IRB INFRA’S SPV RECEIVES APPOINTED DATE FROM NHAI FOR ITS CHITTORGARH – GULABPURA HIGHWAY PROJECT
- Starts Tolling from 4thNovember 2017 as per the Appointed Date
- Also starts construction work on 124.87 Kms stretch of NH-79
Mumbai : CG 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 Chittorgarh 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 124.87 Kms corridor of NH-79 from 4th November 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, “This is yet another encouraging development for us, post beginning of tolling for Udaipur-Gujarat border project, achieving COD for Kaithal Rajasthan and successfully transferring Amritsar-Pathankot to IRB InvIT. Once completed, we are sure that this project will provide congestion free, safe and comfortable travel experience to the commuters.”
He further added, “We are committed to develope the World Class road infrastructure that India needs, to implement its development programmes in near future.”
Key highlights of the Project are as under:
- Project, with cost outlay of Rs. 2090 Crores, involves 6 Laning of 124.87 Km stretch on NH-79 between Chittorgarh 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 4thNovember 2017 as per the Appointed Date
- Project entails annual premium payment of Rs.228.60 Crores to NHAI, which will be payable post three years from the appointed date.
- Company is to infuse Sponsor contribution including internal accruals of Rs. 690 Crores as equity. Balance funding through the project finance of Rs. 1,400 Crores is tied at an average cost of approx. 10.25 % p.a.
- The project is financed by Consortium of Lenders led by State Bank of India. Other members include, Bank of India, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd.
With this, two of the three Rajasthan 6-laning projects, Udaipur-Gujarat border and Chittorgarh-Gulabpura have commenced construction and tolling. Third project, Kishangarh-Gulabpura is expected to join the list soon.
IRB Infrastructure Developers Ltd (IRB) is leading and one of the largest private roads and highways infrastructure developing Companies in India.
The Company, at present, is having 7operational projects under BOT space post InvIT; 7 projects under O & M contracts and 7 projects under various stages of construction.
IRB, in the 20th year of its journey towards excellence, has achieved several unmatchable milestones, which includes completion of around 12,000 lanes Kms, contributing near 20% share in India’s prestigious Golden Quadrilateral project; maintaining assets of more than Rs.35000 Crs, under BOT as well as O & M space, which is the largest 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.