Highways developer IRB Infrastructure has achieved financial closure for two of its hybrid annuity model (HAM) projects, the company said in two separate announcements. 

 IRB PP Project Pvt Ltd, a Special Purpose Vehicles (SPVs) of IRB Infrastructure developing the Rs. 1,319 Crores HAM project of 4 laning of NH-32 (Previously NH-45A) Puducherry – Poondiyankuppam stretch of 38 Kms has achieved financial closure on Friday.

 Additionally,  another SPV, IRB PS Highway Private Ltd. has achieved financial closure for Rs. 2,200 crore project for 4 laning of 56.80 Kms section between Poondiyankuppam and Sattanathpuram on the same NH-32.

Both projects will be partly financed by NHAI and the developer. NHAI will provide financial support of Rs. 159 crore and Rs. 909 crore for the first and second project respectively while IRB infrastructure will infuse up to Rs. 425 crore into these projects. 

The remaining financing of Rs. 617 crore and Rs 1209 crore for the first and second projects respectively is now tied up from the lenders.

 “Out of three HAM projects of around Rs. 5,500 Crores, bagged in March 2018, we have financially closed two and expecting to close the third one soon,” Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure said.

IRB Infrastructure has a portfolio of 17 owned projects and seven projects under operations and maintenance contracts as a project manager for IRB InvIT - the first infrastructure investment trust launched by the company in May 2017.

The portfolio of projects includes seven BOT (build operate transfer) projects, three HAM projects and four projects under tolling and construction. Another two projects are under advanced stages of construction and one project is at the development stage. The company’s order book currently stands at more than Rs.14,100 Crore.

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