IRB Infra SPV gets 'appointed date' from NHAI for R'sthan road proj

IRB Infrastructure Developers today said its SPV has got the appointed date -- the date on which the project starts -- from the state-run National Highways Authority of India (NHAI) for a Rs 1,526-crore highway project in Rajasthan.
"KG Tollway Private Ltd, a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd, has received appointed date from the NHAI for its Kishangarh to Gulabpura six laning highway project," IRB Infra said in a statement.
The SPV, in line with the NHAI's appointed date, has started tolling as well as construction work on the 90 km corridor of NH-79A and NH-79 from today and has started revenue generation.

Commenting on the development, Virendra D Mhaiskar, Chairman and Managing Director, IRB Infra, said, "With this encouraging development, all our projects in Rajasthan have become revenue generating projects. We are sure that the project, on completion, will bring congestion free, safe and comfortable travel experience to the commuters."
The project, with a cost outlay of Rs 1,526 crore, involves six-laning of 90-km stretch on NH-79A and NH-79 between Kishangarh and Gulabpura in Rajasthan.
NH-79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur.

The company said the project entails annual premium payment of Rs 186.30 crore to NHAI, which will be payable after three years from the appointed date.

It said with this, all the three projects in Rajasthan have started generating revenue.
IRB Infra is one of the largest private roads and highways infrastructure developers in India.
The company at present is having six projects under operational BOT space; three projects under tolling and construction, seven projects under operation and maintenance contracts as a project manager for IRB InvIT and another four projects under various stages of construction.