Larsen and Toubro (L&T) has secured a INR29.89bn ($487m) engineering, procurement and construction (EPC) contract from the state Government of Gujarat in India to build the proposed the Statue of Unity.
The Statue of Unity will be a 182m (597ft) bronze statue of India's first home minister Sardar Vallabhbhai Patel.
The statue will be built on the Sadhu-Bet Island, about 3.5km south of Sardar Sarovar Dam at Kevadia in the Narmada district of Gujarat.
Under the deal, L&T will be responsible for the design, engineering and construction of the statue, as well as an exhibition centre at its base, a memorial garden, a designer bridge connecting Sadhu Island with the mainland along the Narmada River.
The project will also include a 5km internal roadway, as well as improvements to the existing roads, bridges and culverts connecting the area of Sadhu Island.
Following completion, which is scheduled to be within 42 months, the Statue of Unity will be the tallest in the world.
L&T member of the board and senior executive vice-president S N Subrahmanyan said: "Bagging this order is a matter of great pride for us at L&T as it re-affirms the confidence that people have in us to build complex structures.
"Purely in engineering and construction perspective, the Statue of Unity poses some very unique challenges and we possess the requisite credentials to construct.
"It will indeed be an honour and privilege to use our expertise to create a monument that is sure to evoke nationalistic pride in the heart of every Indian."
Turner Construction, which built the world's tallest skyscraper Burj Khalifa in Dubai, will act as consultant to the project.