SPV of IRB Infra attains financial closure for 38-km stretch of Puducherry– Poondiyankuppam project of NH-32

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Ritika Pathak

, Real Estate
  • Financial closure ahead of schedule for company’s first Hybrid Annuity Project (HAM) at ‘Bid Project Cost’ 
  • Ties up finances for Rs 617 Crores from lenders
  • NHAI to pump in Rs 543 crore
  • The company’s equity contribution will be Rs 159 crore

Mumbai, September 28, 2018: IRB Infrastructure Developers Ltd, India’s leading highway infrastructure developer’s ‘Special Purpose Vehicle’ (SPV), ‘IRB PP Project Private Limited’ has successfully achieved the financial closure for its Rs 1,319 crore HAM project. It involves the 4-laning of 38-km stretch of Puducherry–Poondiyankuppam project of NH-32 (previously NH-45A).

Commenting on the development, Virendra D Mhaiskar, the Chairman & Managing Director of IRB, said, “We had won three HAM projects, totaling up to Rs 5,500 Crore and on the track to achieve financial closure for all, starting with Puducherry-Poondiyankuppam. We are grateful to our lenders for the continued trust endorsed in our execution capabilities and financial discipline, even in the current lending environment.”

IRB Infrastructure had bagged three projects under Hybrid Annuity Model (HAM) in March 2018.  This was the first of the three projects to achieve its financial closure in the time frame agreed under the concession agreement.

Highlights of the project and financial closure:

  • The project involves 4-laning of 48-km stretch on NH-32 (Previously NH-45A) between Puducherry and Poondiyankuppam
  • The concession period for the project is 15 years. The tolling and construction will start on the appointed date
  • The project will receive financial support of Rs 543 crore from NHAI, and equity of Rs 159 crore from the company, and project financing of Rs 617 crore from the lenders

About IRB Infrastructure Developers Ltd

IRB Infrastructure Developers Ltd (IRB) is India’s leading and one of the largest private roads and highways infrastructure developers, with presence in BOT and HAM space.

The company has a portfolio of 17 owned projects and 7 projects under O&M contracts as a Project manager for IRB InvIT. Of the 17 owned projects, 7 projects are under operational BOT space; 3 under HAM space; 4 projects under Tolling & Construction, another 2 projects under advanced stages of construction and 1 project under development stage.

IRB Group, in the 20th year of its journey towards excellence, has achieved an unmatchable milestone of having portfolio of 12,800 lane km, including 20% share in India’s ambitious Golden Quadrilateral project, the largest by any private highways infrastructure developer in India.

Company’s order book as on date stands at more than Rs 14,100 crore.

IRB Infrastructure Developers Ltd is India’s first Infrastructure developer company to successfully launch and list India’s first ever InvIT IPO and also transferring 7 projects under the same. The company was recently conferred the prestigious ‘FinanceAsia – Best India Deal – Achievement Award 2017’ in Hong Kong.

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