Mumbai, January 25, 2019:
VK-1 Expressway Private Ltd., a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd., has received an Appointed Date from NHAI for 23.740 Kms long Padra (Kim) – Vadodara Hybrid Annuity project, which is part of the upcoming Vadodara – Mumbai Expressway.
The SPV, in line with the NHAI’s Appointed Date, is now set to commence the construction work on the project soon.
Commenting on the development, Spokesperson, IRB Infrastructure Developers Ltd. said, “This is an encouraging development. It means we can commence construction on our first Hybrid Annuity project. Getting appointed date is nothing but moving a step ahead to meet deadlines with quality construction and ensuring revenue flows as envisaged. We are confident of completing the project in time and ensuring congestion free, safe and comfortable travel experience to the commuters.” He further added, “We are now looking forward to receive Appointed Dates for other two HAM projects in South India, which would enable us to start construction activity on all projects.”
Key highlights of the Project are as under
To reiterate, IRB Infra had won three Hybrid Annuity projects in the Q4 of FY18; two in South India and one in Gujarat. All the projects had achieved Financial Closures recently and rest two also now set to receive appointed date soon; thus, enabling the Company to commence construction activity on those projects too.
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