IRB Infrastructure's arm receives Provisional Certificate for Talegaon Amravati BOT Project

[Editor: The scrip of IRB Infrastructure Ltd (Rs.16.20) was already recommended in this blog, as a buy for a short term target of Rs.126-129. Last year the company announced, that it had picked up 74% stake in MVR Infra. CLICK HERE]

A file photo of a toll road in Gurgaon, Haryana. IRB Infrastructure Developers Ltd, India’s largest toll road operator, had entered into a definitive agreement with the shareholders of MVR Infra to acquire their entire holding in the company. Photo: Madhu Kapparath/Mint

IRB Infrastructure Developers' Talegaon Amravati BOT Project implemented by wholly-owned SPV of the company, IRB Talegaon Amravati Tollways, has been issued a Provisional Certificate by the Competent Authority effective April 24, 2013. The Project has been commissioned in stipulated time. 

Consequently, the SPV has started partial toll collection on this project effective April 26, 2013.

Talegaon Amravati BOT Project involves Four-Lanning of Talegaon Amravati Section of NH 6 from Kms 100.000 to Kms 166.725. The concession period is 22 years and the estimated cost of the project is Rs.880 crore. The company had bagged this project on Viability Gap Funding (VGF) basis and sought Rs.216 crore as VGF from NHAI.

IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.

Courtesy: Indian-Commodity