Business Line reported that IVRCL Ltd has entered into a MoU with the Haryana Government for the development of Rai Malikapur to Kharak road corridor.

The INR 1,605 crore project corridor will cover a stretch of 151 kilometer of Rai Malikapur close to the Rajasthan border up to Kharak corridor and boost the north to south connectivity.

According to Mr R Balarami Reddy executive director of IVRCL, the project will achieve financial closure within six months and take about 30 months to execute.

Mr Reddy said that "This is a project which we had bagged earlier and have signed up the contract last week. Some of the issues relating to the project, including stamp duty, were sorted out and now we are on course to execute it once we achieve financial closure.''

The toll way project, which IVRCL's erstwhile subsidiary IVRCL Assets & Holdings Ltd has bagged, includes new 4 lane bypass links, several bridges and service roads. It is to be executed under design, build, finance, operate and transfer mode. When completed, it will boost the inter state connectivity.