IRB Infra SPV gets appointed date from UPEIDA for greenfield BOT project in UP

13 Oct 2022 , 09:17 AM

IRB Infrastructure Developers Ltd.’s Special Purpose Vehicle (SPV), Meerut Budaun Expressway Pvt. Ltd., has received an Appointed Date from the Uttar Pradesh Expressways & Industrial Development Authority (UPEIDA) for Meerut to Budaun stretch of upcoming Greenfield BOT project Ganga Expressway Group 1.

The Company, in line with the receipt of the Appointed Date, is now set to commence the construction activity in full swing so as to meet the set timeline for completion and commissioning of the project for use of people of the Uttar Pradesh state; resources for which have already been deployed.

Speaking on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infra Group said, “The construction for the project will now be taken up in full swing. This being the largest and one of most prestigious projects in our portfolio, is of utmost importance for us and we would endeavour to complete it within set timeframe with strong focus on quality and safety standards. ”

Earlier, the Company had successfully achieved Financial Closure for the Rs6,538 crore project, where the Consortium of Lenders had extended financial support of Rs2,659 crore; Company and/or its associate IRB Infrastructure Trust have committed equity infusion of Rs2,133 crore and the Viable Gap Funding (VGF) from UPEIDA is Rs1,746 crore.

At around 9:17 AM, IRB Infrastructure Developers Ltd is currently trading at Rs215.25 per share up by Rs1.1 or 0.51% from its previous closing of Rs214.15 per share on the BSE.

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