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Ircon International Limited (IRCON) in its regulatory filing on Friday announced that it has incorporated a wholly owned the subsidiary company named Ircon Haridwar Bypass Limited on January 13, for the constructing roads and highways. It will work as a special purpose vehicle for the purpose of upgradation and four laning of Haridwar Bypass package

"Ircon International Limited (IRCON) has incorporated a Wholly Owned Subsidiary Company named "Ircon Haridwar Bypass Limited" on 13th January, 2022 as a Special Purpose Vehicle for the purpose of upgradation and Four Laning of Haridwar Bypass Package-1 from Km.O+OOO (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," the regulatory filing of the company informed.

"National Highways Authority of India (NHAI) awarded to IRCON the work for upgradation and Four Laning of Haridwar Bypass Package-1 from Km .O+OOO (Km. 188+100 of NH-58) to Km .15+100 (Km.5+100 of NH 74) of Uttarakhand the listed entity) on Hybrid Annuity Mode. As per the Letter of Award issued by NHAI, the aforesaid work will be executed by Ircon Haridwar Bypass Limited The business of Wholly owned subsidiary is in line with the main line of business of the Company," it further added.

Earlier this month, Ircon International (IRCON) had emerged as the lowest bidder for Upgradation and Four Laning of Haridwar Bypass Package-1 from Km. O+OOO (Km. 188+100 of NH-58) to Km. 15+100 (Km. 5+100 of NH 74) in the State of Uttarakhand on Hybrid Annuity Mode. 

The project was floated by National Highways Authority of India on competitive bidding and value of the project is approx. Rs.861 crore (bid project cost). The completion period of the project is two years. Additionally, it was announced that this work will be undertaken and executed by a special purpose vehicle as a limited liability company, which will be incorporated by IRCON as its wholly-owned subsidiary company.

 

 

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