Ircon International incorporates wholly-owned subsidiary as SPV for NHAI project

6 Jan 2022 , 03:30 PM

IRCON International Limited has informed that as per the Letter of Award issued by National Highways Authority of India (NHAI), the company has incorporated a Wholly Owned Subsidiary Company named “Ircon Bhoj Morbe Expressway Limited” on January 06, 2022 as a Special Purpose Vehicle (SPV).

The incorporation of the SPV is for the purpose of construction of Eight Lane Access Controlled Expressway from Km 69.800 to Km 79.783 (Bhoj to Morbe Section-SPUR of Vadodra Mumbai Expressway) in the State of Maharashtra on Hybrid Annuity Mode under Bharatmala Pariyojana (Phase II – Package XVII).

The business of Wholly owned subsidiary is in line with the main line of business of the Company.

Ircon Bhoj Morbe Expressway is incorporated in India and is yet to commence its business operations.

IRCON International ended at Rs46.10 per piece higher by 0.44% on the BSE.