NHAI ALLOWS SPV TO START TOLLING FROM 3RD SEPTEMBER 2017
Mumbai, September 4, 2017: Udaipur Tollway Private Ltd., wholly-owned Subsidiary and a Special Purpose Vehicle, of IRB Infrastructure Developers Ltd., India’s leading and the largest BOT player in the Highway Infrastructure Development Sector has received Appointed Date from NHAIfor its Udaipur to Rajasthan & Gujarat Border Highway Project.
As per the Appointed Date communication received from the NHAI, Company has commenced construction work on the 113.8 Kms corridor of NH-8, as well as Tolling from the day one, i.e., 3rd September 2017; thus, starting revenue generation from day one.
While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “We are pleased to inform that the Company has commenced the tolling and construction work on Udaipur – Rajasthan/Gujarat Border Project. Once completed, we are sure that the project will provide congestion free, safe and comfortable travel experience to the commuters.” He further added, “The revenue generation will be from the day one itself, being a six laning project. We are committed to develope the World Class road infrastructure that India needs to implement its development programmes.”
Key highlights of the Project are as under:
- The Project is on DBFOT, i.e., Design, Build, Finance, Operate & Transfermodel, and mandates 6 laning of 113.8 Kms corridor of NH-8 between Udaipur to Rajasthan/Gujarat Border
- The concession period of the project is 21 years, which also includes construction span of 910 days
- The Company started toll collection on Appointed Date i.e. September 3, 2017; thus generating revenue from day one.
- To re-iterate, the Company had offered premium of Rs. 163.80 Crores to NHAI, payment of which will commence post three years from the Appointed Date in terms of the Concession Agreement.
- The project with total cost outlay of Rs.2088 Crores, had recently achieved the Financial Closure
· The project is financed by Consortium of Lenders led by Canara Bank. Other members include, Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd.
