IRB achieves financial closure for two projects
IRB Infrastructure Developers Limited has achieved financial closure for its Talegaon-Amravati highway project and Goa Tollway project. IRB Talegaon Amravati Toll Road Pvt. Ltd – wholly-owned subsidiary of IRB, has achieved financial closure for its Talegaon – Amravati Highway Project which comprises 4-laning of Talegaon-Amravati Section of NH6 in Maharashtra on DBFOT pattern under NHDP Phase III of NHAI. The construction period is 910 days for this project and the concession period is 22 years. IRB has sought grant of Rs. 216 Crore from NHAI during construction phase.
IRB Goa Tollway Pvt. Ltd – wholly-owned subsidiary of IRB, has achieved financial closure for its Goa Tollway Project comprising four-laning of NH-4A from Goa/ Karnataka Border Km 84.00 to Panaji – Goa Km 153.070 in the State of Goa on DBFOT pattern under NHDP Phase III . The construction period is 910 days and the concession period for this project is 30 years. IRB has sought grant of Rs. 186.30 Crore from NHAI during construction phase.
A Consortium of Lenders comprising of Infrastructure Development Finance Company Limited (IDFC) – Lead Institution and Canara Bank, Bank of Baroda & Union Bank of India has financed these projects. IDFC has financed Rs. 380 Crores in aggregate for these two projects while remaining part has been financed by other Banks of the Consortium.
The company had bagged 4 BOT Projects from NHAI which are in the state of Goa, Punjab, Rajasthan and Maharashtra, worth Rs.4,300 crore in June 2009.
With this, the Company has now achieved financial closure for all the projects awarded to it by NHAI.
VD Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Ltd. said, “We are pleased to achieve the financial closure of all our four projects in this financial year. It underlines the faith the financial institutions and banks have shown in our ability to deliver.”