Mumbai, October 03, 2018: Project is 4 laning of 56.80 Kms section between Poondiyankuppam and Sattanathapuramon NH-32
- Financial Closure achieved before time at the Bid Project Cost
- Ties up finances for Rs. 1,029 Crores from lenders
- NHAI support for project will be Rs. 909 Crores
- Equity Contribution from Company will be Rs. 265 Crores
IRB Infrastructure Developers Ltd. (IRB Infra) has achieved another Financial Closure, on successive day, for its Special Purpose Vehicle IRB PS Highway Private Ltd. formed to manage affairs of its second Hybrid Annuity project.
Mr. Virendra D. Mhaiskar, Chairman & Managing Director, while commenting on the development said, “This is remarkable achievement for us to financially close two HAM projects on two successive days, which is nothing but the result of our domain expertise, execution capabilities and financial discipline demonstrated over last 20 years. We are highly obliged to be privileged with such high trust and confidence of lenders in us, even in the present lending environment.” He added, “Out of three HAM projects of around Rs. 5,500 Crores, bagged in March 2018, we have financially closed two and expecting to close the third one soon.”
IRB PS Highway Private Limited is a Special Purpose Vehicle (SPV) of India’s leading and one of the largest Highways Infrastructure developers, IRB Infra, formed and entrusted to undertake the construction and management of Company’s second HAM project, viz., 4 laning of 56.80 Kms section between Poondiyankuppam and Sattanathpuram on NH-32 (Previously NH-45A).
To re-iterate, IRB Infra had bagged three projects under Hybrid Annuity Model (HAM) in March 2018. Out of these three, the first two, i.e., Puducherry to Poondiyankuppam (38 Kms) and Poondiyankuppam to Sattanathpuram (56.80 Kms), now have achieved Financial Closure at the Bid Project Cost, within the time frame stipulated under the Concession Agreement.
The highlights of the Project and Financial Closure
- Project involves 4 Laning of 56.80 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. 909 Crores from NHAI and equity of Rs. 265 Crores from the Company and Project Financing of Rs. 1,029 Crores from the lenders.
Corporate Comm India(CCI Newswire)