India-based IRB Infrastructure Developers has announced that its wholly-owned subsidiary, IRB Westcoast Tollway, has entered into a concession agreement with the National Highways Authority of India (NHAI) for a Rs26bn ($478.2m) road project in the state of Karnataka.

Work under the new project includes four laning the Goa / Karnataka Border to the Kundapur section of National Highway 17 (NH-17) from Km 93.700 to Km 283.300 from the existing two-lane highway to a four-lane highway

To be completed within 910 days from the appointed date, the development will be executed on a design, build, finance, operate and transfer basis, under phase IV of the National Highways Development Project.

"The development will be executed on a design, build, finance, operate and transfer basis."

The SPV will receive the tolling rights on NH-17 upon completion of the project, while IRB Westcoast Tollway has sought a grant of Rs5.36bn ($98.6m) from NHAI to execute the project.

In a separate announcement, IRB Infrastructure said that Virendra Mhaiskar has marginally increased his stake in the company to 25.11% by buying shares worth Rs58.7m ($1.07m). Before the transaction, Mhaiskar held a 24.95% stake in the company.

IRB Infrastructure Developers, headquartered in Mumbai, is part of IRB Group, and was formed to fund the capital requirements of the group’s initiatives in the infrastructure sector.

The company, along with its subsidiaries, has constructed or operated and maintained close to 8,000km of road.

The National Highways Authority of India is an autonomous agency of the government of India, and is responsible for management of a network of more than 70,000km of National Highways in India.