IRB Infra seals funding deal for ₹2,314-cr highway

The wholly-owned subsidiary of IRB Infrastructure Developers, Palsit Dankuni Tollway Private Limited, has achieved financial closure for six-laning of National Corridor NH-19 from Palsit to Dankuni (up to NH-6 Connector) in West Bengal under Bharatmala Pariyojana to be executed on a BOT (Toll) basis. The project involves a cost of ₹2,314 crore with a concession period & tolling 17 Years from the Appointed Date (including a Construction Period of 910 days). The Company will get tolling rights on the Project from the Appointed Date. Premium payable as a percentage of Revenue is 10.8% commencing after one year of actual completion date and increasing annually by 1% thereafter. Total Senior Debt of ₹1,650 crores has been tied up with the Senior Lenders, and with necessary approvals, Equity contribution will be made by the Company & its Associate viz. IRB Infrastructure Trust (Private InvIT).