IRB Infrastructure wins highway project worth Rs 828 crore

IRB has received a letter of award for an Rs 828 crore project in the state of Himachal Pradesh from the National Highways Authority of India.

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 IRB Infrastructure Developers Limited (IRB) wons project worth Rs 828 crore in the state of Himachal Pradesh from the National Highways Authority of India (NHAI). On receipt of the project award, IRB’s order book stands at Rs 14,509 crore, according to a PTI report.

The Letter of Award has been received by IRB from NHAI for the project of Rehabilitation and Upgradation to Four Lane configuration and Strengthening the Border of Punjab/Himachal Pradesh of NH 20 (New NH 154) of the section from Pathankot to Mandi in Himachal Pradesh on Hybrid Annuity Mode (HAM), the firm said in a regulatory filing to the BSE. It further mentioned that with this, the total project wins in the just concluded financial year were worth Rs 5,004 crore.

According to Virendra D Mhaiskar, Chairman and MD of IRB, the company is happy to receive the letter of award from NHAI, the second one in a two days’ span; and commence the new fiscal 2021-22 on a positive note.

The firm now has robust orderbook of over Rs 14,500 crore providing strong revenue visibility for coming years, which will strengthen further with new wins. Mhaiskar also stated that it is further encouraging to note an increased inclination towards build, operate and transfer (BOT) projects by the highway authority. With an asset base of over Rs 54,000 crore in ten states across the parent company as well as two InvITs, IRB claims to be India’s largest private toll roads & highways infra developer.

IRB said it has a strong track record of constructing more than 12,975 lane kilometres pan India in two decades and has an ability to build over 500 kilometres in a year. It has approximately 20% share in the country’s prestigious Golden Quadrilateral project, which is the largest by any private infra developer in India. At present, the portfolio of IRB Group (including Private as well as Public InvIT) has as many as 23 projects that include 19 BOT, one toll operate transfer (TOT) and three hybrid annuity mode (HAM) projects.