Highways developer IRB Infrastructure Developers on Wednesday said it has emerged as the preferred bidder for executing a stretch of the upcoming Vadodara-Mumbai Expressway at a cost of Rs 1,755 crore in Gujarat.
The project is a part of the 'Bharatmala Pariyojana' phase 1, being executed by the National Highways Authority of India (NHAI).
"IRB Infrastructure Developers Ltd...has emerged as a preferred bidder for construction of eight lanes of VadodaraMumbai Expressway in Gujarat on the GandevaEna stretch having length 27.500 kms with the project cost of Rs 1,755 crore," the company said in a statement.
The project will be executed on hybrid annuity mode (HAM).
"We are happy to see the company being awarded another section of prestigious VadodaraMumbai Expressway in Gujarat. Winning this project once again validates our domain expertise, rich experience and execution capabilities demonstrated over last two decades," IRB Infrastructure Chairman and Managing Director Virendra D Mhaiskar said.
The project is a greenfield project and the concession comprises 730 days for construction and 15 years operations and maintenance rights thereafter.
The company said its order book will stand at Rs 13,755 crore upon award of this project.
The company is also constructing another stretch on the expressway between Padra and Vadodara having length of 23.740 kms with cost outlay of Rs 2,043 crore.
IRB has an asset base of over Rs 45,000 crore across the parent company and two InvITs.
IRB Group's portfolio comprises of 21 projects, including 19 BOT (build, operate, transfer), 1 TOT (toll, operate, transfer) and 1 HAM projects.