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IRB Infrastructure has informed the Bombay Stock Exchange (BSE) that AE Tollway Private Limited - a wholly-owned subsidiary of the company, has now executed concession agreement with the National Highways Authority of India (NHAI) for the Six laning of Agra-Etawah section of National Highway - 2 public and private partnership (PPP) project.

The work is part of the National Highways Development Project (NHDP) Phase-V. NH-2 connects the important industrial towns of Agra, Firozabad, Mainpuri, Etawah and other towns in the South-Western part of Uttar Pradesh. The project is covered in the regions of Agra and Etawah and the total length of the road will be approximately 124.52 km (NH-2 from km 199.660 to km 323.525).

The road PPP project will be developed in build - operation - transfer (BOT - Toll) mode on a design, build, finance, operation and maintenance (DBFOM) basis. The contract will have a period of 24 years.

The company has offered a premium of Rs810 million (US$12.8 million) to the NHAI, increasing by 5% YoY. The total project investment is estimated at Rs26.5 billion (US$412.9 million).

The construction period for the project is 910 days.

This project was awarded in 2011 to Ramky Infra and the firm achieved financial closure in late 2012 but its contract was cancelled later on.