- Before time Financial Closure for Company’s first Hybrid Annuity project at Bid Project Cost
- Ties up finances for Rs. 617 Crores from lenders
- NHAI support for project will be Rs. 543 Crores
- Equity Contribution from Company will be Rs.159 Crores
Mumbai, September 28, 2018: IRB PP Project Private Limited, a Special Purpose Vehicle (SPV) of India’s leading and one of the largest Highways Infrastructure developers, IRB Infrastructure Developers Ltd., has successfully achieved Financial Closure for its Rs.1,319 Crores HAM Project of 4 laning of NH-32 (Previously NH-45A) Puducherry – Poondiyankuppam stretch of 38 Kms.
Mr. Virendra D. Mhaiskar, Chairman & Managing Director, while commenting on the development said, “We had won three HAM projects totaling up to Rs 5,500 Crores and are on track to achieve Financial Closure for all, starting with Puducherry-Poondiyankuppam. We are grateful to our lenders for the continued trust endorsed in our execution capabilities and financial discipline, even in current lending environment.”
To re-iterate, the Company had bagged three projects under Hybrid Annuity Model (HAM) in March 2018; out of which, the first one has achieved its Financial Closure in the time frame stipulated under the Concession Agreement.
The highlights of the Project and Financial Closure:
- Project involves 4 Laning of 48 Kms stretch on NH-32 (Previously NH-45A) between Puducherry and Poondiyankuppam.
- The project concession will be for 15 years and the tolling and construction will be commenced from the Appointed Date.
- Project will be receiving the financial support of Rs. 543 Crores from NHAI and equity of Rs. 159 Crores from the Company and Project Financing of Rs.617 Crores from lenders.
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, with presence in BOT and HAM space.
The Company has a portfolio of 17 owned projects and 7 projects under O&M contracts as a Project manager for IRB InvIT. Of the 17 owned projects, 7 projects are under operational BOT space; 3 under HAM space; 4 projects under Tolling & Construction, another 2 projects under advanced stages of construction and 1 project under development stage.
IRB Group, in the 20th year of its journey towards excellence since inception, has achieved an unmatchable milestone of having portfolio of 12,800 lane Kms, including ~ 20% share in India’s ambitious Golden Quadrilateral project; which is largest by any private highways infrastructure developers in India.
Company’s order book as on date stands at more than Rs.14,100 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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