IRB Infra gets financial closure for Tumkur Chitradurga project

IRB Infrastructure Developers Limited (IRB), (BSE: 532947) one of the largest toll road operating companies in India announced today that IRB Tumkur Chitradurga Tollway Pvt. Ltd. - wholly-owned Subsidiary of the Company, has achieved financial closure in terms of the Concession Agreement executed with NHAI, by tying up of debt of Rs. 831 Crore.

The total cost of this project is Rs. 1142 Crore, out of which equity contribution by the Company will be approx. Rs. 311 Cr.

A Consortium of Lenders comprising of Infrastructure Development Finance Company Ltd (IDFC) - Lead Institution and Bank of Baroda, HDFC Ltd & IDBI Bank has financed this project. IDFC has financed up to the extent of Rs. 500 Cr while remaining part has been financed by other Banks / Institutions of the Consortium.

Mr. V. D. Mhaiskar, Chairman & Managing Director of IRB infrastructure Developers Ltd. said, “With the financial closure of this project the Company has achieved financial closure for all the projects awarded to it by NHAI and there is no project pending financial closure.”

About IRB
IRB is an integrated infrastructure development and construction company in India with significant experience in the toll roads and highways sector and a large portfolio of completed and operational BOT projects. IRB is one of the largest private developers in India and the largest toll road operating company in India. BOT projects comprise over 99% of IRB's order-book of Rs. 9,000 crores (approximate). IRB has been listed on the NSE and BSE since February 25, 2008.

For further details, log onto www.irb.co.in