Mumbai, Jan 23 (IANS): ITNL Road Infrastructure Development Company Ltd (IRIDCL) has entered into a tripartite agreement with the Ministry of Road Transport and Highways (MoRTH) and the lenders of the project led by the Union Bank of India for foreclosure of the Beawer-Gomti Road Concession Agreement for Rs 144.08 crore.

"IRDCL will receive from MoRTH (Road Transport Ministry) a settlement amount of Rs 144.08 crore within seven days from the date of the agreement and thereafter will hand over the toll operation of the project of MoRTH," a statement by IL&FS Transportation Networks Ltd (ITNL) said on Thursday. IRIDCL is a subsidiary of ITNL, which in turn is a subsidiary of IL&FS.

As per the statement, the settlement was reached pursuant to the conciliation meeting convened by MoRTH under the Chairmanship of Director General (Road Development) and Special Secretary with representatives of the lenders and IRIDCL.

"The project included the development of two lanes with an aggregate length of approximately 248 Lane km with an option to construct a four lane highway on the Beawar Gomti Highway connecting Beawar to Gomti in the state of Rajasthan," the ITNL site said.

"The concession for this project was awarded to us by the Department of Road Transport and Highways, Government of India, on a DBFOT (Toll) basis for an initial period of 11 years which is further extendable to 30 years in case the company exercises the option to construct a four lane highway on the stretch within seven years from the appointed date of October 28, 2009," it added.