IRB Infrastructure Developers has been selected for the six-laning of Tumkur-Chitradurga section of NH-4 in the state of Karnataka.
According to a stock exchange announcement, the company has received an official communication from the National Highway Authority of India (NHAI) by way of a Letter of Acceptance (LoA), dated May 19.
The stock exchange announcement further says that the NHAI has accepted the company's price bid and has declared IRB Infrastructure Developers as the "selected bidder" for the project design, build, finance and operation of six lanning of Tumkur-Chitradurga section (approximately 114 kms) of NH-4 in Karnataka.
The project falls under NHDP Phase V on BOT basis. Now, the company is required to form a Special Purpose Vehicle for this project as per provisions of the bid within 30 days of LoA, added the release.
Shares of IRB Infrastructure Developers gained 2.25 per cent on Friday and were trading at Rs 266.30 at 12.40pm.
