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IRB Infra achieves financial closure for second HAM Project on successive day

ANI | Updated: Oct 03, 2018 17:18 IST

New Delhi [India], Oct 3 (NewsVoir): IRB Infrastructure Developers has achieved another financial closure, on successive day, for its special purpose vehicle IRB PS Highway Private Ltd., to manage affairs of its second Hybrid Annuity project.
"This is remarkable achievement for us to financially close two HAM projects on two successive days, which is nothing but the result of our domain expertise, execution capabilities and financial discipline demonstrated over last 20 years," said Chairman and MD, Virendra D. Mhaiskar.
Adding to this Mhaiskar said that we are highly obliged to be privileged with such high trust and confidence of lenders in us, even in the present lending environment.
"Out of three HAM projects of around Rs. 5,500 crores, bagged in March 2018, we have financially closed two and expecting to close the third one soon," he added.
IRB PS Highway Private is a Special Purpose Vehicle (SPV) of India's leading and one of the largest Highways Infrastructure developers, IRB Infra, formed and entrusted to undertake the construction and management of company's second HAM project, viz., 4 lanes of 56.80 kms section between Poondiyankuppam and Sattanathpuram on NH-32 (Previously NH-45A).
To re-iterate, IRB Infra had bagged three projects under Hybrid Annuity Model (HAM) in March 2018. Out of these three, the first two, i.e., Puducherry to Poondiyankuppam (38 Kms) and Poondiyankuppam to Sattanathpuram (56.80 Kms), now have achieved financial closure at the bid project cost, within the time frame stipulated under the concession agreement.
The highlights of the project and financial closure:
-Project involves 4 laning of 56.80 kms stretch on NH-32 (Previously NH-45A) between Puducherry and Poondiyankuppam.
-The project concession will be for 15 years and the tolling and construction will be commenced from the appointed date.
-Project will be receiving the financial support of Rs. 909 crores from NHAI and equity of Rs. 265 crores from the company and project financing of Rs. 1,029 crores from the lenders. (NewsVoir)