IL&FS Transportation Networks, the transportation infrastructure company, announced that the roads & building department, government of Gujarat has issued a Letter of award for development of 8 Railway Over Bridges (ROBs) in the State of Gujarat under PPP Mode on Annuity basis.

Further the company has informed that, the development of the project will be undertaken through a subsidiary of the company. The project has a concession period of 17.5 years (incl. construction period of 2.5 years) at a total project cost of Rs 2.50 billion. The semi-annual annuity payable will be Rs 219.9 million for a period of 15 years.

Shares of the company gained Rs 4.8, or 2.2%, to trade at Rs 222.50. The total volume of shares traded was 76,365 at the BSE (1.05 p.m., Tuesday).