IRB Infrastructure Trust, private InvIT of IRB Infrastructure Developers Ltd, has received ₹1,683-crore contract from the National Highways Authority of India (NHAI) for TOT-13 comprising Gwalior-Jhansi section on NH-44 and Kota Bypass on NH 76 projects.
The Trust emerged as a preferred bidder for the revenue-linked concession of 20 years.
Commenting on the development, Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd, said, “This project will take our share in the North-South connectivity to approx. 12 per cent; our aggregate asset base to nearly ₹77,000 crore with a robust market share in TOT space to around 38 per cent, the largest by any private transport infrastructure developer in roads and highways segments in India.”
The receipt of LoA will now enable the Trust to form Project Special Purpose Vehicle (SPV) for signing Concession Agreement with the Nodal Agency, and subsequently proceed for financial closure within stipulated time frame, the company said in its regulatory filing.
IRB Infrastructure stock rose 2.57 per cent on the BSE, trading at ₹41.92 as of 9:30 am on Monday.