IRCON forms new subsidiary for construction of NHAI expressway in Maharashtra

New Delhi: Ircon International Limited (IRCON) on Thursday informed that it has incorporated a wholly-owned subsidiary company named 'Ircon Akloli-Shirsad Expressway Limited' as a special purpose vehicle (SPV) to undertake the construction work of the National Highways Authority of India (NHAI)'s eight-lane access-controlled expressway in Maharashtra. Ircon Akloli-Shirsad Expressway Limited is a wholly-owned subsidiary of IRCON and Its authorised share capital is Rs 5,00,000. The company has subscribed to 50,000 equity shares of Rs 10 each aggregating to Rs 5,00,000.

In a regulatory filing to the stock exchanges on Thursday IRCON said, "…it is hereby informed that as per the Letter of Award issued by National Highways Authority of India (NHAI), Ircon International Limited (IRCON) has incorporated a Wholly Owned Subsidiary Company named "Ircon Akloli-Shirsad Expressway Limited" on December 23, 2021, as a Special Purpose Vehicle for the purpose of construction of Eight lane access controlled expressway from Km 3.0000 to Km 20.200 (Shirsad to Akloli Section-SPUR of Vadodra Mumbai Expressway) in the State of Maharashtra on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase II – Package XIV)."

Earlier on November 26, IRCON informed that it emerged as the lowest bidder for the project floated by NHAI. Subsequently, NHAI has awarded to IRCON the work for the construction of an expressway in the state of Maharashtra on hybrid annuity mode under Bharatmala Pariyojana (Phase II – Package XIV).

The value of the project is approx. Rs 1,124 crore (bid project cost) and the completion period is two years.

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