IRB Infra’s Hapur Bypass Project SPV receives appointed date from NHAI

As a result of this, the company will be commencing Tolling on the project with effect from May 29, 2019, for the Concession Period of 22 years.

May 29, 2019 03:05 IST India Infoline News Service

IRB Hapur Moradabad Tollway Pvt. Ltd., a Special Purpose Vehicle (SPV) of India’s leading and one of the largest Highways Infrastructure developers have received an Appointed Date of May 29, 2019, 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 May 29, 2019, for the Concession Period of 22 years.    

Earlier, the company had successfully achieved Financial Closure for the Rs3,345cr BOT project involving 4 to 6 laning of 99.867 Km stretch of NH-9 between Hapur and Moradabad in Uttar Pradesh – with Rs1,804cr of Promoter’s contribution including internal accruals and the remaining being funded by the consortium led by SBI.

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 a BOT Toll basis. It was a challenging task to tie up the finances for the 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.”

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