Engineering Procurement Construction (EPC) contractor Dilip Buildcon has received a Letter of Award (LOA) from the National Highways Authority of India (NHAI) to develop a project in Maharashtra.

The project will involve the four-laning of Tuliapur-Ausa, including Tuliapur Bypass Section of NH-361 from 0-55km under NHDP Phase IV on Hybrid Annuity Mode in Maharashtra.

The project will cost approximately INR9.1bn ($136m) and is expected to take two years to complete. Dilip Buildcon's stock rose 2% after NHAI granted the award, according to Moneycontrol.com

Dilip Buildcon strategy and planning head Rohan Suryavanshi was quoted by Moneycontrol.com as telling CNBC-TV18: “The government will pay 40% of the project cost during construction period, and 60% will be raised by the company through debt and equity."

"The project will involve the four-laning of Tuliapur-Ausa, including Tuliapur Bypass Section of NH-361 from 0-55km under NHDP Phase IV on Hybrid Annuity Mode in Maharashtra."

The company is expected to put nearly INR1.5bn ($22.3m) of equity into this hybrid annuity project, and will be raising approximately INR3.5bn ($52m) of debt.

Dilip Buildcon is also currently working on several ongoing projects in India, with the majority taking place in Maharashtra, Gujarat, Rajasthan, Himachal Pradesh, Punjab, Haryana, Uttar Pradesh and many other states, as reported by Indiainfoline.com.

The company previously collaborated with IBM to address its business needs in accordance with the provisions of the Securities and Exchange Board of India.