SPVs of IRB Infrastructure Trust make upfront payment of Rs 6,111 Crs to NHAI for TOT12 and TOT13 Projects
The SPVs made an upfront payment of the Concession Fee of Rs.6,111 Crs to the NHAI (TOT12 - Rs.4,428 Crs, TOT 13 - Rs.1,683 Crs) and subsequently received the Appointed Dates from NHAI for both projects.
![SPVs of IRB Infrastructure Trust make upfront payment of Rs 6,111 Crs to NHAI for TOT12 and TOT13 Projects](https://www.psuconnect.in/sdsdsd/irb.jpg)
The SPVs of IRB Infrastructure Trust (Associate of IRB Infra), India’s largest highways infrastructure investment trust (InvIT), Viz. IRB Lalitpur Lakhnadon Tollway Pvt. Ltd. representing TOT 12 project, IRB Kota Tollway Pvt. Ltd., and IRB Gwalior Tollway Pvt. Ltd. representing TOT 13 bundle, have started tolling w.e.f. the 00.00 Hrs. on 1st April 2024.
The SPVs made an upfront payment of the Concession Fee of Rs.6,111 Crs to the NHAI (TOT12 - Rs.4,428 Crs, TOT 13 - Rs.1,683 Crs) and subsequently received the Appointed Dates from NHAI for both projects.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYKey Highlights of the Project:
• Tolling started post-NHAI issued Appointed Dates for both projects.
• Both project SPVs have achieved Financial Closure with aggregate debt tie-up of Rs.4,831 Crs; balance contribution brought in via equity contribution of Rs 2,253 Crs by IRB Infra and GIC affiliates in 51:49 ratio through IRB Infrastructure Trust – Associate of IRB.
• All TOT projects in the Group are now operational and revenue-generating.
• IRB is the Project Manager of these Projects; these projects have added Rs.4,323 Crs to the O&M orderbook; thus, taking the total orderbook position of IRB to approx. Rs.36,000 Crs.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits• IRB Infrastructure Trust to execute both projects for a revenue-linked Concession Period of 20 years.
IRB Infrastructure Developers Ltd (IRB) is India’s first Integrated Multi-National Transport Infrastructure Developer in the Roads & Highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of approx. Rs.80,000 Crs. in 12 States across the parent company and two InvITs.
After completing 13 Concessions and handing over them to the nodal agencies, at present, IRB Group’s project portfolio (including Private and Public InvIT) has now 26 road projects that include 18 BOT, 4 TOT, and 4 HAM projects.
Read Also : India assumes the Chair of Asian Disaster Preparedness Centre
News Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh