IRB Infra's SPV gets completion certificate for its highway project in UP; Stock trades flat

1 Jul 2022 , 12:30 PM

IRB Hapur Moradabad Tollway Ltd., the Special Purpose Vehicle of IRB Infrastructure Developers Ltd., which is now a part of IRB Infrastructure Trust — Private InvIT, has received completion certificate from NHAI for its Hapur to Moradabad six laning highway project in the State of Uttar Pradesh, the company announced in a press release.

Consequently, the Company can now collect toll at higher tariffs, increasing by approximately 65% over existing toll tariffs.

Commenting on this development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said “We are pleased to announce completion of the Hapur - Moradabad six lane highway project in UP. This is a remarkable feat for us and signifies strength of our team to successfully manage and overcome challenges posed during unforeseen pandemic period.

The corridor will now bring congestion free, safe, time saving and more comfortable traveling experience to the commuters” He further added, “Second COD achieved after the first one in April 2022 for Vadodara to Kim HAM project in Gujarat, and start of execution for another 3 projects in the first quarter of FY23 — this speaks loads about return to normalcy as well as strengthened focus on execution by IRB team. We look forward to a robust year ahead”

To re-iterate, IRB Infrastructure Developers Ltd. had earlier bagged the project of six laning of the 99.867 Kms section of Hapur to Moradabad stretch on NH-9 in the State of Uttar Pradesh on Design, Build, Finance, Operate & Transfer (DBFOT) basis with Concession Period of 22 Years.

This project is a part of the IRB Infrastructure Trust, a Private InvIT, which will significantly benefit with cash-flows accruing from approximately 65% increase in toll tariffs.

At around 12:30 PM, IRB Infrastructure Developers was trading flat at Rs201.70 per share on the BSE.