IVRCL arm bags Rs.1,300 crore highway project

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Infrastructure firm IVRCL Ltd on Monday said its subsidiary, IVRCL Assets and Holdings Ltd, has bagged a Rs.1,300 crore project from the National Highway Authority of India for widening and strengthening the Raipur-Bilaspur section of National Highway-200 in Chhattisgarh.

"The project scope includes widening and strengthening the existing two-lane highway to six/four-lane highway standards," the company said in a regulatory filing.

"The concession period is 25 years, including the construction period of 30 months," it added.

The project corridor connects western and eastern part of India through National Highway-6 (Hazira-Kolkata) to National Highway-78 (Katni (Madhya Pradesh)- Gumla (Jharkhand)).

The Raipur-Bilaspur NH-200 is part of a road network which connects Raipur in Chhattisgarh to Chandikhole in Orissa passing through industrially developing areas like Bilaspur, Raigarh and Jarsuguda.

Chhattisgarh has adequate resources and is rich in minerals like iron ore, lime stone, dolomite, coal and bauxite which will be major raw materials for the production of steel, cement and power requirements of the country.

Similarly, iron ore and coal are largely available in Raigarh and Korba area respectively which falls on the Bilaspur side of the project corridor.

This stretch is the gateway to transportation of major raw materials and finished products relating to core sector industries in the country.

At the Bombay Stock Exchange, the shares of the company were trading 3.82 per cent lower at Rs.47.85.