Shares of IRB Infrastructure Developers gained more than 2 percent intraday Wednesday as company’s subsidiaries executed concession agreement for projects in Tamil Nadu.
IRB PS Highway and IRB PP Project – wholly-owned subsidiaries of the company have executed concession agreement with National Highways Authority of India (NHAI) for two hybrid annuity projects under NHDP Phase IV in the state of Tamil Nadu.
The projects include, four laning of Poondiankuppam to Sattanathapuram and four laning of Puducherry to Poondiyankuppam.
The company said the bid project cost for two project is Rs 3,465 crore.
These projects have construction period of 730 days and 15 years operation period.
Recently, VK1 Expressway, wholly-owned subsidiary, executed concession agreement with NHAI for the project of eight lane Vadodara Kim Expressway in the state of Gujarat under NHDP Phase- VI on hybrid annuity mode (Phase IA- package I).
At 13:25 hrs IRB Infrastructure Developers was quoting at Rs 254.35, up Rs 3.35, or 1.33 percent on the BSE.
Posted by Rakesh Patil