HG Infra Forms SPV for ₹1,582 Crore Capital Region Ring Road Project in Odisha
H.G. Infra Engineering Limited (HGIEL) has officially formalised its entry into a major Odisha road project by incorporating a wholly owned subsidiary, H.G. Gobindpur Tangi Highway Private Limited. This Special Purpose Vehicle (SPV) was established following the receipt of its incorporation certificate from the Ministry of Corporate Affairs on April 18, 2026.
The whole point is to keep the financials separate and make decisions easier for this major highway contract.
Project Scope and Route Details
This project is known as Package-III of the Capital Region Ring Road. Building a 40.33 km six-lane access-controlled highway, which starts at Gobindpur on NH-55 and stretches out to Tangi (right near Bandola Toll Plaza) on NH-16. And there’s a reason why this matters—it’s part of a massive infrastructure push in Odisha, meant to ease traffic in the congested twin cities of Cuttack and Bhubaneswar. The new highway will act as a bypass for heavy vehicles.
Financial Valuation and Timeline
The contract value stands at Rs 1,582.11 crore, and HGIEL will do the job under the Hybrid Annuity Mode (HAM), where risk and rewards get balanced between the government and the private developer. As per NHAI’s mandate, HGIEL needs to wrap up construction within 910 days.
Corporate Structure and Ownership
HGIEL set up the subsidiary with Rs 15 lakh in capital, broken into 150,000 equity shares with a face value of Rs 10 each. HGIEL owns 100% of this SPV, making it a related party transaction. The subsidiary hasn’t posted any turnover yet—it’s just been formed—but it’s the entity HGIEL will use to handle all project milestones and governance.
