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VK-1 Expressway, the special purpose vehicle (SPV) of road developer IRB Infrastructure Developers Ltd, has received an ‘appointed date’ (date from which the project comes into force) from NHAI for the 23.7-km Padra (Kim)-Vadodara Hybrid Annuity Model (HAM) project.
The construction work on the project, which is a part of the upcoming Vadodara – Mumbai Expressway, will be initiated soon, IRB said in a statement. This is the first out of three HAM projects that IRB won last year that will move into the construction phase.
“We are now looking forward to receive Appointed Dates for the other two HAM projects in South India, which would enable us to start construction activity on all projects,” IRB Infrastructure spokesperson said.
According to the company, as a part of financial closure, the SPV will be receiving financial support of ₹817 crore from the NHAI, equity support of ₹245 crore from IRB Infra and project financing of ₹981 crore from the lenders.
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