Punj Lloyd today said its subsidiary, Punj Lloyd Infrastructure Limited, has bagged an order

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worth Rs 735 crore from the National Highways Authority of India (NHAI).

The subsidiary, which has been set up for implementing infrastructure development projects, will upgrade the national highway from Khagaria to Purnea in Bihar to a two-lane, undivided carriage way with paved shoulders under the National Highways Development Programme (NHDP), Punj said in a statement.

The project will work in a build-operate-transfer (BOT) annuity basis, the statement added.

The scope of work will involve the design, building, finance, operation and transfer of the 140 km section of the national highway, it said.

"This is a significant BOT project... Through Punj Lloyd Infrastructure Limited, the Group will continue rational bidding with an aim to create a portfolio of Infrastructure Development projects. This project complements our existing portfolio of highways construction portfolio in India," Punj Lloyd Chairman Atul Punj said.

Upon signing a concession agreement with NHAI, Punj Lloyd will be entitled to semi-annual annuities of Rs 56 crore for 17 years, it said.

Punj Lloyd has built over 1200 km of highways under NHDP falling under the Golden Quadrilateral and East West Corridors for NHAI. The Group has also executed BOT Projects in the past along with partners.