IRB Infra bags Rs 3,200 crore road project in Maharashtra

IRB Infrastructure Developers Ltd today said it has bagged a Rs 3,200 crore road project in Maharashtra from National Highways Authority of India (NHAI).

The project is for 4-laning of Yedeshi-Aurangabad section of NH-211 from 100 km to 290.20 km in Maharashtra and will be executed as build-operate-transfer (BOT) on design- build-finance-operate-transfer pattern under NHDP-IV.

In a statement, the company said it has received Letter of Award after emerging as the preferred bidder for the project.

"The estimated project cost of the company is approximately Rs 3,200 crore with construction period of 910 days. The concession period for the same is 26 years," it added.

IRB already has in its portfolio 4-laning of Solapur to Yedeshi section of NH-211 from start to 100 km.

With the new project, the company will now be developing entire road length of 288 km from Aurangabad to Solapur, it further said.

Moreover, the company has sought Rs 558 crore as Viability Gap Funding from NHAI for the project, IRB said.

As on December 2013, the company had an order book of Rs 5,800 crore from the construction segment and post today's announcement, it has increased to Rs 8,600 crore, the company said, adding that the orders have to be executed in the next three to four years.

"This will provide increased visibility to IRB for the next three to four years," it added.

Post the announcement, the IRB scrip was trading at Rs 120.25 on the BSE, up 2.91 per cent, from the previous close.