IRB Golkonda Expressway signs concession pact with HMDA for toll, O&M project in TS

New Delhi: IRB Golkonda Expressway Private Ltd will make an upfront payment of Rs 7,380 crore to Hyderabad Metropolitan Development Authority (HMDA) for tolling, operations & maintenance of a project.

IRB Golconda Expressway has signed a concession agreement with HMDA, IRB Infrastructure Developers Ltd. (IRB Infra) said in a statement on Sunday. IRB Golconda Expressway is a project-specific special purpose vehicle (SPV) of IRB Infra.

"IRB Golconda Expressway today signed the Concession Agreement with HMDA for Tolling and Operations & Maintenance of Jawaharlal Nehru Outer Ring Road, popularly known as Hyderabad ORR on Toll-Operate-Transfer (TOT) basis," the statement said.

The project involves making upfront payment of Rs 7,380 crore to HMDA for tolling and O&M of 158 Kms stretch of Hyderabad ORR, over a revenue linked concession period of 30 years.

The company now one step closer to achieving financial closure for the project, it said.

Virendra D. Mhaiskar, Chairman & Managing Director said, "This is a prestigious project in our portfolio. We are confident of achieving financial closure within stipulated timeframe and get appointed date for taking possession of the project."

IRB Infrastructure Developers Ltd (IRB Infra) is India's first integrated infrastructure player in highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 70,000 crore in 11 states.