IRB Infrastructure Developers’ (IRB) - special purpose vehicle (SPV) - IRB Goa Tollway has received a formal letter from National Highways Authority of India (NHAI) informing the company about the termination of concession agreement of the project due to their inability to provide necessary land for implementation of the project. In this regard, IRB Goa Tollway will claim compensation as per termination payment provisions of the concession agreement.
Earlier, NHAI had issued letter of award on January 05, 2010 to the company for the project of four laning of Goa/ Karnataka Border to Panaji - Goa stretch of NH-4A from Km 84.000 to Km 153.070 in the state of Goa on BOT Toll Basis on DBFO pattern. The company had subsequently incorporated SPV - IRB Goa Tollway - wholly-owned subsidiaries of the company for implementation of this project.
IRB Goa Tollway had executed concession agreement with the NHAI in February 2010 and subsequently the project had also achieved financial closure in March 2010. The construction period of the project was 30 months. However, NHAI could not provide necessary land for implementation of the said project.
IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles. The company, along with its subsidiaries, has constructed or operated and maintained around 1200 km of road length so far and one of the major road developers in the country.
Company Name | CMP |
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Larsen & Toubro | 3667.40 |
Rail Vikas Nigam | 381.60 |
KEC International | 741.90 |
Kalpataru Projects | 1205.00 |
NCC | 287.25 |
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