IRB starts work on Rs 4,139-cr road projects
Two road projects in Karnataka and Maharashtra, which entail a cost of Rs 4,139 crore, have been started by IRB Infrastructure.
IRB Infrastructure said in a filing to the BSE, that Rs 2,639-crore scheme for four-laning of a highway in Karnataka and the Rs 1,500-crore road widening project in Maharashtra are being implemented by company’s wholly-owned subsidiaries.
“IRB Westcoast Tollway Pvt Ltd has now received appointed date from NHAI in terms of the concession agreement for the project of four laning of Goa/Karnataka border to Kundapur section of NH-17 in Karnataka under NHDP phase IV.”
It said The SPV has started construction on the project on design, build, finance, operate and transfer (DBFOT) toll basis.
It further mentioned that it has hunted Rs 536 crore from NHAI as viability gap funding for the Rs 2,639-crore project with an allowance period of 28 years and construction period of 910 days.
From a consortium of public sector banks, the company has achieved financial closure and tied up project finance of Rs 1,406 crore.
The wholly-owned subsidiary of the company, Solapur Yedeshi Tollway Pvt Ltd, has now started concession agreement with NHAI for the project of four laning of Solapur to Yedeshi section of NH-211 in Maharashtra under NHDP Phase IV on DBFOT (Toll) basis.
With a concession period of 29 years and construction period of 910 Days, the company has sought Rs 189 crore as viability gap funding from NHAI for the 1,500-crore project, it added.
The shares of the company closed at Rs 82.10 apiece, up 0.43 per cent from the earlier close on the BSE.
Source: The Economic Times
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