IRB Infrastructure, a leading road developing company has procured a road project worth Rs 3,400 crores from NHAI in UP. The project will be developed on build-operate-transfer (BOT) basis.
The company will have to execute the six laning work of Hapur byepass, which starts from Hapur and ends in Moradabad. The total length of the project is 99.86 km. Talking about the project Virendra Mhaiskar, the Owner of IRB Infrastructure said “We have a proven track record in the BOT space. With this project, the company’s construction order book now stands at Rs 15,300 crore. This boosts the construction order book visibility for the next three to four years.”
The concession period of the project is 22 years. The company will get tolling rights on the project from the appointed date. IRB infra will have to pay a premium of Rs 31.5 crores to the NHAI from the 4th year of the appointed date, as per the provisions of the concession agreement. The total cost of the project is Rs 34 crores.
This BOT project comes as no surprise as Virendra Mhiaskar company had recently procured 3 projects under Hybrid Annuity Model (HAM) and the company yet again found its way to emerge as a preferred bidder for the six laning of the 99.86 km stretch. Apart from this, the company currently has seven projects under the BOT space. It also has three projects under Hybrid Annuity Model (HAM), four projects under tolling and construction model, while seven projects are under operation and maintenance contracts as a project manager for IRB InvIT Fund. On the other hand, two projects are under advanced stages of construction.
In the last 20 years, IRB Infrastructure has achieved a unique feat of crossing 12,000 lane Kms. It also has a 20% share in India’s prestigious Golden Quadrilateral project; which is the largest by any private highways infrastructure developers in India. Company’s construction order book as on stands at more than Rs.15,300 Crores.
The leading highway builder is India’s first Infrastructure developing company to have the honour of effectively launching and listing India’s first ever InvIT IPO and also transferring 7 projects under the same.