India’s leading highway infrastructure developer, IRB Infrastructure Developers Ltd (IRB) has received the letter of award (LoA) from the National Highway Authorities of India (NHAI) for the 27.500 km long Gandeva-Ena section of the upcoming greenfield project of the eight-lane Vadodara-Mumbai Expressway.
Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB, said, “Receiving LoA will now enable us to initiate further necessary actions in signing the concession agreement as well as achieving the financial closure for the project so as to receive appointed date and commence construction activity.”
“It is a testimony to IRB’s capabilities, domain expertise, strict financial discipline demonstrated over the last two decades in developing the world-class highways infrastructure across the nation. We would continue to excel in our operations and would endeavour to complete the project in the stipulated time span,” he added.
In July, the company had emerged as the preferred bidder for the said project under the hybrid annuity model (HAM), with the project bid cost of Rs 17.55 billion having the concession period of 15 years, including 730 days of the construction period.
The Gandeva-Ena HAM project (Package-VII) is part of India’s ambitious Bharatmala Pariyojana of the NHAI under Phase-I. It is a greenfield project for building eight lanes on the 27.500 km section on the upcoming Vadodara-Mumbai Expressway. Following the LoA, IRB’s order book now stands at Rs 137.55 billion.
The company is also constructing another stretch on this prestigious expressway project between Padra and Vadodara, having a length of 23.740 km with a cost outlay of Rs 20.43 billion.