work can move ahead. This intimation follows the company's earlier letter dated 25th September 2026 on the same project.

Project snapshot

• Work: construction of 4 laning of Sahebganj Areraj Bettiah of NH 139-W in the State of Bihar
• Total length: 78.942 km, split into Section-1 Sahebganj to Areraj (38.362 km) and Section-2 Areraj to Bettiah (40.580 km)
• Project mode: Hybrid Annuity Mode (HAM)
• Bid project cost: Rs. 2,160.00 Crores
• Construction period: 730 Days
• Operation and maintenance period: 15 Year
• Financial close date: 15-09-2026

What this means

The project sits in the subsidiary, not directly in the listed company, so the listed company's economic interest in it comes through its holding in that subsidiary. Under the Hybrid Annuity Mode, a developer typically receives part of the project cost during construction, with the balance coming as annuity payments over the operation period — which is why both the construction timeline and the O&M tenure matter for how the money comes in.

What to watch

• Progress of construction against the 730 Days completion period.
• The 15 Year operation and maintenance phase that follows construction, since annuity receipts are spread across it.
• Further disclosures on the subsidiary and this project as they are made to the exchanges.

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