NHAI terminates contract for 2 IRB Infra projects

NHAI has terminated the concession agreements of two Special Purpose Vehicles (SPVs) of highways infrastructure developer IRB Infrastructure. The projects were bagged by the renowned infra builder on Hybrid Annuity Model for 4-laning of Puducherry-Poondiyankuppam and Poondiyankuppam-Sattanathapuram highways. IRB Infrastructure, however, remained tightlipped on the issue. The concession period for both the projects was 15 years after completion of the four-laning and during a concession period, the concessionaire pays an annual concession fee to NHAI from the revenues generated. In this case NHAI has reported that it failed to obtain land-related clearances from the Tamil Nadu government.