Arun Bhagat, EVP and group head - corporate communications, GMR Group told CNBC-TV18, this decision is well thought of and the company waited for more than 200 days before exiting it. As mentioned in the NHAI contact, GMR was supposed to get environmental clearance for this project within a year, he added.
Its subsidiary GMR Kishangarh Udaipur Ahmedabad Expressways won this project in September, 2011. It had entered an agreement with NHAI for six laning of this highway .
This is GMR's second exit from a project after it was forced to leave the Male Airport modernisation on opposition from the ruling party in Maldives late last year.
Meanwhile, CNBC-TV18 learns from sources that NHAI will be moving the Supreme Court against the Environment Ministry this week for delayed clearances, which resulted in both GMR Infra and GVK pulling out of projects.
At 13:38 hrs GMR Infrastructure was quoting at Rs 20.15, down Rs 0.40, or 1.95%.
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