Ircon JV secures rail project; shares increase

IRCON International announced today that its joint venture, IRCON-SSNR JV, has been awarded a Letter of Award (LOA) from Rail Vikas Nigam Limited for a substantial railway project. The total project cost is ₹872,69,34,516.97 (Indian Rupees Eight Hundred Seventy Two Crores Sixty Nine Lakh Thirty Four Thousand Five Hundred Sixteen and Paise Ninety Seven Only) including GST. IRCON's share, as a 70% stakeholder in the JV, amounts to ₹610,88,54,161.88. The project involves the construction of tunnels, ballast-less tracks, and related works on approaches for the new electrified railway line between Mangliyagaon and Budni stations in Madhya Pradesh. The project is slated to be completed in 40 months, followed by a 6-month Defect Liability Period (DLP).