L&T; arm signs Rs.2,600 crore highway construction agreement (Lead)

June 22nd, 2011 - 6:23 pm ICT by IANS  

Mumbai, June 22 (IANS) Construction and engineering major Larsen and Toubro (L&T;) Wednesday said that its subsidiary, Larsen and Toubro Infrastructure Development Projects Limited (L&TIDPL;), has signed a Rs.2,600 crore concession agreement with the National Highways Authority of India (NHAI) for a highway project in Rajasthan.

The agreement is for the four-laning of the 244 km of NH14 between Beawar and Pindwara in Rajasthan.

“The estimated project cost is about Rs.2,600 crore and the project is scheduled to be completed in 30 months. It will be executed on BOT (build operate transfer) DBFO (design, build, finance and operate) basis, with a concession period of 23 years,” the company said in a regulatory filing.

With this project, L&T; currently has 16 projects in its BOT roads portfolio, of which seven are at present in operational phase, eight in construction phase and this project is entering the development phase, thus cumulating in a length of 6,700 km and total length of 1,461 km.

The total project book size stands at Rs.15,800 crore.

At the Bombay Stock Exchange, the shares of Larsen and Toubro were up by 0.96 percent to trade at Rs.1,662 apiece.

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