Mumbai: Spanish Infrastructure company Grupo Isolux Corsan has won a €113 million (Rs.8,540.77 million) contract from the National Highways Authority of India (NHAI) for the improvement and extension of a 72 km stretch of the NH-74 highway between Haridwar in Uttarakhand and Nagina in Uttar Pradesh.
The project includes the extension to four lanes from two lanes in the stretch as well as track maintenance for four years, Isolux Corsan said. The project helps the company expand in the growing India market, it said in a statement.
At 4.7 million km, India has the second-largest road network in the world and builds over 22km of roads per day. It has set a target to award 25,000km of road projects in 2016-17, compared with 10,000km awarded in 2015-16.
Isolux Corsan said the project includes the construction of five bypasses with a total length of 16km and the creation of service roads, parking space for heavy vehicles and toll plaza. The project also involves construction of 12 primary and 12 secondary bridges, a high bypass in Njibabad and a bridge over the train tracks.
In May, Isolux Corsan transferred four toll roads in India totalling 710km to Canadian pension fund PSP Investments as part of a global transaction. According to the Isolux website, €2 billion (about Rs.15,100 crore) was invested in these four projects.
The company was recently awarded the expansion and rehabilitation of a stretch of 48km of NH-75 in Karnataka at a cost of €80 million. The company is also running the extension and improvement of 400km of roads corresponding to four sections of highways in the states of Assam, Rajasthan, Odisha and Karnataka for a total amount of €350 million.
Madrid-based Isolux Corsan also operates power transmission projects in India. It is carrying out construction of 3,000km of transmission lines and 33 sub=stations in the states of Haryana, Madhya Pradesh, Uttar Pradesh and Uttarakhand.