IRB Golconda Expressway commences tolling on Hyderabad ORR
image for illustrative purpose
Hyderabad: IRB Infrastructure Developers Ltd., India’s leading and the largest integrated multinational highways infrastructure developer presented a cheque of Rs.7,380 crore to the Hyderabad Metropolitan Development Authority (HMDA) towards upfront payment of concession fee for Nehru Outer Ring Road TOT project. Post payment, the SPV has also received the appointed date in line with concession agreement. The SPV has started tolling on the Nehru Outer Ring Road TOT project from August 12, 2023.
Virendra D. Mhaiskar, Chairman and Managing Director, said, “Achieving financial closure well ahead of time for such a large and iconic project is a matter of pride to us. We express our sincere gratitude towards HMDA, HGCL, State Bank of India, our partner (GIC, Singapore) and all other stakeholders for their wholehearted support and cooperation. ” He further added, “We are committed to achieve excellence in the operations and bring the world class travel experience for users of this prestigious project.”
The highlights of the project and financial closure: Project cost - Rs.8,362 crore, project length - 158 kms, eight lane expressway (1,264 Lane kms), Includes 20 entry and exit points encircling Hyderabad, the project has well established connectivity with other important National Highways and State Highways, revenue linked concession period of 30 years from appointed date, on Toll-Operate-Transfer (TOT) basis, this is IRB’s 2nd TOT project; thus taking group’s market share to 37 per cent in India’s TOT space, and entire project debt of Rs. 5,500 crore has been underwritten by State Bank of India, the project SPV is rated in AA category, IRB has infused equity of Rs. 1,460 crore towards its 51 per cent share along with GIC, Singapore infusing balance Rs 1,402 crore towards its 49 per cent totaling Rs.2,862 crore
IRB Infra had emerged as the highest bidder for project and received LoA on 27th April 2023 and had signed Concession Agreement with HMDA on 26th May 2023.
IRB Infrastructure Developers Ltd (IRB) is India’s first Integrated Multinational Infrastructure player in Highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs.70,000 Crs. in 11 States across the parent company and two InvITs.
The Company has strong track record of constructing over 17,200 lane kms pan India in three decades and has an ability to construct over 500 kms in a year.
It has approximately 20 per cent share in India’s prestigious Golden Quadrilateral project and 37 per cent market share in TOT projects which is the largest by any private infrastructure developer in India.
At present, IRB Group’s portfolio (including Private and Public InvIT) has 24 road projects that include 18 BOT, 2 TOT and 4 HAM projects.
