Udaipur Tollway, the Special Purpose Vehicle of IRB Infrastructure Developers, which is now a part of IRB Infrastructure Trust – Private InvIT, has achieved full COD for its Udaipur – Gujarat Border six laning highway project in Rajasthan. The National Highway Authority of India (NHAI) has issued completion certificate to the Company. This will now enable the Company to collect toll at full tariffs, which will be approximately higher by 55% than the existing tariffs.
Commenting on this development, Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said, “This is our third project in line that achieved full COD during the difficult times of COVID-19 Pandemic, after the previous two, ie, Yedeshi-Aurangabad in Maharashtra and Agra-Etawah in UP. The corridor will now provide congestion free, safe and more comfortable travel to commuters with much reduced travel time.” He added, “We continue to look forward to completing one more project in Rajasthan in coming days.”
To re-iterate, Company had entered into a Concession Agreement with the National Highway Authority of India (NHAI) for a Concession Period of 21 Years to develop, operate and maintain the Udaipur to Rajasthan/ Gujarat border section of NH-8 Project, which is also a part of prestigious Golden Quadrilateral Project.
Under the Concession Agreement, the SPV was entrusted to expand a 113.8 km section of NH 8, which starts from Udaipur (Km 287.400 of NH 8) and ends in Gujarat (Km 401.200 of NH 8) from four lanes to six lanes on a Design, Build, Finance, Operate & Transfer basis.
NH 8 is one of the busiest highways in the subcontinent as it connects the national capital Delhi to the financial capital Mumbai, and other major cities along the way, including Gurgaon, Jaipur, Ajmer, Udaipur, Ahmedabad, Vadodara and Surat.
