Companies

IRB Infrastructure Developers confident of bagging projects this fiscal

Venkatesh Ganesh Mumbai | Updated on November 04, 2019 Published on November 04, 2019

NHAI has terminated some of the projects awarded in Southern region primarily due to delay in land acquisition

IRB Infrastructure Developers has said that it is confident of bagging projects in this fiscal even as it saw two such projects terminated a couple of days back.

On November 2, said that NHAI has terminated concession agreements to its two SPVs, IRB PP Project Private Limited and IRB PS Highway Private Limited, which had bagged projects in Tamil Nadu- Puducherry region.

Also read:NHAI terminates concession pacts of 2 IRB Infrastructure road projects

“Even with the termination of these two concession agreements, the company is confident of continuing growth in the construction vertical for current and next year, given the robust order pipeline being evaluated by NHAI for Build Operate Transfer – likely to be awarded during the next couple of quarters,” a company spokesperson told BusinessLine.

NHAI has terminated some of the projects awarded in Southern region for multiple players, including 2 Tamil Nadu HAM projects won by IRB in March 2018, primarily due to delay in land acquisition. This development has been informally doing the rounds for a while and a final confirmation has come in now from NHAI, the spokesperson said.

Published on November 04, 2019
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