IJM secures RM1.5b India highway project

PETALING JAYA: IJM Corp Bhd has been awarded a INR2,325 Crores (about RM1.49 billion) project which includes rehabilitation, upgrading, construction and widening works for the four laning of Solapur-Bijapur section of National Highway, NH-13 (New NH-52) connecting Maharashtra and Karnataka in India.
The group announced in a filing with Bursa Malaysia, it had received the letter of award for the project which falls under the National Highways Development Project (NHDP) Phase-III on Nov 22.
The project is to be executed in Build, Operate, Transfer (BOT) (Toll) Mode on Design, Build, Finance, Operate and Transfer (DBFOT) Basis.
The National Highways Authority of India (NHAI) will provide the group a grant of INR367 Crores (about RM235.86 million) for the project which has a concession period of 20 years including construction period of 30 months from financial closure.
The scope of work of the project includes rehabilitation, upgrading and widening of the existing two lane carriageway to four lane standards with the construction of new flexible pavement, constructing and/or rehabilitating structures to cater for six laning consisting of major and minor bridges, flyovers, railway overbridge, culverts, road intersections, interchanges, drains, two toll plazas, the operation and maintenance thereof.
The group’s share price fell 0.65% to RM3.05 with some 4.45 million shares done.