GVK Power to exit Rs 3,000 crore Shivpuri-Dewas road project

GVK Power and Infrastructure is likely to receive government’s approval to exit its Rs 3,000-crore Shivpuri-Dewas road project. The full board of the National Highways Authority of India had decided to allow the company to end the contract without en-cashing its bank guarantee.  The company had agreed to pay NHAI a premium of Rs 180 crore for the project in 2012, but decided to terminate the contract in January last year. GVK did not give any reason, but the project to widen 330 km of National Highway-3 to four lanes in Madhya Pradesh was delayed by environmental and other clearances, including right of way. GVK Power & Infrastructure is engaged in infrastructure development in areas of power, airports and roads. Incorporated in 1994, the company till date has invested over Rs 5,000 crore in infrastructure projects.