Ceigall India Limited has announced a significant milestone for its Hybrid Annuity Mode (HAM) highway project in Haryana. The Independent Engineer has certified that the Special Purpose Vehicle (SPV), Ceigall Jalbehra Shahbad Greenfield Highway Private Limited, has achieved 90.03% physical progress as of February 18, 2026. This progress corresponds to Payment Milestone – 10 for the construction of the 4-Lane Greenfield Jalbehra Shahbad Section of NH 152G.
Significant Milestone Achieved for NH 152G Project
Ceigall India Limited formally informed the stock exchanges regarding an update on its ongoing infrastructure development project. The project, titled “Construction of 4 Lane Greenfield Jalbehra Shahbad Section of NH 152G Start from Km 0+000 to Km 22+850(Part of Shahbad – Thol Feeder Route) in State of Haryana on Hybrid Annuity Mode under Bharatmala Pariyojana Phase I,” is executed through its wholly-owned subsidiary, Ceigall Jalbehra Shahbad Greenfield Highway Private Limited (SPV).
Independent Engineer Certification
The management confirmed that the Independent Engineer (IE) issued a recommendation on 18.02.2026. Based on this recommendation, the IE has officially determined the physical progress of the project to be 90.03%. This level of completion meets the criteria for Payment milestone – 10 for the specified SPV.
Project Details Overview
As detailed in the company records, this project, which falls under the HAM Model, involves a total bid cost of ₹6,840.00 million. The concession agreement, signed with NHAI, outlines a 15-year operation and maintenance period, following the construction timeline which commenced following the approval date of June 2, 2023. The total construction length is approximately 22.850 km. Financial arrangements for the project include equity infusion totaling ₹554.0 million, alongside significant debt financing from term loans.
Source: BSE
