Ircon International incorporates SPV Ircon Haridwar Bypass for NHAI project; Stock gains 1%

14 Jan 2022 , 01:19 PM

Ircon International Limited (IRCON) has incorporated a Wholly Owned Subsidiary Company named “Ircon Haridwar Bypass Limited” on January 13, 2022 as a Special Purpose Vehicle (SPV) for the purpose of upgradation and Four Laning of Haridwar Bypass Package-1 from Km.0+000 (Km. 188+100 of NH-58) to Km.15+1 00 (Km. 5+100 of NH 74) in the State of Uttarakhand on Hybrid Annuity Mode.

As per regulatory filing, Ircon Haridwar Bypass Limited is promoted by Ircon International Limited and being a wholly-owned subsidiary, is a related party of the Company.

The business of a wholly-owned subsidiary is in line with the main line of business of the Company.

The Company has subscribed to 50,000 equity shares of RS.10 each aqqreqating to Rs5 lakh, said company on Friday.

At around 1:18 PM, Ircon International was trading at Rs47.10 per piece up by Rs0.55 or 1.18% on the BSE.