Shares of highway developers gains on hybrid annuity model approval

Shares of highway developers such as ARSS Infrastructure Projects, IRB Infrastructure, HCC and Jaiprakash Associates gained on Wednesday after the government approved hybrid annuity model for building roads to fast-track highway projects.

ARSS Infrastructure Projects, Jaiprakash Associates, Hindustan Construction Company (HCC) and IRB Infra shares gained 0.97 per cent, 0.77 per cent, 2.21 per cent and 0.53 per cent, respectively.

Under this model, the government will provide 40 per cent of the project cost to the developer to start work while the remaining investment has to be made by the developer.

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The main objective of the approval is to revive highway projects in the country by making one more mode of delivery of highway projects, it said.