Monday, July 22, 2024

IRB Infrastructure Trust Completes Rs 6,111 Crore Payment for NHAI Toll Projects

IRB Infrastructure Trust announced on Monday that its special purpose vehicles (SPVs) have successfully made an upfront payment of Rs 6,111 crore to the National Highways Authority of India (NHAI) for toll operate transfer (TOT) projects. This payment comprises concession fees of Rs 4,428 crore for TOT12 and Rs 1,683 crore for TOT13. Subsequent to this payment, IRB Infrastructure confirmed that the SPVs have received the appointed dates from NHAI for both projects.

Virendra D Mhaiskar, Chairman & Managing Director, expressed satisfaction with the company’s performance in FY24 and emphasized the need to maintain momentum in FY25. Mhaiskar highlighted the timely funding of two TOT projects worth Rs 7,000 crore as a significant achievement for the company. He also extended gratitude to investors for their unwavering support and cooperation, pledging to uphold high operational standards and deliver a world-class travel experience for highway users.

The estimated project cost for the Lakhnadon Tollway NH 44 TOT12 project is Rs 5,182 crores, while it is Rs 1,901 crores for the Jhansi Gwalior NH44 TOT12 project. IRB Infrastructure stands as one of India’s largest integrated private toll and highway infrastructure companies, boasting an asset base of approximately Rs 80,000 crore spread across twelve states.

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