IRB Infra zooms 12% on receiving arbitration award worth Rs 308 crore

New Delhi: The shares of IRB Infra surged by over 12 per cent in Thursday’s early trade as the company received 75 per cent of the arbitration award worth Rs 419 crore from IRB Pathankot Amritsar Toll Road.

The award is in line with directives of the Cabinet Committee on Economic Affairs directing government agencies to pay 75 per cent of the arbitration against bank guarantee. Due to a delay in the completion of the project, IRB Infra received Rs 308 crore against the total claim of Rs 419 crore.

IRA Infra was the EPC contractor for the Pathankot Amritsar BOT project.


Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said, “We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cash flow access to developers in clear award scenarios till a final verdict is closed.”

He further added that huge opportunities are lined up in the sector and we look forward to participating and investing in the same to our best capabilities.

At 10:10 am, the stock traded at Rs 207.55 over 11 per cent above its previous close of Rs 185.7.

The scrip gave a 3-year return of 89.94 per cent as compared to a rise of 50 per cent seen in the Nifty Midcap 100.

IRB Infrastructure Developers is a midcap multinational infrastructure company in the highways sector with a market cap of Rs 11,233 crore