Rs.981 Cr. For Vadodara- Mumbai Expressway: IRB Infra

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IRB Infrastructure Developers Ltd has tied up Rs. 981 crore finances from lenders for a project to widen a section of Vadodara-Mumbai Expressway. The support from National Highways Authority of India for the project will be Rs. 817 crore while the equity contribution from the company will be Rs. 245 crore. IRB Infra Chairman & Managing Director Virendra D Mhaiskar stressed that the company achieving financial closures for all three projects under HAM within a span of almost 20-21 days demonstrate lenders “high trust” in their domain expertise, execution capabilities and financial discipline demonstrated over last 20 years. IRB Infra had bagged three projects under Hybrid Annuity Model in March 2018. Of these three, the first two - Puducherry to Poondiyankuppam (38 Kms) and Poondiyankuppam to Sattanathpuram (56.80 Kms) have achieved financial closure at the Bid Project Cost at the end of September 2018 on two consecutive days. With the third financial closure achieved, IRB Infra has financially closed all its HAM projects.