September 10 (SeeNews) - Bulgaria's National Railway Infrastructure Company (NRIC) said that it has signed a 380 million levs ($215 million/194 million euro) contract with a tie-up of one local and two foreign companies for the modernisation of a railway section connecting the towns of Kostenets and Septemvri.
The consortium comprises Bulgarian company Trans Logistica, Spain's Contratas Iglesias and Romania's Arcada Company, NRIC said in a notice on Monday.
The deal was signed on August 12.
The tender process attracted six bids.
The contract will be partially financed with EU funds under Operational Programme Transport and Transport Infrastructure 2014-2020. However, due to a severe delay caused by a number of complaints filed with the competition regulator against the procedure, Bulgaria's government decided last month to allocate an additional co-financing of 116.4 million levs for the project, as some of the activities will not be completed in time to be financed by Operational Programme Transport and Transport Infrastructure 2014-2020.
According to registry agency data, Trans Logistica holds a 65% stake in the winning consortium, while Contratas Iglesias and Arcada Company control 30% and 5%, respectively.
Trans Logistica has a registered capital of 5,000 levs and is fully owned by private investor Tony Todorov, according to commercial register data. Trans Logistica had assets of under 1.1 million levs at the end of 2017, according to its latest annual financial statement available. The company booked revenue of 3.3 million levs in 2017.
(1 euro = 1.95583 levs)