IRB Infra’s Hapur Bypass Project SPV Receives Appointed Date From NHAI
IRB Hapur Moradabad Tollway Private Limited, a Special Purpose Vehicle (SPV) of India’s leading and one of the largest Highways Infrastructure developers has received an Appointed Date from the NHAI to start the tolling and construction.
As a result of this, the Company will be commencing Tolling on the project with effect from 29th May 2019 for the Concession Period of 22 years.
Earlier, the Company had successfully achieved Financial Closure for the Rs.3,345 Crores BOT project involving 4 to 6 laning of 99.867 Kms stretch of NH-9 between Hapur and Moradabad in Uttar Pradesh – with Rs. 1,804 Crores of Promoter’s contribution including internal accruals and the remaining being funded by the consortium led by SBI.
Mr. Virendra D. Mhaiskar, Chairman & Managing Director, while commenting on the development said, “We are thankful to the NHAI for reposing their confidence on IRB to take up this PPP project on BOT Toll basis. It was a challenging task to tie up the finances for project of this magnitude in the present lending scenario. We express our sincere gratitude to our lenders for once again trusting Company’s domain expertise and execution capabilities.” He further added, “With this, Company is now geared up to focus on the timely completion.”
The highlights of the Project and Financial Closure:
♦ Project involves 6 Laning of Hapur Bypass of 99.867 Kms on NH-9 between Hapur to Moradabad section
♦ The project concession will be for 22 years and the tolling and construction will be commenced from the Appointed Date.
♦ Project entails premium payment of Rs.31.5 Crores to NHAI; which would commence in the fourth year from the appointed date.