IRB Infra secures Hyderabad Outer Ring Road project for Rs7,380 crore
IRB Infrastructure Developers Ltd announced that it has been awarded 158 Kms (1,264 Lane Kms) Hyderabad Outer Ring Road (ORR) project under Toll-Operate-Transfer (TOT) model with revenue linked Concession Period of 30 Years for upfront consideration of Rs 7,380 crore.
The Hyderabad Metropolitan Development Authority (HMDA) had invited global competitive bids for the project; in which the Company had participated and emerged as the selected bidder.
After signing the concession agreement, the project SPV will be making the payment of Rs 7,380 crore within a span of 120 days, the company stated.
The total length of the road to be constructed is 158 km or 1,264 lane km and will comprise 22 toll plazas, 22 interchanges, eight major bridges, 122 minor bridges, a flyover, four railway over-bridges, 168 underpasses, large number of culverts & causeways.
The total length of the service road is approximately 294 km. The annual tariff revision has been fixed at 3% per annum, compounded annually plus 40% of the WPI, as per the rules.
Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “Proud to add this prestigious project to our portfolio, taking our asset base to over Rs 70,000 crore and share in TOT space to 37%, the largest by any private player in India.”
He added, “We express our sincere gratitude towards all authorities and stakeholders. We endeavor to execute this project through our Pvt InvIT platform.”
Source: Media reports