IRB Infra SPV gets appointed date from NHAI for Pathankot Mandi HAM project in Himachal Pradesh

20 May 2022 , 09:42 AM

The Pathankot Mandi Highway Pvt. Ltd., an SPV of IRB Infrastructure Developers Ltd. has received an Appointed Date May 18, 2022 from the National Highway Authority of India (NHAI).

With this the Company is now set to commence construction activity on the project soon.

Commenting on the development, Spokesperson, IRB Infrastructure Developers Ltd. said, “Getting appointed date is a step forward to meet deadlines with quality construction and ensuring revenue flows as envisaged. In line with our execution capacities, we are confident of timely completion of the project with world class quality and high safety standards to ensure safe and comfortable travel experience for commuters.”

Key highlights of the Project are as under:

• The project is Rehabilitation & Upgradation to Four Lane configuration & strengthening of Punjab/Himachal Pradesh Border to Mo stretch of 28.700 Kms
• Project cost outlay is Rs828 crore
• The concession will comprise 730 days for construction and 15 years Operations & Maintenance rights thereafter.

To re-iterate, the Company had recently achieved financial closure for the project and had tied up finances of Rs373 crore from lenders. The Company will infuse equity of Rs124 crore and balance Rs331 crore will come as financial support from the nodal agency NHAI.

At around 9:17 AM, IRB Infrastructure Developers was trading at Rs218.30 per piece higher by 2.85% on the BSE.