Infrastructure and construction firm Dilip Buildcon Ltd on December 17 said it has received a Letter of Acceptance (LoA) from the National Highways Authority of India (NHAI) for a Rs 1,589 crore road project in Karnataka.
The letter was received by the company on December 16, a regulatory filing stated.
The project involves the development of a six-lane "access-controlled greenfield highway" from Maradgi S Andola to the Baswantpur section of NH150C.
The length of the highway portion, to be constructed by Dilip Buildcon, was stated as 65.50 km in the exchange filing, and the completion period was mentioned as 30 months.
The operation period of the project will be 15 years from the commercial operation date, it further added.
The project is part of the Bharatmala Pariyojna programme of the Centre, which is aimed at expanding the country's highway network.
Dilip Buildcon's announcement comes two days after the company's joint venture along with RBL Bank executed the contract for a Rs 1,061 crore project, which it had won from the Surat Metro Rail Corporation. The company's shares had subsequently shot to a high of Rs 234.10 apiece at the bourses.
On December 17, however, the shares of Dilip Buildcon settled at Rs 229.20 on the BSE, which was around 2.2 percent lower than the previous day's close.
In the quarter ending September 2022, the company reported a net profit of Rs 17.01 crore, as against a net loss of Rs 444.48 crore it had incurred in the year-ago period.
