COMPANY COMMENCED CONSTRUCTION WORK ON THE 113.8 KMS CORRIDOR NHAI ALLOWS SPV TO START TOLLING FROM 3RD SEPTEMBER 2017
Mumbai, September 4, 2017: Udaipur Tollway Private Ltd., wholly-owned Subsidiary and a Special Purpose Vehicle, of IRB Infrastructure Developers Ltd., India’s leading and the largest BOT player in the Highway Infrastructure Development Sector has received Appointed Date from NHAI for its Udaipur to Rajasthan & Gujarat Border Highway Project.
As per the Appointed Date communication received from the NHAI, Company has commenced construction work on the 113.8 Kms corridor of NH-8, as well as Tolling from the day one, i.e., 3rd September 2017; thus, starting revenue generation from day one.
While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “We are pleased to inform that the Company has commenced the tolling and construction work on Udaipur – Rajasthan/Gujarat Border Project. Once completed, we are sure that the project will provide congestion free, safe and comfortable travel experience to the commuters.” He further added, “The revenue generation will be from the day one itself, being a six laning project. We are committed to develope the World Class road infrastructure that India needs to implement its development programmes.”
Key highlights of the Project are as under:
- The Project is on DBFOT, i.e., Design, Build, Finance, Operate & Transfer model, and mandates 6 laning of 113.8 Kms corridor of NH-8 between Udaipur to Rajasthan/Gujarat Border
- The concession period of the project is 21 years, which also includes construction span of 910 days
- The Company started toll collection on Appointed Date i.e. September 3, 2017; thus generating revenue from day one.
- To re-iterate, the Company had offered premium of Rs. 163.80 Crores to NHAI, payment of which will commence post three years from the Appointed Date in terms of the Concession Agreement.
- The project with total cost outlay of Rs.2088 Crores, had recently achieved the Financial Closure
- The project is financed by Consortium of Lenders led by Canara Bank. Other members include, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd.
About IRB Infrastructure Developers Ltd:
IRB Infrastructure Developers Ltd (IRB) is India’s leading and one of the largest private roads and highways infrastructure developers.
The Company at present operates 7 highway projects under BOT space, post transferring 6 projects to India’s first ever InvIT, which are now under Operations and Maintenance contracts and 8 projects under various stages of construction.
Company’s Construction Order Book stands at Rs.8900 Crores as on 30th June 2017, i.e., at the end of Q1 of FY 2017 – 2018.
The Company, in 10th year of its journey towards excellence post listing, has achieved an unmatchable milestone of around 12,000 lanes Kms, including 20% share in India’s most prestigious and ambitious Golden Quadrilateral project. This is the largest portfolio of projects held by any private highways infrastructure developers in India.
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.
For further details, please contact:
- Vivek Devasthali, Head – Corporate Communications, 99300 80099, devasthali@irb.co.in
- Shahab Shaikh, Concept PR, 93208 97525, shahab@conceptpr.com