IRCON International said that it has been appointed as 'project implementation agency' for a road project in Myanmar by Ministry of External Affairs (MEA), Government of India.
The project involves the construction of a road from Paletwa (Myanmar) to Zorinpuri (Mizoram) under Kaladan Multi-Modal Transit Transport Project (KMMTTP) in Myanmar at a lump sum cost of Rs 1780 crore on engineering, procurement, and construction (EPC) mode. The duration of the project shall be forty months.
IRCON International is an engineering and construction, specialized in transport infrastructure and is wholly owned by the Ministry of Railways. As of 31 December 2021, the Government of India held 73.18% stake in the company.
The company's consolidated net profit rose 32.74% to Rs 135.53 crore on a 30.08% increase in sales to Rs 1761.85 crore in Q3 FY22 over Q3 FY21.
The scrip advanced 2.04% to end at Rs 40.10 on the BSE yesterday.
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