A joint venture (JV) comprising Elsamex and India-based Infrastructure Leasing & Financial Services (IL&FS) Transportation Networks has received an approximately Rs15.24bn ($223m) road contract in Ethiopia.

The JV has submitted its bid to the Ethiopian Roads Authority.

The scope of the project includes design, maintenance, improvement and management of two road sections in the country, IL&FS Transportation Networks stated in a Bombay Stock Exchange (BSE) filing.

"The project is funded by the World Bank and the estimated total contract value is $223m."

The two road sections include the 86.10km Nekempte-Anger Gutin-Andhode and the 84.56km Agamsa-Bure.

The JV firm will have to execute the project based on an output and performance road contract (OPRC).

IL&FS Transportation Networks was quoted by PTI as saying: "The Director General, Ethiopian Roads Authority has awarded the aforesaid projects for development by the joint venture for a period of eight years.

"The project is funded by the World Bank and the estimated total contract value is $223m (approximately Rs15.24bn)."

The company has been undertaking development, operation and maintenance works of national and state highways, roads, bridges and flyovers in the Indian states of Delhi, Maharashtra, Andhra Pradesh, Karnataka, Uttar Pradesh, Gujarat, Kerala, Jharkhand and Rajasthan.

In 2013, IL&FS Transportation Networks completed an Rs8.35bn ($127m) road project in the state of Maharashtra.