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Construction : Web Exclusive | October 2018 | Source : Equipment India

IRB Infra achieves financial closure of second HAM project on successive day

IRB Infrastructure Developers Ltd (IRB Infra) has achieved another financial closure, on successive day, for its Special Purpose Vehicle (SPV) IRB PS Highway Private Ltd, formed to manage affairs of its second hybrid annuity project.

Virendra D Mhaiskar, Chairman & Managing Director, IRB Infra while commenting on the development said, “This is a remarkable achievement for us to financially close two HAM projects on two successive days, which is nothing but the result of our domain expertise, execution capabilities and financial discipline demonstrated over the last 20 years. We are highly obliged to be privileged with such high trust and confidence of lenders in us, even in the present lending environment.” He added, “Out of three HAM projects of around Rs 5,500 crore, bagged in March 2018, we have financially closed two and expecting to close the third one soon.”

IRB PS Highway is entrusted to undertake the construction and management of the company’s second HAM project, viz., four-laning of 56.80 km section between Poondiyankuppam and Sattanathpuram on NH-32 (previously NH-45A).

To re-iterate, IRB Infra had bagged three projects under Hybrid Annuity Model (HAM) in March 2018. Out of these three, the first two, i.e., Puducherry to Poondiyankuppam (38 km) and Poondiyankuppam to Sattanathpuram (56.80 km), now have achieved financial closure at the bid project cost, within the time frame stipulated under the concession agreement.

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