GR Varanasi Kolkata Highway Pvt Ltd, a wholly owned subsidiary of GR Infraprojects has executed the concession agreement with the National Highways Authority of India on July 5th. The bid project cost is Rs 1,248 crore and is a Hybrid Annuity Mode (HAM) project.

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The project is for construction of 6‐lane Greenfield Varanasi‐ Ranchi‐Kolkata Highway from Anarbansalea village to Sagrampur village with a total length of 33.5 Kilometer under Bharatmala Pariyojana in the state of Bihar on Hybrid Annuity Mode (HAM).

The completion period for the project is 730 days from appointed date and the operation period is 15 years from commercial operation date.

The stock immediately rose 2 percent after the company made this announcement and corrected in latter part of the day. The stock ended the trading session on July 5 at Rs 1,312 per share.