IRCON International-SSNR JV Details
Ircon International Limited, in a joint venture with SSNR Projects Private Limited (IRCON-SSNR JV), has secured a significant infrastructure contract from Rail Vikas Nigam Limited (RVNL). This contract, awarded under Regulation 30 of SEBI (LODR) Regulations, 2015, involves constructing Tunnel T1 and Tunnel T2 along with a ballast-less track and related formation works for the electrified broad-gauge railway line between Mangliyagaon (Indore) and Budni stations. The railway line spans 198 kilometers across the Ratlam and Bhopal Divisions of Western and West Central Railway in Madhya Pradesh, India.
The project is structured as an item rate contract and is estimated to be worth ₹872.69 crores, inclusive of GST. Ircon’s share in this joint venture amounts to ₹610.88 crores, representing a 70% stake, while SSNR holds the remaining 30%. The awarded contract has a stipulated execution period of 40 months, with an additional six months allocated for the defect liability period (DLP). Given the scale and significance of the project, it marks a major milestone for Ircon International in strengthening India’s railway infrastructure.
This development is a noteworthy achievement for Ircon, reinforcing its position as a leading player in railway construction and infrastructure projects. The awarded contract reflects Ircon’s capability in executing large-scale engineering projects and contributes to the Indian Railways’ modernization and expansion efforts. The electrification of new railway lines aligns with India’s goal of enhancing efficiency and sustainability in rail transport. Since the contract does not involve any related party transactions and has been awarded through an open bidding process, it adheres to transparency and fair business practices. This award is expected to have a positive impact on Ircon’s financial performance, bolstering its revenue and long-term growth prospects.
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IRCON International Share Performance Today
IRCON International’s stock experienced a decline of 2.37%, closing at ₹156.00, down from its previous close of ₹159.79. The stock opened at ₹160.00, initially showing strength but later moved downward. Throughout the day, it traded within a range of ₹155.21 (low) to ₹163.80 (high). The price movement indicates selling pressure after an early surge, resulting in a bearish sentiment for the day.
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