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IRB Infrastructure on Monday said its board has approved the sale of its Gandeva Ena (VM7) hybrid annuity model project, which forms part of the upcoming Delhi Mumbai Greenfield Expressway Project, to IRB InvIT Fund for Rs 513 crore. IRB Infrastructure, in a statement, said it will receive Rs 513 crore as 100 per cent equity consideration from the IRB InvIT Fund upon completion of the transfer, and the project debt will also be transferred. Consequently, IRB's consolidated net debt-to-equity ratio will see a meaningful improvement, it added. According to the statement, the Company has also agreed to be the project manager of VM7 Project, post transfer to Public InvIT. The Gandeva Ena HAM Project is an eight-laning revenue-generating stretch in the State of Gujarat under NHAI's Package-VII of India's ambitious Bharatmala Pariyojana, which is being managed by VM7 Expressway Private Limited, a wholly-owned subsidiary of the Company, under a concession awarded by the National Highways
The government is constructing 25 greenfield expressways, totalling 10,000 km across the country, at a cost of Rs 6 lakh crore, Union Minister Nitin Gadkari said on Thursday. Addressing the 120th Annual Session of PHDCCI, Gadkari further said 75-80 per cent of the work on the strategic Zojila Tunnel, which will provide all-weather connectivity between the Ladakh region and the rest of the country, has been completed. He said the highways ministry will get Rs 15 lakh crore if it monetises its road projects. The road transport and highways minister also said that the construction of expressways and economic corridors has helped reduce the country's logistics costs by 10 per cent from 16 per cent earlier. "India's logistics cost will come down to 9 per cent by December, which will help India become more competitive," he said. Logistics costs are 12 per cent in the US, 12 per cent in European countries and 8 to 10 per cent in China. Talking about India's automobile sector, the minist
The Intelligent Traffic Management System (ITMS) on the Mumbai-Pune Expressway has generated 27.76 lakh e-challans worth Rs 470 crore for traffic violations since e-surveillance was put in place in July last year, with abysmal recovery of just Rs 51 crore in fines. According to data shared by the transport department, cars accounted for the lion's share of speed limit violations on the 95-km expressway, with more than 17.20 lakh e-challans. Heavy goods carriers were a distant second with 3.27 lakh e-challans, followed by heavy passenger vehicles, such as buses, at 2.48 lakh, taxis faced 2 lakh challans, and 1.2 lakh light goods carriers were booked during the period. Medium goods vehicles received 85,468 e-challans, articulated heavy goods vehicles 30,450, and medium passenger buses 14,764 e-challans, the data stated. A senior official of the Maharashtra Motor Vehicles Department (MMVD) told PTI that their department has issued 27.76 lakh e-challans inviting fines to the tune of Rs
The Uttar Pradesh government on Wednesday said it will use cutting-edge Swiss technology to improve ride quality on expressways in the state. Building on the "world-class ride comfort" already validated on the Gorakhpur Link Expressway through advanced testing by ETH Zurich, the state will now deploy the same AI-based systems on the Ganga, Bundelkhand, Agra-Lucknow, and Purvanchal expressways, it said in a statement. "In a pioneering move, the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) has initiated a comprehensive assessment and improvement drive for expressway riding comfort. This involves cutting-edge vibration and AI-based technologies developed by ETH Zurich and its independent spin-off company, RTDT Laboratory AG," the government said. "For this purpose, seven high-precision sensors -- four for assessing riding quality and three for monitoring motion -- were installed in an Innova vehicle. These include accelerometer-based and S-motion sensors, as well
IRB Infrastructure on Monday posted a 20 per cent year-on-year rise in toll revenue to Rs 559.7 crore in January. Revenues from the toll collection business stood at Rs 466.8 crore in the same month last year, IRB said in an exchange filing. Of its 17 tolls, the IRB MP Expressway in Maharashtra contributed the major share of Rs 155.2 crore to the total revenue collection in January, followed by IRB Ahmedabad-Vadodara Super Express Tollway, which contributed Rs 69.9 crore, it said. The company collected Rs 33.1 crore in toll revenue from CG Tollway (Chittorgarh to Gulabpura, NH 79). Amitabh Murarka, Dy CEO of the company, said, "We continued strong growth in January... This momentum is expected to continue, driven by recent Budget allocations aimed at boosting consumption and tourism while enhancing transportation infrastructure, which, in turn, will increase traffic on our assets in 12 states." IRB is India's first integrated infrastructure player in the highways segment. It is t
Union minister Nitin Gadkari on Friday said that the Delhi-Dehradun expressway, which is expected to reduce travel time between the two cities to two hours, will be completed within the next three months. Currently, the travel time between the two cities is five to six hours Addressing 'Times Network India Economic Conclave 2024', Gadkari further said that construction of the Delhi-Mumbai Expressway is expected to be completed within two months. The travel time between the two metropolitan cities is expected to reduce to 12 hours with the completion of the expressway from the present 24 hours. The road transport and highways minister said Delhi-Dehradun highway project has two packages. "A Rs 10,000 crore project has been approved for Delhi's Kalindi Kunj, extending to Faridabad. Prime Minister Narendra Modi is set to inaugurate the project within the next 15-20 days," Gadkari said. Gadkari also said that the Modi government is working to reduce air pollution, lower the import of