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IRB Infrastructure Developers said that its wholly-owned subsidiary, IRB Ahmedabad-Vadodara Super Express Tollway (an SPV), has signed an agreement with National Highways Authority of India for six laning 120 km of the Ahmedabad-Vadodara section of NH-8 and improving 93 km of the existing expressway on design, build finance, operate and transfer basis.
The cost is about Rs 3,600 crore and is scheduled for completion in three years.
The premium offered to NHAI in the first year is Rs 309.60 crore and will increase by 5 per cent each year, thereafter. IRB said the capitalised cost of the project is about Rs 4,920 crore.
The SPV will get tolling rights on the expressway from the appointed date and on NH8 post-completion of the construction.
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