The Company in consortium with Spanco Limited, (where, ITNL and Spanco will hold 51% and 49% of total equity respectively) had submitted its Bid with the M P Road Development Corporation Limited ("MPRDC") for Up-gradation, Modernization, Development, Operation and Maintenance of 24 Border Check Posts across the state of Madhya Pradesh on BOT basis (the "Project").

The Project is fee based with a Concession period of 4566 days. The Estimated Cost of the Project is Rs. 1094 Crores.

We would like to inform you that the bids were opened on September 30, 2010 by MPRDCL and the consortium led by the Company and Spanco has emerged as the lowest Bidder for the aforesaid Project.