IRB Infra
IRB MP Expressway, a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers, has achieved financial closure for its first and India's largest TOT project – Mumbai-Pune Expressway. As a commitment towards the fee obligations in the concession agreement, the company has made payment of the first tranche of Rs. 6,500 crore as upfront sub-concession fee to the Maharashtra State Road Development Corporation. Virendra D. Mhaiskar, CMD, said, "Achieving financial closure, amounting to a whopping Rs.6,610 crore debt for the TOT project, in these difficult times, was a massive ordeal, especially with more than half the stipulated time being tied away in the lockdown. This feat validates the lenders' trust in the project's merit, company's financial track record and creditworthiness; as also our domain expertise and execution capabilities in developing and managing large highway infrastructure."
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