AE Tollway, IRB’s SPV starts construction work on six laning of the Agra-Etawah
IRB Infrastructure Developers Ltd (IRB), one of the largest BOT road developers in India have commenced construction work on the Agra – Etawah bypass road with effect from 1st August 2016 with their Special Purpose Vehicle; The AE Tollway Pvt. Ltd. The company has also started its Toll Operations on the road from 1st August 2016, in line with the appointed date duly communicated by the Competent Authority.
Talking about this development, Mr. Sudhir R Hoshing, Joint Managing Director, IRB Infrastructure Developers Ltd. said “We are pleased to commence the widening work of Agra-Etawah bypass road. Once completed, the corridor will provide congestion free, safe and more comfortable travel to commuters with much reduced travel time.” He further added, “We are committed to developer the World Class road infrastructure that India needs to implement its development agenda.”
The financial closure for the project has been received by the company recently. To re-iterate, IRB Infrastructure Developers Ltd. had earlier bagged the Rs.2650 Crores project of six laning of the 124 Kms section of Agra-Etawah bypass road on NH-2 in the State of Uttar Pradesh. The project is on Design, Build, Finance, Operate &Transfer (DBFOT) basis, as envisaged by the NHAI under its Phase-V of the National Highway Development Projects (NHDP).
IRB Infrastructure Developers Ltd is currently trading at Rs. 207.5, up by Rs. 0.8 or 0.39% from its previous closing of Rs. 206.7 on the BSE.
The scrip opened at Rs. 209.1 and has touched a high and low of Rs. 210.75 and Rs. 205.8 respectively. So far 567115(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7264.47 crore.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 272.2 on 20-Oct-2015 and a 52 week low of Rs. 197 on 24-Jun-2016. Last one week high and low of the scrip stood at Rs. 224.9 and Rs. 206.25 respectively.
The promoters holding in the company stood at 57.43 % while Institutions and Non-Institutions held 36.29 % and 6.28 % respectively.
- Previous Modi’s renewable thrust powered by Hinduja Group push with $1 b investment in solar
- Next How GST Bill may impact on Your Pocket Size