IL&FS Transportation to build road in Jharkhand for Rs 433 cr

NEW DELHI: IL&FS Transportation Networks today said it will renovate the 68.7-km long Chaibasa-Kandra-Chowka road in Jharkhand for an estimated cost of Rs 433 crore.

In a filing to the Bombay Stock Exchange (BSE), the company said its subsidiary Jharkhand Road Project Implementation Company has inked an agreement with the Jharkhand government for carrying out the job in two-and-a-half years time.

The project, to be executed on Built-Operate-Transfer basis, includes two laning of the road with paved shoulder.

"The project is on annuity basis with a concession period of 17.5 years...The company shall receive a semi-annual annuity of Rs 41.13 crore," the statement said.

The scrip of IL&FS Transportation Networks today closed at Rs 213.5 on the BSE, up 3.49 per cent over the previous close.