IRB Infra preferred bidder for Rs 1,500-cr road project

IRB Infrastructure Developers Ltd today said it has emerged as a preferred bidder for a Rs 1,500-crore road project in Maharashtra.

"The company has emerged as a preferred bidder for the project of four laning of Solapur to Yedeshi section of NH-211...In the State of Maharashtra," the company said in a filing to BSE.

The project, to be executed on design, build, finance, operate and transfer (DBFOT) pattern, falls under phase four of the national highways development programme, the company said.

The construction period of the project is fixed at 910 days and the company has sought Rs 189 crore as viability gap funding (VGF) from National Highways Authority of India.

VGF is typically provided in competitively bid projects. Under VGF, the central government meets up to 20 per cent of capital cost of a project being implemented in public private partnership (PPP) mode by a central ministry, state government, statutory entity or a local body.

"The concession period is 29 years," the company added.