IRB Infrastructure emerges Lowest Bidder; Stock surges 5%

IRB Infrastructure emerges Lowest Bidder; Stock surges 5%Mumbai-based IRB Infrastructure Developers has informed that the company has emerged as the lowest bidder for the four-laning of NH 4A from Goa / Karnataka Border Km 84.00 to Panaji - Goa Km 153.070 with total length of 65.07 Km in the State of Goa under NHDP Phase III on BOT basis.

The scope of work includes design, engineering, finance, construction, operation and Maintenance of National Highway.

It should be noted that the project is on a grant basis with concession period of 30 years and estimated cost of the project is Rs 800 crore. Further, the company has sought a grant of Rs 186 crore for the project from the National Highways Authority of India (NHAI).

IRB Infrastructure Developers is primarily a holding company with wholly-owned subsidiaries, which are engaged in road and highway construction and maintenance. The group is at present involved in 12 BOT projects out of which 11 are in the operational phase.

The shares of the company were trading at Rs 143, up 5% compared to previous close of Rs 136. The counter has made 52-week-high and low of Rs 195 and Rs 65 respectively.

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