Business Wire India
- Before time Financial Closure for Company’s first Hybrid Annuity project at Bid Project Cost
- Ties up finances for Rs. 617 Crores from lenders
- NHAI support for project will be Rs. 543 Crores
- Equity Contribution from Company will be Rs. 159 Crores
IRB PP Project Private Limited, a Special Purpose Vehicle (SPV) of India’s leading and one of the largest Highways Infrastructure developers, IRB Infrastructure Developers Ltd., has successfully achieved Financial Closure for its Rs. 1,319 Crores HAM Project of 4 laning of NH-32 (Previously NH-45A) Puducherry-Poondiyankuppam stretch of 38 Kms.
Mr. Virendra D. Mhaiskar
, Chairman & Managing Director, while commenting on the development said, “We had won three HAM projects totaling up to Rs. 5,500 Crores and are on 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 current lending environment.”
To reiterate, the Company had bagged three projects under Hybrid Annuity Model (HAM) in March 2018; out of which, the first one has achieved its Financial Closure in the time frame stipulated under the Concession Agreement.
The highlights of the Project and Financial Closure:
- Project involves 4 Laning of 48 Kms stretch on NH-32 (Previously NH-45A) between Puducherry and Poondiyankuppam.
- The project concession will be for 15 years and the tolling and construction will be commenced from the Appointed Date.
- Project will be receiving the financial support of Rs. 543 Crores from NHAI and equity of Rs. 159 Crores from the Company and Project Financing of Rs. 617 Crores from lenders.