IRB Infrastructure's subsidiary receives appointed date for Hapur Moradabad Project

IRB Infrastructure's subsidiary receives appointed date for Hapur Moradabad Project

IRB Infrastrucuture Developers in a regulatory filing to BSE has informed that its wholly-owned subsidiary IRB Hapur Moradabad Tollway has received Appointed Date from the competent authority. Accordingly IRB Hapur Moradabad Tollway would commence toll collection and construction on the Project.
According to the filing the details of the project being implemented include The project of six laning of Hapur bypass to Moradabad section including Hapur bypass from Km50.000 (Design Ch. Km50.000) to Km 148.2 77 (Design Ch. Kill 149.867) ofNH 24 (New NH-9) in the State of Unar Pradesh on DBFOT basis under NHDP Phase V Project. 
The concession period of the project is 22 years including construction period of 910 days. Total cost of the project is approximately Rs. 3.345 crores: out of which Promoter's contribution would be approximately Rs. 1.804 crores including internal accruals and remaining would be funded by the project finance. The Project is financed by consortium of banks led by State bank of India. The Company has offered premium of Rs. 31 .5 crores to NHAI to be payable from 4th year from the appointed date in terms of the Concession Agreement.
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