NHAI awards Rs 1,683-cr contract to IRB Infrastructure

18 Dec 2023 , 11:53 AM

The National Highways Authority of India (NHAI) has awarded Rs 1,683 crore to IRB Infrastructure Trust, a private InvIT of IRB Infrastructure Developers Ltd, for TOT-13, which includes the Gwalior-Jhansi segment on NH-44 and the Kota Bypass on NH 76 projects.

For the 20-year revenue-linked concession, the Trust was the top bidder.

‘This project will take our share in the North-South connectivity to approx. 12 per cent; our aggregate asset base to nearly ₹77,000 crore with a robust market share in TOT space to around 38 per cent, the largest by any private transport infrastructure developer in roads and highways segments in India,’ remarked Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., in response to the development. 

According to the company’s regulatory filing, the Trust will now be allowed to incorporate a Project Special Purpose Vehicle (SPV) in order to execute a Concession Agreement with the Nodal Agency and go forward with financial closing within the allotted time limit after receiving the LoA.

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