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The company emerged as a preferred bidder for the construction of six lanes of 20 km Pondavakkam to Kannigaipair stretch on the upcoming Chittoor - Thachur Highway in the state of Tamil Nadu at the cost outlay of Rs 9.1 bn.

Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said,

  • We are happy to have another project in Tamil Nadu after the existing Omalur - Salem - Namakkal Project, which is under the build-operate-transfer (BOT) space.

    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, toll-operate-transfer (TOT), hybrid annuity model (HAM) or engineering, procurement, and construction (EPC), irrespective of the geographical terrains.

The concession period for the project will comprise 730 days for construction and 15 years of operations & maintenance rights thereafter.

Upon award of this project, the company's order Book will stand at Rs 141.9 bn.

Two weeks back, IRB Infrastructure Developers-led SPV, the CG Tollway received its completion certificate for the Chittorgarh - Gulabpura six-lane highway project in Rajasthan.

This certificate enables the company to collect toll fees at full tariffs on the project which are around 60% over the existing rates.

IRB Infra share price ended the day up by 4.7% on the BSE.

Moving on to news from the chemicals sector...

Rossari Biotech has completed the acquisition of the first tranche of 76% of the equity share capital (on a fully diluted basis) of Tristar Intermediates on Wednesday, 1 September 2021.

In July this year, the board of Rossari Biotech approved the acquisition of Tristar Intermediates.

As per the agreement and subject to customary closing conditions, Rossari will be acquiring 100% of the equity share capital of Tristar Intermediates.

The company said 76% of the equity share capital will be acquired upon closure of the transaction, and the balance 24% over the next 3 years.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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