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IRB Infra Arm Ties Up Rs 1,400 Cr for NHAI Project

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New Delhi: IRB Infrastructure Developers Ltd on Tuesday said its subsidiary has tied up funds of Rs 1,400 crore to execute a project awarded by the National Highway Authority of India.

"Kaithal Tollway Pvt Ltd, a wholly-owned subsidiary of the company, has achieved financial closure in terms of the concession agreement executed with NHAI, by tying up of project finance of Rs 1,400 crore," IRB Infrastructure Developers said in a regulatory filing.

The project is financed by a consortium of eight lenders - IDBI Bank, India Infrastructure Finance Company Ltd, IDFC Ltd, Indian Overseas Bank, Union Bank of India, Bank of Baroda, Canara Bank and Bank of Maharashtra, it said.

"The total cost of this project is Rs 2,290 crore, out of which Viability Gap Funding from NHAI will be Rs 234 crore, equity contribution by the company will be approximately Rs 656 crore and remaining will be funded through project finance of Rs 1,400 crore. The average cost of debt of this project finance is approx 11.75 per cent per annum," it said.

The concession period for the project is 27 years, it added.

As of 1:52 p.m., shares in IRB Infra were trading 0.23 per cent higher at Rs 236.55 apiece on the BSE.


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