IRB Infra gains on bagging Rs 2,300-cr project from NHAI

The company has received letter of award from National Highways Authority of India (NHAI) for the project in the state of Haryana.

IRB Infrastructure Developers has strengthened by 5% to Rs 121 in an otherwise weak market after the company said it has bagged an order worth around Rs 2,300 crore from National Highways Authority of India (NHAI).

The company has emerged as a selected bidder and received a letter of award from NHAI for the project of four laning of Kaithal - Rajasthan border section of NH-152/65 from km 33.250 to km 241.580 (design length 166 km) in the state of Haryana to be executed as BOT (Toll) on design, build, finance, operate and transfer basis (DBFOT) pattern under NHDP Phase – IV, IRB Infrastructure said in a statement.

The estimated project cost is Rs 2,300 crore, with construction period spanning 910 days. The concession period for the same is 27 years, the company added.

IRB Infrastructure Developers has sought Rs 234 crore viability gap funding from NHAI.

On April 29, the company said that it had bagged an order worth around Rs 3,200 crore from NHAI for the project of four laning of Yedeshi-Aurangabad section of NH-211 in the state of Maharashtra.

The stock opened at Rs 117 and touched a high of Rs 122 on the NSE. A combined 3.61 million shares changed hands on the counter so far on the NSE and BSE.