IRB Infra gets Rs 34-bn UP road project from NHAI

IRB Infrastructure Developers has bagged a Rs 34 billion road project from the NHAI in Uttar Pradesh to be developed on build, operate and transfer basis.

The scope of the work includes six laning of the 99.86 km stretch on Hapur Bypass, from Hapur to Moradabad in Uttar Pradesh, the company said in a statement today.

"We have a proven track record in the BOT space. With this project, the company's construction order book now stands at Rs 153 billion. This boosts the construction order book visibility for next three to four years," said Virendra Mhaiskar, chairman and managing director, IRB Infrastructure.

The total cost of the project is around Rs 34 billion and the company would have to pay a premium of Rs 315 million to the National Highways Authority of India (NHAI) from the fourth year as per the agreement.

IRB had recently bagged three projects under the hybrid annuity model (HAM).

The company at present has seven projects under the BOT space - three under HAM, four under the tolling and construction model, seven projects under operation and maintenance contracts as a project manager for IRB InvIT Fund, an infrastructure investment trust, and another two projects under advanced stages of construction.