IRB Infra starts construction of ₹3,345-cr road project
A Special Purpose Vehicle (SPV) of IRB Infra, one of India's largest highway infrastructure developers, has received an Appointed Date from NHAI to start construction and tolling from May 29, 2019 for a concession period of 22 years. Prior to this, the company had successfully achieved Financial Closure for a ₹3,345-cr project involving 4 to 6 laning of a 99.867 km stretch of NH-9 between Hapur and Moradabad in Uttar Pradesh on BOT model. CMD Virendra D. Mhaiskar informed that ₹1,804-cr is the promoter‘s contribution generated from internal accruals and the remaining is being funded by a consortium led by SBI. He added that the company is thankful to NHAI for reposing confidence on IRB Infra to take up the PPP project on a BOT toll basis, adn that it was a challenging task to tie up finances for a project of this magnitude in the present lending scenario.
📅Published on:
31 May 2019
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