IVRCL, an India-based infrastructure company, has won a Rs16.5bn ($302.5m) contract for the construction of Rai Malikapur-Kharak road corridor in Haryana, a state in India.

The contract will include the development of a 151km stretch of Rai Malikapur near the Rajasthan border to the Kharak corridor, and is expected to increase the connectivity between the north and south regions of the state.

To be executed under a design, build, finance, operate and transfer method, the contract will also cover the development of new four-lane bypass links, a number of bridges and service roads.

IVRCL Finance executive director R Balarami Reddy told Business Line that the project is expected to be executed in one and a half years and will attain financial closure within six months.

"The contract will include the development of a 151km stretch of Rai Malikapur near the Rajasthan border to the Kharak corridor."

"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,” Reddy said.

IVRCL operates in various core infrastructure sectors of water and environment, transportation, buildings and power.

In November 2012, Haryana Urban Development Authority (HUDA) awarded contracts worth Rs210m ($3.9m) to upgrade the quality of roads in residential areas across the state.

The complete work of construction, awarded to a private company, will include repairs of more than 142km-long roads that cover several HUDA sectors.

In the same month, the state also approved Rs171.3 ($3.14m) for revamp and construction of roads under the Schedule Caste Plan and Schedule Caste Sub Plan for the year 2011-12.