Hyderabad/Mumbai, August 12, 2023: IRB Infrastructure Developers Ltd., India’s leading and largest integrated multinational highways infrastructure developer presented a cheque of Rs.7,380 Crs to the Hyderabad Metropolitan Development Authority (HMDA) towards upfront payment of Concession Fee for Nehru Outer Ring Road TOT project. Post payment, The SPV has also received the Appointed Date in line with the concession agreement. The SPV has started tolling on the Nehru Outer Ring Road TOT project w.e.f. from today, i.e., August 12, 2023 (00.00 Hours).
While commenting on the development, Shri Virendra D. Mhaiskar, Chairman & Managing Director said, “Achieving financial closure well ahead of time for such a large and iconic project is a matter of pride to us. We express our sincere gratitude towards HMDA, HGCL, State Bank of India, our partner (GIC, Singapore), and all other stakeholders for their wholehearted support and cooperation. We have started tolling with effect from 00.00 hours today.” He further added, “We are committed to achieving excellence in the operations and bringing the world-class travel experience for users of this prestigious project.”
The highlights of the Project and Financial Closure:
- Project cost – Rs.8,362 Crs
- Project length – 158 Kms, 8 lane expressway (1,264 Lane Kms)
- Includes 20 entry and exit points encircling Hyderabad
- The project has well-established connectivity with other important National Highways and State Highways
- The revenue-linked concession period of 30 Years from the Appointed Date, on a Toll-Operate-Transfer (TOT) basis
- This is IRB’s 2nd TOT project; thus taking the group’s market share to 37% in India’s TOT space
- The entire project debt of Rs. 5,500 crores has been underwritten by the State Bank of India
- The project SPV is rated in the AA category
- IRB has infused equity of Rs. 1,460 Crs towards its 51% share along with GIC, Singapore infusing a balance of Rs 1,402 Crs towards its 49% totaling Rs.2,862 Crs
IRB Infra had emerged as the highest bidder for the project and received LoA on 27th April 2023 and signed a Concession Agreement with HMDA on 26th May 2023.
