IL&FS Transportation Networks Ltd announced on Monday that it had completed its Pune-Solapur Road Project over four months ahead of schedule.
“…the Provisional Completion Certificate was issued by National Highways Authority of India on August 23, 2013 for the
Pune-Solapur Road Project which was awarded to the Company…The Company has commissioned the Project 145 days ahead of Scheduled Project Completion Date,” said the exchange announcement.
The agreement for the project was signed on September 30,2009 and the financing arrangement for financial closure or tying up the necessary capital for it was done on January 25, 2010, according to the company’s website.
The road is 101 kilometres long with a cost of Rs.835 crores. The construction period was set at 30 months.
The stock was up 2%, trading at Rs 122.5 at the time of writing. In comparison, the Sensex was up 0.57%.
“The Project is on toll basis with a concession period of’ 19 years and 295 days comprising of Tolling and Operations &Management period of 18 years,” added the exchange announcement.
This would mean that the company can collect toll on the project for 19 years and 295 days but with the responsibility of maintaining and managing it for 18 years.