Innovision share price jumped 18% on Wednesday, 9 September, after the company received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for user fee collection at Pachwara Fee Plaza on NH-39 in Madhya Pradesh.
The latest order is worth ₹24.52 crore and covers user fee collection at the fee plaza for the four-laning of the Jhansi-Khajuraho section of NH-39. The contract also includes the upkeep and maintenance of adjacent toilet blocks, along with replenishment of consumable items. The order is to be executed over a period of one year.
In a separate order, Innovision has been appointed as a user fee collection agency for the IDTL A and IDTL B fee plazas for the six-laning of the Indore-Dewas section of NH-3 in Madhya Pradesh. The contract, awarded through competitive bidding via e-tender, has a total commercial consideration of ₹219.07 crore and is also valid for one year.
The company said both orders were awarded by domestic entities and that no promoter, promoter group or group company has any interest in the entities awarding the contracts.
The latest contracts add to a series of NHAI orders secured by Innovision in recent months.