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Highways developer IRB Infrastructure has achieved financial closure for two of its hybrid annuity model (HAM) projects, the company announced over the weekend.
IRB PP Project Pvt Ltd, a special purpose vehicle (SPV), has secured funds for its ₹1,319-crore project to four-lane the 38-km Puducherry-Poondiyankuppam stretch of NH-32 (previously NH-45A).
Another SPV, IRB PS Highway Pvt Ltd, has achieved closure for a ₹2,200-crore project to four-lane the 56.8-km section between Poondiyankuppam and Sattanathapuram on NH-32.
Both projects will be partly financed by the National Highways Authority of India (NHAI) and the developer. NHAI will provide financial support of ₹159 crore and ₹909 crore for the first and second projects respectively while IRB will infuse up to ₹425 crore in both. The remaining financing of ₹617 crore and ₹1,209 crore respectively will come from lenders.
“Out of the three HAM projects of around ₹5,500 crore, bagged in March 2018, we have financially closed two and expect to close the third one soon,” said Virendra D Mhaiskar, IRB’s Chairman and Managing Director.
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 projects, three HAM projects and four projects under tolling and construction. Another two projects are under advanced stages of construction.
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