Financial closure achieved by SPV of IRB Infra for 38-km stretch of Puducherry– Poondiyankuppam project of NH-32

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India’s leading and one of the largest highway infrastructure developer, IRB Infra’s Special Purpose Vehicle (SPV), IRB PP Project Private Limited has successfully achieved the financial closure for its Rs 1,319 crore HAM project. The project involves 4-laning of 38-km stretch of Puducherry–Poondiyankuppam project of NH-32 (previously NH-45A).

Talking about the achievement of the company, Mr. Virendra D. Mhaiskar, the Chairman & Managing Director of IRB 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.” 

Commenting on the continued trust shown by the lenders on IRB, he said “We are grateful to our lenders for the continued trust endorsed in our execution capabilities and financial discipline, even in the current lending environment.”

In March 2018, IRB Infrastructure had bagged three projects under Hybrid Annuity Model (HAM). Puducherry–Poondiyankuppam project was the first of the three projects to achieve its financial closure in the time frame agreed under the concession agreement.

The project involves the 4-laning of 48-km stretch on NH-32 (Previously NH-45A) between Puducherry and Poondiyankuppam. The concession period for the project is 15 years. The tolling and construction will be started from the appointed date.

Furthermore, the project will receive the financial support of Rs 543 crore from NHAI. It will also receive the equity of Rs 159 crore from the company and project financing of Rs 617 crores from the 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 developer in India.

Company’s order book as on date stands at more than Rs.14,100 crore.

IRB Infrastructure Developers Ltd. is India’s first Infrastructure developer company to have the privilege of successfully launching and listing 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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Last modified: October 1, 2018

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