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Listed real estate firm Omaxe Ltd has emerged as the successful bidder for two bus terminal projects by the Uttar Pradesh State Road Transport Corporation and will be developing the projects in Amausi in Lucknow and Ayodhya Dham at an estimated construction cost of ₹385 crore.
“With reference to the captioned subject, we wish to inform that the Company, in its ordinary course of business had participated in the bid, as Lead Member of the consortium and declared as a successful bidder by Uttar Pradesh State Road Transport Corporation (UPSRTC) on 16.02.2024 for development of 2 Bus Terminals, one at Amausi, Lucknow on land area of 20170 sq. mts. and the other at Ayodhya Dham on land area 36426 sq mts,” the company said in a regulatory filing.
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These Bus Terminals will be developed under Design, Build, Finance, Operate and Transfer (DBFOT) model on PPP basis. The Letter of lntents (LOIs) shall be issued by UPSRTC in favour of M/s Omaxe Ltd being Lead Member of the consortium, in due course of time, the company informed the exchange.
Be Together Developers Pvt Ltd and Radhika Buildwell Pvt Ltd are the two member companies of the consortium that is being led by Omaxe Ltd.
The two bus terminals will be developed under the design build, finance, operate and transfer model on a public-private partnership basis, the company said in a regulatory filing.
The bus terminal at Amausi Lucknow will be over 20,100 sq m, while the one at Ayodhya Dham would cover 36,426 sq m. The estimated construction cost for the Amausi Lucknow project is expected to be approximately ₹160 crore and for the Ayodhya Dham project ₹225 crore approximately, the company said in a regulatory filing.
Pursuant to the Concession Agreements and subject to the terms and conditions, the concessionaire, inter-alia, shall have exclusive right, license and authority to construct, operate and maintain the commercial complex and bus terminal commercial assets for a period of 90 years and bus terminal project facilities for a period of 35 years from the appointed date, the company said in the regulatory filing.
The Bus Terminal Project would be developed within an estimated time period of two years from the appointed date and commercial operation of the First Phase of Bus Terminal Commercial Assets and Commercial Complex, i.e. 40% of total built up area available for Bus Terminal Commercial Assets and Commercial Complex, would be completed within an estimated time of seven years from the appointed date, the company said.
On February 9, Omaxe Ltd reported a consolidated loss of ₹71.77 crore for the quarter ended in December 2023. Its loss stood at ₹109.11 crore in the year-ago period. Total income from operations rose to ₹601.90 crore in the third quarter of this fiscal year from ₹253.81 crore in the year-ago period, according to a regulatory filing.
Also Read: Omaxe to build sports facility, retail project at Dwarka; invests ₹2100 cr
The Omaxe board also approved re-appointment of Mohit Goel as Managing Director of the company for a period of five years with effect from April 1, 2024 to March 31, 2029 subject to the approval of shareholders.
The company has a presence in Delhi-NCR, Punjab, Haryana and Uttar Pradesh property markets.
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