IL&FS Transportation Networks Ltd. said the company and its subsidiary Futurcage Infrastructure India Ltd. had been mandated with the project for undertaking the development of an Integrated multi level automatic car parking facility at Khilwat, Hyderabad, by the Greater Hyderabad Municipal Corporation or GHMC, Hyderabad.
The concession period for the project is 30 years, which includes a construction period of 2 years. The project involves construction and development of an automated car parking along with real estate portion. The revenue to the project shall accrue from parking fee and leasing of retail space during the concession period.
The company further stated that the concession agreement for the project had been signed on May 25 between GHMC and Charminar RoboPark Ltd., the special purpose vehicle incorporated by the Company for undertaking the Project.
At the BSE, IL&FS Transportation Networks shares are currently trading at Rs.173.15, up 1.58 percent from the previous close.
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