Shares of IRB Infrastructure Developers surged over 11 per cent on Monday to touch a high of Rs 272, as the company bagged its biggest order ever worth Rs 10,000 crore from Ministry of Road Transport & Highways, to build south-east Asia' biggest tunnel spanning (14.08 kms) in Jammu & Kashmir.For latest news on Business, like us on Facebook and follow us on Twitter.
IRB Infrastructure Developers will construct, Operate and Maintain the Zozila Tunnel which will provide all weather connectivity to Jammu & Kashmir, Leh and Ladakh to rest of the India. "It is the biggest national highway project awarded in India in terms of project cost," said of IRB Infrastructure Developers in a filing to the Bombay Stock Exchange.
The estimated cost of the project is Rs 10,050 crore and the company will receive semi-annually Rs 981 crore from, the Ministry of Road Transport & Highways after the completion of the project till the concession period of the project of 22 years including construction period of 7 years.
As of 10.14 a.m., the shares of IRB Infrastructure Developers were trading at Rs 259.10, up 5.8 per cent compared to nearly 0.8 per cent fall in the broader Sensex.