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IRB Infrastructure Developers 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 w.e.f. from today, i.e., 12 August 2023 (00.00 Hours).
The highlights of the Project and Financial Closure:
„h Project cost - Rs.8,362 crore
„h Project length - 158 Kms, 8 lane expressway (1,264 Lane Kms)
„h Includes 20 entry and exit points encircling Hyderabad
„h The project has well established connectivity with other important National Highways and State Highways
„h Revenue linked concession period of 30 Years from Appointed Date, on TollOperate-Transfer (TOT) basis
„h This is IRB¡¦s 2nd TOT project; thus taking group¡¦s market share to 37% in India¡¦s TOT space
„h Entire project debt of Rs. 5,500 crore has been underwritten by State Bank of India
„h The project SPV is rated in AA category
„h IRB has infused equity of Rs. 1,460 crore towards its 51% share along with GIC, Singapore infusing balance Rs 1,402 crore towards its 49% totaling Rs.2,862 crore
IRB Infra had emerged as the highest bidder for project and received LoA on 27 April 2023 and had signed Concession Agreement with HMDA on 26 May 2023.
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