IRB Infra bags order for 4-laning road project, stock gains

Shares of IRB Infrastructure Developers gained more than 2 percent on Tuesday after the company's subsidiary IRB Westcoast Tollway (special purpose vehicle) has executed concession agreement with NHAI for the road project.

The project includes construction of four laning of Goa/Karnataka border to Kundapur section of NH-17 in the State of Karnataka on design, build, finance, operate and transfer (toll) basis.

"Estimated cost of the project is approximately Rs 2,600 crore and the construction is to be completed within 910 days from the appointed date," the company said in a release sent to exchanges.

The SPV will get tolling rights on NH-17 upon completion of construction. The grant sought by the SPV from NHAI is Rs 536.22 crore.

At 14:09 hours IST, shares went up 0.72 percent to Rs 112.30 on Bombay Stock Exchange.
 
Market capitalisation of the company currently stands at Rs 3,732.45 crore.