SPVs of IRB Infrastructure Trust make upfront payment of Rs 6,111 Crs to NHAI for TOT12 and TOT13 Projects

by Psu Connect
Date: 02-04-24

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

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.

Key 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.

• 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.