IRB Infrastructure Developers Ltd. on Sunday said it has received award letter from the National Highways Authority of India for executing a stretch of Vadodara-Mumbai Expressway at a cost of Rs 1,755 crore.
With this award, the company's order book now stands at Rs 13,755 crore.
"IRB Infrastructure, India's largest highways infrastructure developers, has received a letter of award from the NHAI for the 27.5-km long GandevaEna section of the upcoming greenfield project of eight lane Vadodara-Mumbai Expressway," the company said in a regulatory filing.
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"We are happy to receive the letter of award from the NHAI; the second one for the stretch on prestigious Vadodara-Mumbai Expressway project under Bharatmala Pariyojana," IRB Infra Chairman and Managing Director Virendra D Mhaiskar said.
This will enable the company to initiate further necessary actions to sign the concession agreement as well as achieving financial closure for the project so as to receive appointed date and commence construction activity, he said.
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"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," Mhaiskar said.
Last week, the company had emerged as the preferred bidder for the said project, under hybrid annuity mode with a bid cost of Rs 1,755 crore, having concession period of 15 years, including 730 days of construction period.
The GandevaEna HAM project (Package-VII) is part of phase-I of the NHAI's 'Bharatmala Pariyojana'.
The company is also constructing another stretch on the expressway project between Padra and Vadodara, having length of 23.740 km with a cost outlay of Rs 2,043 crore.
IRB Infra has an asset base of over Rs 45,000 crore across the parent company and two infrastructure investment trusts.
IRB Group's portfolio comprises of 21 projects, including 19 build, operate, transfer, one toll, operate, transfer and one hybrid annuity model projects.
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