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IRB commences construction on Goa/Karnataka Border to Kundapur BOT Project

The company has also executed concession agreement with NHAI for another BOT project

March 05, 2014 4:08 IST | India Infoline News Service

 IRB Infrastructure Developers Ltd (“IRB”), one of the largest BOT road developers in India, announced that it has commenced construction on Goa/Karnataka Border to Kundapur BOT Project. The company has also executed concession agreement with NHAI for another BOT project viz. Four Laning of Solapur to Yedeshi section of NH-211.

Goa/Karnataka Border to Kundapur BOT Project is being implemented by the wholly-owned subsidiary of the company viz. IRB Westcoast Tollway Pvt. Ltd. This SPV has now received an Appointed Date in terms of the Concession Agreement executed with NHAI. The project involves four laning of NH17 from Km 93.700 to Km 283.300 in the State of Karnataka. The project cost of the company is approximately Rs. 2,639 crores and the concession period is 28 years. Construction period for the project is 910 days. IRB has sought Rs. 536 crores as viability gap funding from NHAI. The SPV has already achieved financial closure and tied up project finance of Rs. 1,406 crores from a consortium of public sector banks.

IRB has also informed that it’s another wholly-owned subsidiary viz. Solapur Yedeshi Tollway Pvt. Ltd. has executed concession agreement with NHAI for the project of four laning of Solapur to Yedeshi section of NH-211 in Maharashtra. The estimated project cost is approximately Rs. 1,500 crores. IRB has sought Rs. 189 crores as viability gap funding from NHAI for the project. Concession period is 29 years for the project and construction period is 910 days.

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