New Delhi, May 8 (PTI) Adani Enterprises on Friday said it has incorporated a wholly-owned arm NPRPL to develop a highway project under the Bharatmala program in Madhya Pradesh.

The wholly-owned subsidiary Nanasa Pidgaon Road Private Ltd (NPRPL) will develop and manage the project under hybrid annuity mode (HAM).

"The Company has incorporated a wholly owned subsidiary company namely, 'NPRPL' on 8th May, 2020," the company said in a filing to the BSE.

It said the subsidiary will carry out the development, maintenance and management of the project -- four-laning of Nanasa to Pidgaon section of NH-47 (Old NH-59A) (Indore-Harda, Pkg-III) under Bharatmala Pariyojana Phase-I (Economic Corridor) in Madhya Pradesh.

The cost of the acquisition or the price at which the shares are acquired is "Rs 1,00,000/- (10,000 Equity Shares of Rs. 10/- each)," it said.

The arm is yet to commence business operations, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)