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IRB Infrastructure Developers today said the National Highways Authority of India (NHAI) has cancelled a contract awarded to it for four laning of a road in Goa.

“The company has received a formal letter from NHAI informing the company, termination of this concession agreement of the project due to their inability to provide necessary land for implementation of the project,” the company said in a filing to the Bombay Stock Exchange (BSE).

NHAI had awarded the project to IRB Infrastructure in January last year for four laning of Goa-Karnataka border to Panaji-Goa stretch on BOT toll basis. In order to execute the project a special purpose vehicle, IRB Goa Tollway, was formed, it said.

The concession agreement with NHAI was executed in February 2010 and financial closure was achieved in March last year, it added.

However, NHAI failed to provide necessary land for implementing the project. Finding delays in getting land, the statement said, IRB Infrastructure Developers in September this year removed the project from its order book.

Source By Business Standard

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