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Toll-road builder IRB Infrastructure Developers has won a Rs 3,400-crore Build-Operate-Transfer (BOT) project from the National Highways Authority of India (NHAI), increasing its construction order to Rs 15,300 crore with a three-four year visibility.
The project comprises six-laning of the 99.867-km stretch on NH-9 (earlier NH-24) on the Hapur Bypass, from Hapur to Moradabad, in Uttar Pradesh. IRB, which will get tolling rights on the project, will pay a premium of Rs 31.5 crore to NHAI from the fourth year from the appointed date according to the provisions of the concession agreement, the company said in a statement.
The concession period of the project is 22 years, it added.
“We have a proven track record in the BOT space and bagging another project in the space is another jewel in the crown for us. This once again acknowledges the high trust and confidence in our domain expertise, rich experience and execution capabilities demonstrated over the last two decades,” Virendra D. Mhaiskar, Chairman & Managing Director at IRB, said.
Recently, IRB received Letter of Award (LoA) from NHAI for three projects bagged under the Hybrid Annuity Model (HAM). These projects, with a project cost of about Rs 5,508 crore, are based out of Tamil Nadu and Gujarat.
Shares in IRB closed up 0.39 per cent at Rs 218.65 on a weak BSE, which ended down 0.39 per cent on Thursday.
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