Samakhiyali Tollway to bring highway project in Gujarat at Rs 2,100 cr: IRB

Samakhiyali Tollway Private Limited, a special purpose vehicle of IRB Infrastructure Developers, will execute the Samakhiyali-Santalpur highway project in Gujarat with an outlay of Rs 2,092 crore, according to a statement on Thursday.

The project is to be executed on Build Operate and Transfer (BOT) mode, IRB Infrastructure Developers (IRB) said in the statement.

"Samakhiyali Tollway Private Limited has successfully achieved financial closure for its Samakhiyali Santalpur BOT highway project in Gujarat. The SPV is to execute the project with a cost outlay of Rs 2,092 crore... through IRB Infrastructure Trust," it said.

The consortium of lenders has extended debt support of Rs 1,446 crore for the project while the remaining Rs 646 crore will be in the form of equity contributions and internal accruals from the concessionaire, the company added.

Virendra D Mhaiskar, the company's Chairman & Managing Director, said, "After successful commencement of the Hyderabad Outer Ring Road project a month back, we have achieved financial closure for Samakhiyali Santalpur BOT project -- thereby completing financial closure for all projects in our portfolio."

The length of the project is 90.90 km and the concession period is 20 years from the date of appointment, the company said, adding that it emerged as the highest bidder for the project and received the Letter of Award (LoA) on February 24, 2023 and the concession agreement was signed on May 12, 2023 with NHAI.

The company said it has achieved financial closure for all projects in its portfolio and the focus is on the execution and bidding for upcoming opportunities.