IRB Infrastructure Developers share price gained 4 percent intraday on September 3 after the company emerged as a preferred bidder for the construction of a road project in Tamil Nadu.
".... has emerged as a preferred bidder for the construction of six lanes of 20.060 Kms Pondavakkam to Kannigaipair stretch on the upcoming Chittoor – Thachur Highway in the State of Tamil Nadu at the cost outlay of Rs 909 crore," company said in its release.
“We are happy to have another project in Tamil Nadu after the existing Omalur - Salem - Namakkal Project, which is under the BOT space," said Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers.
“Winning this project has validated our integrated strengths, developed in last more than 20 years, in executing all types and sizes of highway infrastructure projects, be it under BOT, TOT, HAM or EPC, irrespective of the geographical terrains,” he added.
The concession period for the project will comprise 730 days for construction and 15 years operations & maintenance rights thereafter.