We will endeavor to excel in our operations and bring safer and smoother travel experience for users of the project,” he added.One of India’s largest highways infrastructure developers, IRB Infrastructure Developers Ltd has been awarded the prestigious Mumbai-Pune Expressway project under the Toll-Operate-Toll (TOT) model. The company received a Letter of Acceptance (LoA) for the same from nodal agency, MSRDC.As per the concession, IRB will pay an upfront amount of Rs 6500 crores and a further staggered payment of Rs 850 crores in year 2, Rs 850 crores in year 3 and Rs 62 crores in year 4, aggregating to Rs 8,262 crores for sub-concession period of 10 years and 2 months.
IRB Infrastructure Developers on Thursday said it has achieved the Rs 6,610 crore financial closure for its first and India's largest TOT (toll-operate-transfer) project 'Mumbai Pune Expressway'. The collection of toll and O & M activities on Mumbai Pune Expressway and old Mumbai-Pune Highway NH-48 is included in the concession span of 10 years and 2 months, i.e., up to 30th April 2030. IRB Infrastructure Developers on Thursday said it has achieved the Rs 6,610 crore financial closure for its first and India's largest TOT (toll-operate-transfer) project 'Mumbai Pune Expressway'. Talking about the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “We are happy to have the prestigious Mumbai-Pune Expressway project once again in our project portfolio. The project is a greenfield project and the concession comprises 730 days for construction and 15 years operations and maintenance rights thereafter. "IRB MP Expressway Pvt Ltd, a special purpose vehicle (SPV) of India's leading and largest highways infrastructure developer, IRB Infrastructure Developers Ltd, has successfully achieved financial closure for its first and India's largest TOT project – Mumbai Pune Expressway," the company said in a statement.Why the next 3 months are key for stocksThis feat validates lenders' trust in project’s merits, company’s financial track record and credit worthiness, as also its domain expertise and execution capabilities in developing and managing large highway infrastructure, he said.The project length is 205.4 km including expressway and section of NH-48, old Mumbai Pune corridor.Where did Lithium in smartphone batteries come from?IRB Infrastructure Developers on Thursday said it has achieved the Rs 6,610 crore financial closure for its first and India's largest TOT (toll-operate-transfer) project 'Mumbai Pune Expressway'.This is India’s single largest concession under the TOT model for tolling and O&M, which commenced from March 1, 2020.Coronavirus: New data sheds light on who is movingVirendra D Mhaiskar, chairman and managing director said, “Achieving financial closure, amounting to a whopping Rs 6,610 crore debt for India’s largest road TOT project, in these difficult times was a massive ordeal – especially with more than half the stipulated time being tied away in lockdown.\"\"Total sub-concession fee amounts to Rs 8,262 crore, of which IRB Infra has paid MSRDC the upfront fee of Rs 6,500 crore. Personalized, latest & breaking news"Total sub-concession fee amounts to Rs 8,262 crore, of which IRB Infra has paid MSRDC the upfront fee of Rs 6,500 crore. IRB Infrastructure Mumbai Pune Expressway MUMBAI : IRB Infrastructure has been awarded the prestigious Mumbai-Pune expressway project under the toll-operate-toll (TOT) model. The company said its order book will stand at Rs 13,755 crore upon award of this project.
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