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Business EconomyPosted at: May 18 2022 9:22PM


IRB achieves financial closure for HAM project in Tamil Nadu

Mumbai, May 18 (UNI) IRB Infrastructure Developers on Wednesday said that it has achieved financial closure of Rs 429.36 crore for its HAM project in Tamil Nadu.
The company’s wholly-owned subsidiary and a special purpose vehicle Chittoor Thachur Highway has achieved financial closure for the Rs 909 crore.
The project involves a grant of Rs 363.6 crore from NHAI, equity of Rs 116.04 crore from the company and project financing of Rs 429.36 crore from the lenders, the company said in a statement issued.
"The financial discipline imbibed in our culture, coupled with the rich domain expertise, experience and execution capabilities are key enablers for successful tie up of finance for our projects," its Chairman and Managing Director Virendra Mhaiskar said.
The project is part of Bharatmala Pariyojana (Phase IV) and is for six laning of Pondavakkam Kannigaipair section of 20.060 kms on Chittoor Thachur Highway with the cost outlay of Rs 909 crore, it said.
The concession period is 15 years for operation and maintenance, excluding the construction span of 730 days, from the date of appointment.
"With the financial closure achieved, we now look forward to getting appointed date from the NHAI to commence construction activity," Mhaiskar added.
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