IRB Infrastructure Developers, a part of the IRB Group, on Sunday said that it has received letter of award from National Highways Authority of India (NHAI) for executing a stretch of Vadodara-Mumbai Expressway at a cost of Rs 1,755 crore. Following this order, the company's order book now stands at Rs 13,755 crore. The project (Package-VII) is part of phase-I of NHAI's 'Bharatmala Pariyojana'.
"The company has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for 27.5-km long GandevaEna section of the upcoming greenfield project of eight lane Vadodara-Mumbai Expressway," IRB Infra said in a filing to the Bombay Stock Exchange.
IRB Infrastructure Developers is a private roads and highways infrastructure developer in India, with an asset base of over Rs 45,000 crore across the parent company and two InvITs.
Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure said, "We are happy to receive the LoA from NHAI; the second one for the stretch on prestigious Vadodara-Mumbai Expressway project under Bharatmala Pariyojana."
Mhaiskar said that the new order will enable the company initiate further necessary action to sign the concession agreement and achieve financial closure for the project, he added.
"It is a testimony to IRB's capabilities, domain expertise, strict financial discipline demonstrated over the last two decades in developing world-class highways infrastructure across the nation. We would continue to excel in our operations and would endeavour to complete the project in stipulated time span," he added.
On July 29, the company had emerged as the preferred bidder for the said project, under hybrid annuity mode (HAM) with a bid cost of Rs 1,755 crore, having concession period of 15 years, including 730 days of construction period.