New Delhi, Aug 12: IRB Infrastructure Developers (IRB Infra) Ltd on Saturday said it has made an upfront payment of Rs 7,380 crore to Hyderabad Metropolitan Development Authority (HMDA).
Post payment, its special purpose vehicle (SPV) — IRB Golconda Expressway Private Limited, has commenced toll collection on the Jawaharlal Nehru Outer Ring Road (ORR), popularly known as Hyderabad ORR, IRB Infrastructure said in a statement.
The company’s Chairman & Managing Director (CMD) Virendra D Mhaiskar said, the financial closure for the project has been achieved ahead of time. The toll collection has started from August 12 (00:00 hours) midnight.
“We express our sincere gratitude towards HMDA, HGCL, State Bank of India, our partner (GIC, Singapore) and all other stakeholders for their wholehearted support and cooperation. We are committed to achieve excellence in the operations and bring world class travel experience for users of this prestigious project,” he said.
On May 28, IRB had informed about IRB Golconda Expressway signing a “concession agreement” with HMDA for Tolling and Operations & Maintenance of Jawaharlal Nehru Outer Ring Road on Toll-Operate-Transfer (TOT) basis.
The project involves making upfront payment of Rs 7,380 crore to HMDA for tolling and Operations and Maintenance (O&M) of 158 km stretch of Hyderabad ORR, over a revenue-linked concession period of 30 years.
IRB Infrastructure Developers is India’s first integrated infrastructure player in the highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 70,000 crore in 11 states. (PTI)
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