IRCON forms new subsidiary for construction of bypass in Haridwar

New Delhi: Day after the formation of the special purpose vehicle (SPV) for setting up a 500 MW grid-connected solar PV project; Ircon International Limited (IRCON) has formed a new wholly-owned subsidiary on Friday for the up-gradation and four-laning of Haridwar bypass in the state of Uttrakhand. According to the company’s regulatory filing to the stock exchanges on Friday, IRCON has incorporated a wholly-owned subsidiary company named "Ircon Haridwar Bypass Limited" on January 13, 2022, as a Special Purpose Vehicle (SPV) for the purpose of up-gradation and four-laning of Haridwar Bypass in the state of Uttrakhand. The project was awarded by the National Highways Authority of India (NHAI) and will be built on the hybrid annuity mode.

“National Highways Authority of India (NHAI) has awarded to IRCON the work for up-gradation and Four Laning of Haridwar Bypass Package-1 from Km .0+000 (Km. 188+100 of NH-58) to Km .15+100 (Km.5+100 of NH 74) in the state of Uttarakhand on Hybrid Annuity Mode,” IRCON informed.

As per the letter of award (LoA) issued by NHAI, the aforesaid work will be executed by Ircon Haridwar Bypass Limited.

“Ircon Haridwar Bypass Limited is promoted by IRCON. The company has subscribed to 50,000 equity shares of Rs 10 each aggregating to Rs 5,00,000,” it added.

Earlier, on December 23, 2021, and December 24, 2021, IRCON had announced the formation of two SPVs to undertake NHAI's highway projects in the state of Maharashtra and Punjab respectively.

Ircon International Limited (IRCON) is an engineering and construction organisation, specialized in transport infrastructure. The PSU was established in 1976, by the government under the Indian Companies Act 1956. IRCON was registered as the Indian Railway Construction International Ltd., a wholly (100%) owned entity of the Ministry of Railways. Its primary charter was the construction of railway projects in India and abroad.

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