IRB Infra’s SPV receives Appointed Date from NHAI for its Kishangarh – Gulabpura Highway Project

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KG Tollway Private Ltd., a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd., has received Appointed Date from NHAI for its Kishangarh to Gulabpura six laning Highway Project.

The SPV, in line with the NHAI’s Appointed Date, has started Tolling as well as Construction work on the 90 Kms corridor of NH 79A and NH-79 from today, i.e., 21st February 2018; thus, starting revenue generation from the day one.

Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “With this encouraging development, all our projects in Rajasthan have become revenue-generating projects. We are sure that the project, on completion, will bring congestion free, safe and comfortable travel experience to the commuters.”

Key highlights of the Project are as under:

  • Project, with cost outlay of Rs. 1,526 Crores, involves 6 Laning of 90 Km stretch on NH-79A and NH-79 between Kishangarh and Gulabpura in Rajasthan.
  • NH 79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur
  • Concession Period is 20 Years, which includes construction span of 910 days.
  • Construction &Tolling commenced from 4th November 2017 as per the Appointed Date
  • Project entails annual premium payment of Rs.186.30 Crores to NHAI, which will be payable after three years from the appointed date.
  • Company is to infuse Sponsor contribution including internal accruals of Rs. 506 Crores as equity. Balance funding through the project finance of Rs. 1,020 Crores is tied at an average cost of approx. 10.20 % p.a.

With this, all the three projects in Rajasthan have started generating revenue.