IL&FS Transport gains on completion of longest tunnel in J&K

Moneycontrol NewsShares of IL&FS Transportation Networks gained on Thursday as it has completed the construction of the longest tunnel in Jammu & Kashmir.The company has completed the construction of the longest tunnel in the South East Asian region comprising of four laning of Chennai to Nashri Section of NH-1A including 9 km long tunnel with parallel escape tunnel in the state of Jammu & Kashmir.The project has been awarded by National Highway Authority of India (NHAI) on May 3, 2010.The provisional completion certificate has been issue effective March 8, 2017.The project is on annuity basis with a concession period of 20 years including construction period of 1825 days.The company will be receiving annuity of Rs 635 crore annually for a period of 15 years which shall be paid in a semi-annual instalment of Rs 317.52 crore.At 09:41 hrs ILandFS Transportation Networks was quoting at Rs 102.25, up Rs 0.20, or 0.20 percent on the BSE.Posted by Rakesh Patil