IRB Infra achieves financial closure for SPV Project

IRB Infrastructure Developers stated that its project SPV, IRB Lalitpur Tollway has achieved financial closure for a project in Uttar Pradesh and Madhya Pradesh by tying up project finance of Rs 3,500 crore from the lender.

The project title is Tolling, Operation, Maintenance and Transfer of four lane Lalitpur-Sagar-Lakhnadon section from km 99.005 to km 415.089 of NH-44 in the state of Uttar Pradesh and Madhya Pradesh (TOT Bundle 12) by tying up Project Finance of Rs. 3,500 Crores from the Lender.

The length is 316.08 km which is the largest continuous Highway Stretch considered for single TOT by National Highways Authority of India(NHAI).

The annual tariff revision is fixed at 3% per annum plus 40% of wholesale price index(WPI).

The concession fee payable by the trust is Rs 4,428 crores to NHAI for revenue-linked Concession Period of 20 years.

Trusts asset portfolio will increase substantially by addition of this project providing long term revenue generation visibility.

IRB Infrastructure Developers (IRB) is one of the leading infrastructure development companies in India in road and highway sector, with presence in Build-Operate-Transfer (BOT) and HAM space. The company undertakes development of various infrastructure projects in the road sector through several Special Purpose Vehicles. IRB's work spans from building of roads, highways, bridges, and tunnels, recently the company diversified its business into real estate development sector also.

The companys consolidated net profit jumped 32.58% to Rs 32.58 crore on 30.01% surge in net sales to Rs 1,968.54 crore in Q3 FY24 over Q3 FY23.

The scrip fell 5.76% to trade at Rs 55.84 on the BSE.

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