Moneycontrol Bureau
Shares of IRB Infrastructure Developers have rallied 10 percent intraday Monday after getting single biggest ever order in its history.
"IRB has received letter of award from Ministry of Road Transport & Highways (MORT&H), Government of India for construction, operation and maintenance of Zozila Tunnel including approaches on NH-1 (Srinagar - Sonmarg - Gumri road) in Jammu & Kashmir," says the Mumbai-based road developer.
The biggest national highway project is on design, build, finance, operate & transfer (annuity) basis.
Project involves construction of tunnel spanning length of 14.08 kilometers (longest in South East Asia) and concession period of project is 22 years including construction period of seven years, says the company.
Estimated project cost is approximately Rs 10,050 crore. IRB Infra says it will receive semi-annual annuity of Rs 981 crore from MORT&H commencing after completion of construction of project, which would be received twice in a year till end of concession period.
With this project, company's construction orderbook now stands at approximately Rs 16,430 crore.
At 09:24 hours IST, the scrip of IRB Infrastructure Developers was quoting at Rs 264.65, up Rs 19.80, or 8.09 percent amid high volumes on the BSE.Posted by Sunil Shankar Matkar
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