IRB Infra SPV achieves fin closure for Rs2K cr proj in R'sthan

IRB Infrastructure Developers Ltd today said its SPV has achieved financial closure for Rs 2,090 crore highway project in Rajasthan.

"CG Tollway Pvt Ltd, a Special Purpose Vehicle (SPV) of India's leading and one of the largest Highways Infrastructure developers, IRB Infrastructure Developers Ltd, has successfully achieved financial closure for its another BOT project of 6 laning of NH-79, Chittorgarh - Gulabpura Bypass," the company said in a statement.

It said the SPV has tied up with the consortium of lenders led by State Bank of India for Rs 2,090 crore project. Other lenders include Bank of India, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd.
 

The company said the total cost of the project is Rs 2,090 crore and the "company is to infuse sponsor contribution including internal accruals of Rs 690 crore towards its contribution in funding the project. Balance funding through the project finance of Rs 1,400 crore at an average cost of approx. 10.25 per cent per annum".

The project pertains to six-laning of 124.87 km bypass on NH-79 between Chittorgarh and Gulabpura in Rajasthan.

Commenting on the development, IRB Infra CMD Virendra D Mhaiskar said, "Achieving financial closures for two projects successively within a short span of few months validates lenders' trust in credentials of the project, our domain expertise and execution capabilities....Achieving financial closure for this project will give an upper hand to company for bidding upcoming NHAI projects."

NH-79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur.

IRB Infrastructure Developers Ltd had bagged three projects in last fiscal; of which, Udaipur-Gujarat border has commenced construction (and tolling), Chittorgarh-Gulabpura has achieved financial closure and Kishangarh-Gulabpura is at advanced level of discussions for Financial Closure.

IRB Infra is one of the largest private roads and highways infrastructure developers in India. The Company at present is having 7 projects under operational BOT space; 7 projects under O & M contracts as a Project Manager for IRB InvIT and 7 projects under various stages of construction.