IRB Infra arm inks concession agreement with NHAI

The concession agreement is signed for tolling, operation, maintenance and transfer of four lane 110 Kms section of and Kota bypass and cable stay bridge on NH76 (new NH27) in Rajasthan and Gwalior Jhansi NH44 Highway in Madhya Pradesh under Toll-Operate-Transfer (TOT) mode. The estimated project cost is Rs 1,896 crore.

The company will pay upfront concession fee of Rs 1,683 crore to the NHAI for revenue-linked concession period of 20 years..

Virendra D. Mhaiskar, chairman & managing director said, ?This is the third concession agreement we have signed for a TOT project within a span 5 months, i.e., after singing the concession agreements for TOT-12 and Hyderabad ORR projects. Once again this has validated the high trust and confidence authorities have placed in our domain expertise and execution capabilities.? He added, ?Considering our 25 years? track record of tying debts for large projects and our core strength in maintaining strict financial discipline, we are confident of arranging required finances within given timeframe.?

IRB Infrastructure Developers (IRB) is one of the leading infrastructure development companies in India in road and highway sector, with presence in Build-Operate-Transfer (BOT) and HAM space. The company undertakes development of various infrastructure projects in the road sector through several Special Purpose Vehicles. IRB's work spans from building of roads, highways, bridges, and tunnels, recently the company diversified its business into real estate development sector also.

The company?s consolidated net profit jumped 12.2% to Rs 95.75 crore on 29.9% jumped in net sales to Rs 1,745 crore in Q2 FY24 over Q2 FY23.

The scrip ended lower 0.17% at Rs 46.03 on Friday, 12 January 2024.

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