The Samakhiyali Tollway Private Limited, an SPV of IRB Infrastructure Developers Ltd., India's leading and largest multi-national integrated infrastructure developer in the highways sector, has successfully achieved financial closure for its Samakhiyali Santalpur BOT Highway project in the State of Gujarat.
The Consortium of Lenders has extended debt support of Rs. 1,446 Crs for the project; the rest will be in form of equity contributions and internal accruals from the concessionaire.
While commenting on the development, Shri Virendra D. Mhaiskar, Chairman & Managing Director said, "After successful commencement of Hyderabad ORR project a month back, we have now achieved Financial Closure for Samakhiyali Santalpur BOT project - thus completing FC for all projects in our portfolio. This demonstrates the continued lender's support and their high trust in our financial discipline, so also the execution capabilities along with our rich domain knowledge and experience. We express our sincere gratitude towards all our Stakeholders for their wholehearted support and cooperation."
The highlights of the Project and Financial Closure:
- Length of 90.90 Kms (546 Lane Kms)
- The project is on Design, Build, Finance and Transfer BOT (Toll) mode
- The project has 20 Years Concession Period from the Appointed Date
- Project cost is Rs.2,092 Crs.
- Concessionaire to infuse equity of Rs. 646 Crs
- Consortium of lenders to support with debt financing of Rs. 1,446 Crs
- Project to be executed through IRB Infra associate - IRB Infrastructure Trust
With this financial closure, the Company will have no project pending for financial closure and can now focus on execution and bidding for upcoming opportunities.
To re-iterate, IRB Infra had emerged as the highest bidder for project and received LoA on 24th February 2023 and had signed Concession Agreement with NHAI on 12th May 2023.