IRB Achieves Financial Closure for Rs 1,492-Crore Maharashtra Project

New Delhi: IRB Infrastructure Developers Limited (IRB) on Monday said it has achieved financial closure for its Rs 1,492-crore highways project in Maharashtra.

"Solapur Yedeshi Tollway Pvt Ltd - SPV for Solapur to Yedeshi Project has tied up Project finance of Rs 910 crore. The total cost of this project is Rs 1,492 crore, out of which viability gap funding from NHAI is Rs 189 crore, equity contribution by the Company will be approx Rs 393 Crore and remaining will be funded through Project finance of Rs 910 Crore," IRB said in a statement.

"The average cost of this Project finance is approx 11.75 per cent per annum."

A consortium of lenders comprising IDBI Bank (lead institution), India Infrastructure Finance Company Ltd (IIFCL), Canara Bank, Union Bank of India, Corporation Bank and Indian Overseas Bank has financed this project, it said.

Earlier the SPV had executed concession agreement with National Highways Authority of India (NHAI) for the project of four laning of Solapur to Yedeshi section of NH-211 in Maharashtra under National Highway Development Project (NHDP) Phase IV on DBFOT (Toll) basis.

IRB is one of the largest private developers in India with 21 Road BOT Projects out of which 16 Projects are under operation.

Its order-book stands at about Rs 11,348 crore.

Shares in IRB Infra, on Monday, ended at Rs 248.30 apiece on the BSE, down 1.31 per cent from the previous close.