Mumbai: IRB Infrastructure Developers Ltd on Tuesday said it has won an order worth ₹ 2,650 crore from the state-run National Highways Authority of India (Nhai).

In its filing to BSE on Tuesday, the company said it has received a letter of award from the highway authority to develop six lanes on the Agra-Etawah Bypass section of NH-2 in Uttar Pradesh under the National Highways Development Programme (NHDP) Phase V on BOT (build-operate-transfer) toll mode.

“This will boost the company’s visibility for next three to four years," the company said in a statement.

The estimated project cost is ₹ 2,650 crore, and the company has offered a premium of ₹ 81 crore to Nhai, which will increase 5% year-on-year, according to the statement.

The project will follow the design, build, finance, operate and transfer or DBFOT pattern, it said.

The concession period of the project is 24 years, while the construction period is 910 days. “The company will get tolling rights on Agra-Etawah Bypass section of NH-2 from the appointed date," it said.

With this project, IRB Infrastructure has expanded its base to eight states and its order book has increased to ₹ 10,770 crore to be executed in the next three to four years.

The absolute value of stalled projects and the ratio of these projects to overall projects have fallen for the fifth consecutive quarter, HSBC Global Research said in a report on Friday.

According to the report based on data from the Centre For Monitoring Indian Economy (CMIE), the April-June quarter was the fifth quarter to see a fall, resulting in a meaningful decline.

The process of clearing stalled projects was quicker for government projects, found the analysis. Revival of projects was focused on manufacturing and transport services sectors, which together account for half the stock of stalled projects. Progress has been slower in the mining, electricity and construction sectors.

“Unstalling activity has reached a critical mass and coincided conveniently with the nascent spurt in central government capex, both focusing on specific sectors (roads and rails). No wonder several indicators of capital goods production are looking up," wrote Pranjul Bhandari, chief India economist at HSBC Securities and Capital Markets India Pvt. Ltd, in the report.

Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.

Share Via