- Starts Tolling from 21st February 2018 as per the Appointed Date
- Also starts construction work on 90 Kms stretch of NH-79A & NH-79
Mumbai, February 21, 2018: KG Tollway Private Ltd., a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd., has received Appointed Date from NHAI for its Kishangarh to Gulabpura six laning Highway Project.
The SPV, in line with the NHAI’s Appointed Date, has started Tolling as well as Construction work on the 90 Kms corridor of NH 79A and NH-79 from today, i.e., 21st February 2018; thus, starting revenue generation from the day one.
Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “With this encouraging development, all our projects in Rajasthan have become revenue generating projects. We are sure that the project, on completion, will bring congestion free, safe and comfortable travel experience to the commuters.”
Key highlights of the Project are as under:
- Project, with cost outlay of Rs. 1,526 Crores, involves 6 Laning of 90 Km stretch on NH-79A and NH-79 between Kishangarh and Gulabpura in Rajasthan.
- NH 79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur
- Concession Period is 20 Years, which includes construction span of 910 days.
- Construction & Tolling commenced from 4th November 2017 as per the Appointed Date
- Project entails annual premium payment of Rs.186.30 Crores to NHAI, which will be payable after three years from the appointed date.
- Company is to infuse Sponsor contribution including internal accruals of Rs. 506 Crores as equity. Balance funding through the project finance of Rs. 1,020 Crores is tied at an average cost of a 10.20 % p.a.
With this, all the three projects in Rajasthan have started generating revenue.
About IRB Infrastructure Developers Ltd:
IRB Infrastructure Developers Ltd (IRB) is one of the largest private roads and highways infrastructure developers in India.
The Company at present is having 6 projects under operational BOT space; 3 projects under Tolling & Construction, 7 projects under O & M contracts as a Project Manager for IRB InvIT and another 4 projects under various stages of construction.
IRB Group, in the 20th year of its journey towards excellence since inception, has achieved an unmatchable milestone of crossing 12,000 lane Kms, along with almost 20% share in India’s prestigious Golden Quadrilateral project; which is the largest by any private highways infrastructure developers in India.
Company’s construction order book as on 31st December 2017 stands at Rs.7,400 Crores.
IRB Infrastructure Developers Ltd. is India’s first Infrastructure developer Company to have privilege of successfully launching and listing of India’s first ever InvIT IPO and also transferring 7 projects under the same. The Company was recently conferred on the prestigious ‘FinanceAsia – Best India Deal – Achievement Award 2017’ at Hong Kong.
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