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IRB Infrastructure Developers Ltd has informed the Bombay Stock Exchange (BSE) that the company has emerged as a preferred bidder for the project of four laning of the Solapur-Yedeshi section of National Highway NH-211 from km 0.000 to km 100.000 in the state of Maharashtra to be executed as BOT (Toll) on Design, Build, Finance, Operate and Transfer (DBFOT) pattern under the National Highways Development Project (NHDP) Phase IV.
According to the company the estimated project cost is Rs. 15,000 million (US$240 million). Preliminary sources had estimated the project cost at Rs.10,578.2 million (US$169 million), including the cost of land acquisition, resettlement and rehabilitation and other pre-construction activities.
The concession will have a period of 29 years and the construction period is estimated at 910 days.
IRB Infrastructure said that the company won the tender process seeking Rs. 1,890 million (US$30.2 million) as Viability Gap Funding from NHAI.
The Cabinet Committee on Economic Affairs of the Government of India on Sept. 25th gave its final approval for the award of the project.
The project will expedite improvement of infrastructure in the State of Maharashtra and also reduce the time and cost of travel for traffic, particularly heavy traffic, plying between Solapur and Yedeshi. Development of this stretch will also help in uplifting the socio-economic condition of this region of the State of Maharashtra. It will also increase employment potential for local labourers for project activities.
In March 2013, IRB Infrastructure Developers Ltd executed the Concession Agreement with NHAI for the project of Four Laning of Goa/Karnataka Border to Kundapur section of NH-17 from Km 93.700 to Km 283.300 in the State of Karnataka under NHDP phase IV on Design, Build, Finance, Operate and Transfer (Toll) Basis.