MUMBAI: Construction and engineering firm IRB Infrastructure Developers Ltd on Friday said it has bagged the Rs 3,600-crore first ultra mega project of National Highway Authority of India (NHAI).
The company has emerged as the preferred bidder for six-laning of Ahmedabad to Vadodara section of National Highway-8 on Design Build Finance Operate Transfer (DBFOT) Toll basis, IRB Infrastructure Developers said in a filing with the Bombay Stock Exchange.
The project involves building over 102 km of the highway and improving another over 93 km stretch of the existing Ahmedabad Vadodara Expressway under Phase-V, it said. The project, costing approximately Rs 3600 crore, would be built in three years under the terms of the contract, it said.
IRB would get tolling rights on Ahmedabad Vadodara expressway from the appointed date and has a concession period of 25 years. The premium offered to NHAI in the first year is Rs 309.60 crore which will increase by 5 per cent YoY, it added.
The work involves upgradation of existing section of NH-8 between Ahmedabad and Vadodara from existing two-lane highway to a six-lane super expressway and value addition to the existing Ahmedabad Vadodara Expressway, it said.
Shares of the company closed today at Rs 213.65 on the BSE, up 1.11 per cent from its previous close.
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