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IRCON forms second SPV to construct NHAI's six-lane highway in Punjab

Ircon International Limited (IRCON) has incorporated a new wholly-owned subsidiary company to undertake the construction of NHAI’s six-lane highway project in the state of Punjab
IRCON forms another SPV to construct NHAI's six-lane highway in Punjab
IRCON forms another SPV to construct NHAI's six-lane highway in Punjab

New Delhi: Miniratna Railways PSU, Ircon International Limited (IRCON) on Friday announced that it has incorporated another wholly-owned subsidiary company named ‘Ircon Ludhiana Rupnagar Highway Limited’ to undertake construction work of National Highway Authority of India (NHAI)’s six-lane highway project in the state of Punjab. IRCON Ludhiana Rupnagar Highway Limited is incorporated as a wholly-owned subsidiary of the company on December 24, 2021, and its authorised share capital is Rs 5,00,000.

"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 Ludhiana Rupnagar Highway Limited" on December 24, 2021, as a Special Purpose Vehicle for the purpose of construction of four six-lane Greenfield Ludhiana Rupnagar National Highway no," IRCON said in a regulatory filing to the stock exchanges. "NH-205K from a junction with NE-5 village near Manewal (Ludhiana) to a junction with NH-205 near Bheora Village (Rupnagar) including a spur to Kharar with Ludhiana bypass under Bharatmala Pariyojana in the State of Punjab on Hybrid Annuity Mode,” the filing added.

Earlier on December 13, IRCON had informed that it was emerged as the lowest bidder for the construction of 4 by 6 lane green fields Ludhiana Rupnagar NH205 K from the junction with NE5 Manewal Ludhiana to junction with NH205 Bheora Rupnagar spur to Kharar with Ludhiana bypass under Bharatmala Pariyojana in Punjab. The project was floated by NHAI India on competitive bidding and the value of the project is approx. Rs 1107 crores (bid project cost). The completion period of the project is two years.

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“As per the Letter of Award issued by NHAI, the aforesaid work will be executed by Ircon Ludhiana Rupnagar Highway Limited,” IRCON further informed.

This is the second Special Purpose Vehicle (SPV) incorporated by IRCON, to undertake the construction work of HNAI’s highways projects, in just two days. On December 23, the company had incorporated a wholly-owned subsidiary company named 'Ircon Akloli-Shirsad Expressway Limited' for the construction of NHAI's eight-lane access-controlled expressway in Maharashtra.

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