IRB Infra achieves financial closure for 2nd road project

IRB Infrastructure Developers (IRB Infra) said Wednesday it has achieved financial closure for its second hybrid annuity road 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," Virendra D Mhaiskar, Chairman and Managing Director, IRB Infra said.

IRB PS Highway is a special purpose vehicle (SPV) of IRB Infra.

Of the three projects under Hybrid Annuity Model (HAM) bagged by IRB Infra, the first two, ie, Puducherry to Poondiyankuppam (38 Km) and Poondiyankuppam to Sattanathpuram (56.80 Kms), have now achieved financial closure at the bid project cost, within the time frame stipulated under the concession agreement, the statement said.