New Delhi [India], July 5 : Ircon International has bagged a contract worth Rs 750 crore from Rail Vikas Nigam for a new broad gauge track installation between Rishikesh and Karanprayag in Uttarakhand, the company informed the stock exchange in a filing.
Ircon International is a subsidiary of Indian Railways, and it focuses on the construction of infrastructure projects.
According to the contract, Ircon International will complete the design, supply, installation, testing and commissioning of broad gauge ballastless track for Rail Vikas Nigam Limited.
"This is to inform that Ircon International Limited (IRCON) has been awarded an LOA for the work of "Design, supply, installation, testing and commissioning of broad gauge ballastless track (BLT), supply of ballast and installation of the track (excluding supply of rails and track sleepers) between chainage 6+015 (FLS) to 125+200 (FLS) in connection with New BG line between Rishikesh and Karanprayag (125km) in the state of Uttarakhand, India," said the company on Thursday.
The company informed that the awarded work will take place in Uttarakhand to connect the new Broad Gauge (BG) line between Rishikesh and Karanprayag, which extends for 125 km. The contract also includes the supply of ballast and installation of the track (excluding the supply of rails and track sleepers).
A broad-gauge line is a railway line with a track gauge (the distance between the rails) broader than 1,435 mm.
The company also stated that the contract will be fulfilled through a joint venture of IRCON-Paras Railtech Pvt. and PCM Strescon Overseas Ventures Ltd. in the ratio of 60:25:15, respectively.
The awarded work will be completed within a time limit of 42 months.
Meanwhile, the shares of Ircon International closed at Rs 280.50 per share on Thursday at the National Stock Exchange.
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