IRB Infrastructure Developers has achieved financial closure of its hybrid annuity model (HAM) project to eight-lane a 23.4-Km section of the Vadodara-Mumbai Expressway.

The project, for the stretch between Padra and Vadodara, is developed through an SPV, VK1 Expressway Pvt Ltd. It will receive a ₹817-crore financial support from NHAI, ₹245 crore equity from the developer and project financing of ₹981 crore from the lenders.

Challenging Scenario

Last month, the company secured financing for two HAM projects in South India— Puducherry to Poondiyankuppam (38 Km) and Poondiyankuppam to Sattanathapuram (56.80 Km).

“To achieve financial closure for a project in the present scenario was a challenge for us. It’s matter of pride for us that within a span of almost 20-21 days, we achieved financial closures for all three projects under HAM,” Virendra D. Mhaiskar, Chairman and Managing Director of IRB Infra said.


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 7 BOT projects, 3 HAM projects and 4 projects under tolling and construction. Two projects are under advanced stages of construction.

The total order book of the company stands at ₹14,100 crore.