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IRB Infrastructure SPV achieves financial closure for Gandeva-Ena Project

Tuesday, 19 Jan 2021
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The VM7 Expressway, a wholly-owned subsidiary and an SPV of the IRB Infrastructure Developers, has achieved financial closure for Gandeva-Ena hybrid annuity model (HAM) project in Gujarat. 
 
The project involves eight-laning of Gandeva-Ena section of 27.500 km on the upcoming Vadodara-Mumbai Expressway under the Bharatmala Pariyojana (Phase-I, Package-VII). 
 
The company had achieved the financial closure with the single largest debt commitment for Mumbai-Pune Expressway TOT project six months ago. 
 
Post VM7 Expressway, the company does not have any financial closure pending in its portfolio.
 
IRB Infrastructure Developers had bagged the project under HAM in July 2020 and executed the concession agreement with the National Highways Authority of India (NHAI) in September 2020.
 
The project concession will comprise 730 days for construction and 15 years for operations and maintenance thereafter. 
 
The project involves a grant of Rs 702 crore from NHAI, equity of Rs 253 crore from the company and project financing of Rs 747 crore from the lenders.
 
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