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 & Budget 2017, 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.