G R Infraprojects Subsidiary Signs ₹2,440.87 Crore NHAI Deal for NH-33 Greenfield Highway Project in Bihar

G R Infraprojects Limited announced that its wholly owned subsidiary, Munger Link Highway Private Limited, has executed a concession agreement with the National Highways Authority of India (NHAI) for a major highway infrastructure project in Bihar. The agreement was signed on May 14, 2026, and involves the construction of a 4-lane Greenfield section of National Highway-33 connecting Mokama to Munger.

The total estimated project cost stands at ₹2,440.87 crore excluding GST. The project will be developed under the Hybrid Annuity Mode (HAM), one of the most widely used infrastructure development models in India for national highway projects.

The company disclosed the development under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Project Overview

The highway project involves the construction of a new 4-lane Greenfield corridor on NH-33 in Bihar. The proposed stretch will connect Mokama at Design Chainage 0+000 to Munger at Design Chainage 82+400.

The project aims to improve regional connectivity, reduce travel time, and strengthen transport infrastructure in Bihar. The Greenfield alignment is expected to support smoother traffic movement and improve logistics efficiency in the region.

The concession agreement formally appoints Munger Link Highway Private Limited as the project concessionaire responsible for construction and subsequent operations under the terms agreed with NHAI.

Key Project Details

Parameter	Details
Project Description	Construction of 4-lane Greenfield Section of NH-33 from Mokama to Munger in Bihar
Estimated Project Cost	₹2,440.87 crore (excluding GST)
Execution Mode	Hybrid Annuity Mode (HAM)
Completion Period	910 days from Appointed Date
Executing Entity	Munger Link Highway Private Limited
Parent Company	G R Infraprojects Limited
Agreement Counterparty	National Highways Authority of India (NHAI)
Agreement Date	May 14, 2026

Hybrid Annuity Mode Project Structure

The project will be executed under the Hybrid Annuity Mode framework, commonly known as HAM. This model combines features of Engineering, Procurement and Construction (EPC) and Build-Operate-Transfer (BOT) mechanisms.

Under HAM projects:

• The government typically provides a portion of the project funding during construction
• The developer invests the remaining capital
• Payments are received over time through annuity-based structures
• Traffic risk remains largely with the government authority

This structure is widely preferred in India’s road infrastructure sector because it reduces financial pressure on developers while supporting faster execution of large highway projects.

The HAM model has become a major driver of highway construction activity across India in recent years.

Strategic Importance of the NH-33 Greenfield Project

The NH-33 Greenfield highway project is expected to strengthen transport connectivity between Mokama and Munger in Bihar. Improved highway infrastructure can support:

• Faster freight movement
• Better regional trade connectivity
• Reduced logistics costs
• Improved passenger transportation
• Economic development across connected regions

The project also reflects continued government focus on expanding India’s national highway infrastructure network under large-scale road development initiatives.

For G R Infraprojects, the project further strengthens its order book and presence in the highway EPC and HAM infrastructure segment.

Role of Munger Link Highway Private Limited

Munger Link Highway Private Limited is a wholly owned subsidiary incorporated specifically for the execution of this infrastructure project.

The subsidiary will act as the concessionaire responsible for:

• Highway construction
• Project execution
• Compliance obligations
• Coordination with NHAI
• Operations under concession terms

Infrastructure companies often create special purpose vehicles (SPVs) or subsidiaries for large highway projects to streamline financing, project execution, and regulatory compliance.

Corporate Disclosure and Regulatory Compliance

The announcement was made by Company Secretary Sudhir Mutha on behalf of G R Infraprojects Limited.

The disclosure was filed with stock exchanges under applicable SEBI regulations relating to material developments and infrastructure project agreements.

The company requested exchanges to take the information on record as part of regulatory compliance requirements.

About G R Infraprojects Limited

G R Infraprojects Limited is one of India’s infrastructure development and EPC companies with operations across highways, roads, bridges, railways, and other infrastructure segments.

The company was formerly known as G.R. Agarwal Builders and Developers Limited.

Company Locations

Office Type	Location
Corporate Headquarters	Gurugram, Haryana
Head Office	Udaipur, Rajasthan
Registered Office	Ahmedabad, Gujarat

The company continues expanding its presence in India’s transportation and infrastructure development sector through EPC contracts and HAM-based highway projects.

Conclusion

The ₹2,440.87 crore NH-33 Greenfield highway project marks another significant infrastructure win for G R Infraprojects Limited and its subsidiary Munger Link Highway Private Limited.

The project strengthens the company’s highway development portfolio and reflects continued momentum in India’s road infrastructure sector under the Hybrid Annuity Mode framework.

With a completion timeline of 910 days, the project is expected to contribute to improved regional connectivity, transportation efficiency, and infrastructure development in Bihar.

What project has G R Infraprojects secured from NHAI?

G R Infraprojects’ wholly owned subsidiary, Munger Link Highway Private Limited, signed a concession agreement with NHAI for the construction of a 4-lane Greenfield section of NH-33 from Mokama to Munger in Bihar.

What is the total value of the NH-33 project?

The estimated project cost is ₹2,440.87 crore excluding GST.

Which subsidiary will execute the NH-33 highway project?

The project will be executed by Munger Link Highway Private Limited, a wholly owned subsidiary of G R Infraprojects Limited.

What is the completion timeline for the project?

The project is scheduled to be completed within 910 days from the Appointed Date.

What is Hybrid Annuity Mode (HAM)?

Hybrid Annuity Mode is a highway development model that combines features of EPC and BOT projects, where project funding is shared between the government and the developer, while payments are made through annuity structures.

Which highway will be developed under this project?

The project involves the development of a Greenfield 4-lane section of National Highway-33 connecting Mokama to Munger in Bihar.

When was the concession agreement signed?

The concession agreement between Munger Link Highway Private Limited and NHAI was executed on May 14, 2026.

Why is the NH-33 Greenfield project important?

The project is expected to improve regional connectivity, reduce travel time, strengthen freight transportation, and support infrastructure development in Bihar.

What does the project mean for G R Infraprojects?

The project strengthens G R Infraprojects’ order book and expands its presence in India’s highway and infrastructure development sector.

Where is G R Infraprojects headquartered?

G R Infraprojects is headquartered in Gurugram, Haryana, with its head office in Udaipur, Rajasthan, and registered office in Ahmedabad, Gujarat.