IRB Infrastructure Ltd, one of the foremost highway development companies in India has announced that it has bagged a contract in order to build a greenfield airport in Sindhudurg district in the western Indian state of Maharashtra.

According to sources, Rs 1.5 billion is the estimated cost of the first phase of the airport.

The sources further added that IRB has been granted a concession period of 95 years with a construction period of 18 months for the project.

IRB scope of work includes design, build, and finance and operates.

The company will form a special purpose vehicle for the project.