IRB Infra in a filing to BSE has informed that it has achieved the third Financial Closure through its Special Purpose Vehicle (SPV), VK1 Expressway in a span of just 20 days for its third Hybrid Annuity Model (HAM) project of Vadodara Kim expressway section of 23.40 Kms from Padra to Vadodara. This has come after two successive financial closures for two HAM projects achieved at the end of September 2018 for its projects in South India
VK1 Expressway was formed and entrusted to undertake the construction and management of Company’s third HAM project, viz, 8 laning of 23.40 kms section between Padra and Vadodara on Vadodara – Mumbai Expressway.
IRB Infra had won three projects under HAM in March 2018. Out of these three, the first two, ie, Puducherry to Poondiyankuppam (38 kms) and Poondiyankuppam to Sattanathpuram (56.80 kms) have achieved Financial Closure at the Bid Project Cost at the end of September 2018 on two consecutive days. With the third financial closure achieved, IRB Infra has financially closed all its HAM projects.
@EPC World Media
