IRB Infra enters Eastern India territory

IRB Infrastructure Developers Ltd. (IRB), India's leading and the largest highways infrastructure developer is now set to enter the Eastern territory of India.

The Company has emerged as a preferred bidder for BOT project of 6 laning of the National corridor NH-19 from Dankuni to Palsit stretch of 63.83 Kms in the State of West Bengal, with a project cost of Rs. 2,193.23 Crs.

While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, "We continue to look for opportunities to expand and diversify our presence. With this win, we will enter the eastern jewel of India. We are committed to build world class highway infrastructure for the development of eastern region and to bring quality connectivity with the rest of the country."

Key highlights of the Project are as under:

- The Project is on Design, Build, Finance, Operate & Transfer (DBFOT) Pattern.
- The concession period is 17 years including construction period of 910 days.
- The Company will get tolling rights on the Project from the Appointed Date.
- Upon award of this Project, the Company's March' 2020 order book stands updated at approx. Rs. 14,600 Crores.

To re-iterate, IRB Infra had recently bagged India's largest TOT project of Mumbai Pune Expressway of Rs.8,262 Crs and has already paid the first tranche of Rs 6,500cr as upfront sub-concession fee to MSRDC.

Shares of IRB INFRASTRUCTURE DEVELOPERS LTD. was last trading in BSE at Rs.121.8 as compared to the previous close of Rs. 125.05. The total number of shares traded during the day was 607680 in over 7445 trades.

The stock hit an intraday high of Rs. 127 and intraday low of 120.1. The net turnover during the day was Rs. 74591195.

Source : Equity Bulls

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