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  1. Govt cancels LoA to IRB Infra for Rs 10,050-crore project

Govt cancels LoA to IRB Infra for Rs 10,050-crore project

Mumbai-based IRB Infrastructure Developers informed the stock exchanges that the ministry of road transport and highways...

By: | Mumbai | Published: March 3, 2016 1:00 AM

Mumbai-based IRB Infrastructure Developers informed the stock exchanges that the ministry of road transport and highways (MORTH) has canceled the bid process for the Zozila tunnel project on National Highway 1, without citing any reasons.

In January, the company had received a letter of award (LoA) from MORTH for construction, operation and maintenance of the R10,050-crore project in Jammu & Kashmir on design, build, finance, operate and transfer (annuity) basis.

IRB was to receive Rs 981 crore as semi-annual annuity after completion of the project till the end of the concession
period.

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