Shares of MEP Infrastructure Developers surged nearly 10 percent in intraday on Wednesday after the company's UAE subsidiary bagged an engineering, procurement, and construction (EPC) contract in the Democratic Republic of Congo.

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The company's subsidiary Victory Infra LLC has been identified as the preferred contractor for the engineering, procurement, and construction of Kasumbalesa Dry Port in the Democratic Republic of Congo (DRC), MEP Infrastructure developers said in a filing to the stock exchanges on Wednesday.

For the contract, Victory Infra LLC, which is incorporated in the United Arab Emirates, entered into an agreement with Yellowstone DRC SARL, which is a private firm incorporated in DRC, the company informed the bourses.

Victory Infra LLC has received the contract from Yellowstone DRC SARL to maintain, operate and manage Kasumbalesa Dry Port.

The contract fees are estimated between $14 million and $18 million per annum with an escalation of 5 percent year-on-year. The operation and management contract will be for 12 Years from the Commercial Operation date post completion of construction with potential for a six-year extension.

The Mumbai-headquartered MEP Infrastructure Developers is a leading infrastructure company engaged in toll management. The company, which was founded in 2002 by the Mhaiskar family, has operations in 12 states across India.

Shares of MEP Infra are trading 14 percent higher at Rs 11.50.