The IRB Golkonda Expressway Private Limited, a Project SPV of IRB Infrastructure Developers Ltd. (IRB Infra) – has signed a concession agreement on Monday with Hyderabad Metropolitan Development Authority (HMDA) for Tolling and Operations and Maintenance of Jawaharlal Nehru Outer Ring Road, popularly known as Hyderabad ORR on Toll-Operate-Transfer (TOT) basis.
While commenting on the development, Virendra D Mhaiskar, Chairman & Managing Director said, “We are grateful to the authorities for expressing confidence in IRB Infra’s rich domain expertise, experience and impeccable record of executing large-sized projects across varied geographical terrains of the country. Considering our track record of more than two decades in arranging finances for large-sized projects, coupled with our key strength of maintaining strict and strong financial discipline, we are confident of achieving financial closure within stipulated timeframe and get appointed date for taking possession of the project.” He added, “We look forward to bringing world class travel and project management experience for commuters and other stakeholders of the project.”
The project will have toll plazas at 22 interchanges, eight major bridges, 122 minor bridges, a flyover, four railway over-bridges, 168 underpasses, large number of culverts and causeways. Total service road length is ~ 294 kms. The project has close loop tolling. Upfront payment to be made to the HMDA is Rs 7,380 crore. IRB endeavours to implement this project through its Associate viz. IRB Infrastructure Trust.
To re-iterate IRB Infra had received Letter of Award for this project on April 27, after emerging the selected bidder in global competitive bids invited by the Hyderabad Metropolitan Development Authority (HMDA). IRB has an asset base of over Rs 70,000 crore in 11 states across the parent company and two InvITs.
The company has strong track record of constructing, tolling, operating and maintaining around 17,200 lane kms pan India.
It has approx. 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India. In the TOT space, the group commands a market share of 37%.
After successfully completing 13 concessions and handing over them to the nodal agencies, at present, IRB Group’s project portfolio (including Private and Public InvIT) has now 24 road projects that include 18 BOT, 2 TOT, and 4 HAM projects.
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