IRCON emerges lowest bidder for highway construction project

IRCON International on Friday announced that it emerged as the lowest bidder for construction of eight-lane access-controlled expressway.

The expressway starts from Bhoj to Morbe section-SPUR of Vadodra Mumbai Expreesway in the state of Maharashtra. The project will be executed under Hybrid Annuity Mode under Bharatmala Pariyojana.

The project was floated by National Highways Authority of India on competitive bidding and value of the project is approximately Rs 1436 crore. The completion period of the project is two and half years.

This work will be undertaken & executed by a Special Purpose Vehicle which shall be incorporated by IRCON as its wholly-owned subsidiary company.

In a separate announcement, IRCON said it entered into a share subscription and shareholders' agreement with Ayana Renewable Power for the execution of the project of setting-up 500 MW solar power plant through joint venture company which will be incorporated by IRCON and Ayana.

IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 30 September 2021, the Government of India held 73.18% stake in the company.

The company reported a 49.8% increase in consolidated net profit to Rs 125.94 crore on a 46.4% rise in net sales to Rs 1,523.19 crore in Q2 FY22 over Q2 FY21.

Shares of IRCON International ended 1.64% lower at Rs 45.05 on Friday.

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