IJM-IDFC Joint Venture has today received a Letter
of Acceptance dated 21 February 2008 from National Highways Authority of India
for the Six-Laning of Chilkaluripet-Vijayawada Section of National Highway 5
from km. 355.00 to km. 434.15 in the State of Andhra Pradesh, India (“the
Project”) on a Design, Build, Finance and Operate basis with a concession
period of fifteen (15) years.
The Project, under the National Highways
Development Program Phase-V, comprises the expansion of the existing four (4)
lanes to six (6) lanes, and is expected to be completed within 30 months with
a project cost Rs675.38 Crores (approximately RM550 million).
IJM-IDFC Joint Venture is a joint venture between
IJM Corporation Berhad (“IJM”) and Infrastructure Development Finance Company
Limited, India on a 50:50 basis, and a special purpose vehicle would be formed
to undertake the Project. Toll can be collected on the existing completed
section of the Highway 180 days after the execution of the Concession
Agreement.
IJM will undertake the construction of the Project
and its operation & maintenance upon completion.
None of the Directors or major shareholders of the Company, or persons
connected with them, has any interest, direct or indirect, in the transaction.
