IRB Lalitpur Tollway Signs Concession Agreement with NHAI
IRB Infrastructure Developers, a prominent and the largest integrated multinational transport infrastructure developer in the highways sector in India, announced that its subsidiary, IRB Lalitpur Tollway, has officially signed a Concession Agreement with the National Highways Authority of India (NHAI).
This agreement pertains to the Tolling and Operations & Maintenance of the Lalitpur Lakhnadon stretch of NH44 in Madhya Pradesh on a Toll-Operate-Transfer (TOT) basis.
Virendra D Mhaiskar, Chairman & Managing Director of IRB Infrastructure, commented on this development, highlighting the significance of securing the second Concession Agreement for a TOT project within six months.
He emphasised that this accomplishment reflects the high trust and confidence of authorities in the company's domain expertise and execution capacities in managing large-scale projects. Mhaiskar expressed confidence in achieving financial closure within the stipulated time frame, citing IRB's track record of arranging finances for large projects over the last 25 years and maintaining strict financial discipline.
He added, “We look forward to bringing a world-class travel and project management experience for commuters and other stakeholders of the project.”
The key highlights of the project include the Tolling, Operation, Maintenance, and Transfer of the four-lane Lalitpur-Sagar-Lakhnadon section covering 316 Kms. of NH44 in Madhya Pradesh. IRB Infrastructure will pay an upfront Concession Fee of Rs. 4,428 Crores to NHAI for a revenue-linked Concession Period of 20 years. Tolling and Operations & Maintenance activities are scheduled to commence from the Appointed Date.
To reiterate, IRB Infrastructure Trust had received the Letter of Award for this project on 29 October 2023, emerging as the selected bidder in global competitive bids invited by NHAI.
This milestone reaffirms IRB Infrastructure's position as a key player in India's highway development sector and underscores its commitment to delivering excellence in infrastructure projects, contributing significantly to the country's transport infrastructure and economic development.
