IRB Infrastructure Trust, an associate of IRB Infra, on Monday said that its special purpose vehicles (SPVs) have made a payment of ₹6,111 crore to the National Highways Authority of India (NHAI) for ToT projects.
The highways infrastructure investment trust (InvIT) informed that IRB Lalitpur Lakhnadon Tollway representing TOT (toll operate transfer) 12 project, IRB Kota Tollway and IRB Gwalior Tollway representing TOT 13 bundle, have started tolling with effect from Monday (April).
“The SPVs made an upfront payment of the Concession Fee of ₹6,111 crore to the NHAI (TOT 12 - ₹4,428 crore, TOT 13 - ₹1,683 crore) and subsequently received the Appointed Dates from NHAI for both projects”.
Both the project SPVs have achieved financial closure with aggregate debt tie-up of ₹4,831 crore. The balance contribution was brought in via an equity contribution of around ₹2,253 crore by IRB Infra and GIC affiliates in 51:49 ratio through IRB Infrastructure Trust.
IRB Infrastructure Developers Chairman & MD Virendra D Mhaiskar said, “Following an exhilarating FY24, it is immensely thrilling to continue that momentum into FY25. Successful funding of two TOT projects amounting to over ₹7,000 crore, ahead of scheduled time, is a remarkable achievement for us.”
With tolling operations initiated on the two NHAI TOT projects, the entire TOT portfolio is now operational and yielding revenue. The balance future equity requirement is minuscule, bolstering the capacity to capture forthcoming opportunities in the sector, he added.
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 26 road projects that include 18 BOT, 4 TOT, and 4 HAM projects.