IRB Infrastructure Developers Ltd today said it has signed an agreement with National Highways Authority of India (NHAI) for four-laning of NH-17 from Goa/Karnataka Border up to Kundapur, with the project cost estimated at Rs 2,600 crore.
"The Project is to be executed on DBFOT (toll) pattern with a concession period of 28 years... Estimated project cost is approximately Rs 2,600 crore and the construction is to be completed within 910 days from the appointed date," IRB said in a filing to the Bombay Stock Exchange.
The agreement has been signed by the company through a wholly-owned subsidiary, IRB Westcoast Tollway Pvt Ltd. The project is being developed under National Highways Development Programme (NHDP) phase IV on Design, Build, Finance, Operate and Transfer (DBFOT) basis.
The company added that the scope of work for the project involves upgradation of existing section of NH-17 between Goa/Karnataka Border and Kundapur from existing 2 lane highway to 4 lane highway.
The construction is to be completed within 910 days from the appointed date and IRB Infrastructure's subsidiary will get tolling rights upon completion of construction, it further said.
The company has sought a grant of Rs 536.22 crore from NHAI to execute the project.
Meanwhile, in a separate filing, IRB Infrastructure also said that its promoter Virendra Mhaiskar has marginally increased his stake in the company to 25.11 per cent by buying shares worth Rs 5.87 crore. Before the transaction, Mhaiskar used to hold 24.95 per cent stake in the company.
The company's scrip ended the day at Rs 113.05 on the BSE, up 1.39 per cent from the previous close.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.