IRB Infrastructure Developers on Friday said that its associate IRB Lalitpur Tollway has signed a concession agreement with the NHAI for tolling and operations and maintenance of the Lalitpur-Lakhnadon stretch of NH44 in Madhya Pradesh.
The project involves paying upfront Rs 4,428 crore to NHAI for tolling and O&M of 316 km stretch of NH44 for a revenue-linked concession period of 20 years, IRB Infrastructure Developers said in a statement.
The project is being executed by IRB Infrastructure Trust (Private InvIT), it added.
The company has taken a step ahead in achieving financial closure for the project, the statement said.
IRB Infrastructure Developers Chairman and MD Virendra D Mhaiskar said this is the company’s second concession agreement for a toll-operate-transfer (TOT) project within a span of 6 months.
“We look forward to bringing World Class travel and project management experience for commuters and other stakeholders of the project,” he added.
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First Published: Nov 24 2023 | 8:08 PM IST