Infrastructure developer Dilip Buildcon on Tuesday said it has incorporated a special purpose vehicle (SPV) for road project worth Rs 882 crore in Gujarat. ”The company has incorporated a special purpose vehicle (SPV) for a new HAM (hybrid annuity mode) project named as Dhrol Bhadra Highways as a wholly-owned subsidiary of Dilip Buildcon,” the company said in a regulatory filing.

The product is for four-laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH151A in Gujarat through public-private partnership on design, build, operate and transfer (the DBOT annuity or hybrid annuity) basis.

In November 2019, the government approved the HAM for building National Highways to speed up the construction of roads in the country. Shares of Dilip Buildcon were trading 0.37 percent lower at Rs 393.80 apiece on BSE.