IRB Infrastructure Trust Makes ₹6,111 Crore Payment for NHAI’s TOT Projects

On April 1, 2024, IRB Infrastructure Trust, an associate of IRB Infrastructure Developers Ltd (IRB), announced that its Special Purpose Vehicles (SPV) have made an upfront payment of ₹6,111 crore to the National Highways Authority of India for Toll Operate Transfer (TOT) projects.

Details of the TOT Projects

IRB Infrastructure Developers Ltd stated that the SPVs made an upfront payment of the concession fee of ₹6,111 crore to the NHAI for the TOT12 and TOT13 Projects and subsequently received the appointed dates from NHAI for both projects. The upfront payment of concession fees to NHAI for TOT12 was ₹4,428 crore, and TOT13 was ₹1,683 crore.

The company stated in an exchange filing, “ The SPVs of IRB Infrastructure Trust (Associate of IRB Infra), India’s largest highways infrastructure investment trust (InvIT), Viz. IRB Lalitpur Lakhnadon Tollway Pvt. Ltd. representing TOT 12 project, IRB Kota Tollway Pvt. Ltd. and IRB Gwalior Tollway Pvt. Ltd. representing TOT 13 bundle, have started tolling w.e.f. the 00.00 Hrs. on 1st April 2024.”

The Lalitpur Lakhnadon NH44 TOT12 Project involves the construction of a four-lane highway spanning 316 kilometres (1,264 lane kilometres), marking the single longest stretch awarded to date. The Jhansi Gwalior NH44 & Kota Bypass NH27 TOT13 Project entails a four-lane highway covering 110 kilometres (441 lane kilometres).

The company stated that the estimated project cost will be ₹5,182 crore for the Lalitpur Lakhnadon NH44 TOT12 Project and ₹1,901 crore for the Jhansi Gwalior NH44 & Kota Bypass NH27 TOT13 Project.

Regarding the developments, the Chairman and Managing Director of IRB Infrastructure, Virendra D Mhaiskar, said, “Following an exhilarating FY24, it is immensely thrilling to continue that momentum into FY25. Successful funding of two TOT projects amounting to over ₹7,000 crore, ahead of scheduled time, is a remarkable achievement for us. With Tolling operations initiated on the two NHAI TOT projects, our entire TOT portfolio is now operational and yielding revenue.”

On April 2, 2024, the IRB Infrastructure share price opened at ₹61.50, touching the day’s high at ₹64.90, as of 12:52 PM on the NSE.

About IRB Infrastructure Developers Ltd 

IRB Infrastructure Developers Ltd is an integrated multi-national transport infrastructure developer in the roads and highways segment in India.

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