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IRB Infra inks pact with NHAI for expressway project

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The road developer on Tuesday said that its wholly-owned subsidiary executed concession agreement with National Highways Authority of India (NHAI) for an expressway project in Gujarat.

VM7 Expressway, a wholly-owned subsidiary of IRB Infrastructure Developers, has executed concession agreement with NHAI for construction of eight-lane access controlled expressway on Gandeva to Ena section of Vadodara Mumbai Expressway in Gujarat on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase I- Package VII).

The company's bid cost for the 27.50 km long project is Rs 1755 crore. The construction period of the project is 730 days and the operation period is 15 years. The announcement was made after market hours yesterday, 15 September 2020.

On a consolidated basis, IRB Infra recorded a net loss of Rs 30.14 crore in Q1 June 2020 compared with net profit of Rs 206.62 crore in Q1 June 2019.

Shares of IRB Infrastructure Developers rose 0.66% to Rs 121.75 on BSE. The scrip has grown 164.67% from its 52-week low of Rs 46 hit on 25 March 2020. IRB is a private roads and highways infrastructure developer in India.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, September 16 2020. 12:10 IST