IRB Infra SPV achieves Financial Closure ties finances of 1,650 Crore for the Palsit Dankuni BOT Project in West Bengal

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IRB Infra SPV achieves Financial Closure; ties finances of Rs. 1,650 Crores for the Palsit Dankuni BOT Project in West Bengal.

Palsit Dankuni Tollway Pvt. Ltd., an SPV and the wholly-owned Subsidiary of IRB Infrastructure Developers Ltd. (IRB Infra), India’s one of the leading and largest highways infrastructure developers, has achieved Financial Closure for its BOT project of 6 laning of NH19 corridor between Palsit to Dankuni in the State of West Bengal.    

While commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director said, “This is our second Financial Closure within a span of one month, after we financially closed the Pathankot Mandi HAM project in Himachal Pradesh on 10th ultimo. We are really grateful to our lenders for their consistent financial support to our projects.” He further added, “By extending the support, lenders have once again acknowledged trust and confidence in Company’s domain expertise, execution capabilities and financial discipline demonstrated over last 20 years. We are extremely pleased with such high trust and confidence of lenders in us.” 

The highlights of the Project and Financial Closure:

·         The financial closure is achieved at the Bid Project Cost of Rs. 2,314 Crores.

·         Lenders to extend financial support of Rs. 1,650 Crores

·         Company along with its Associates, Viz. IRB Infrastructure Trust (Private InvIT) will contribute through the equity on receiving the required approvals.

·         The project concession period is of 17 years from the appointed date, including construction period of 910 days.

·         Company to commence tolling and construction from the appointed date.

To re-iterate, the Company had achieved financial closure for its Pathankot Mandi Hybrid Annuity project in the State of Himachal Pradesh on 10th December 2021.

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