CG Tollway Private Ltd., a wholly-owned Subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd., has received Appointed Date from NHAI for its Chittorgarh to Gulabpura six laning Highway Project.
The SPV, in line with the NHAI’s Appointed Date, has started Tolling as well as Construction work on the 124.87 Kms corridor of NH-79 from 4th November 2017; thus, starting revenue generation from day one.
While commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “This is yet another encouraging development for us, post beginning of tolling for Udaipur-Gujarat border project, achieving COD for Kaithal Rajasthan and successfully transferring Amritsar-Pathankot to IRB InvIT. Once completed, we are sure that this project will provide congestion free, safe and comfortable travel experience to the commuters.”
He further added, “We are committed to develop the World Class road infrastructure that India needs, to implement its development programmes in near future.”
Key highlights of the Project are as under:
- Project, with cost outlay of Rs. 2090 Crores, involves 6 Laning of 124.87 Km stretch on NH-79 between Chittorgarh and Gulabpura in Rajasthan.
- NH 79 connects Ajmer to Ghat Bilod, traversing through major settlement stretches such as Nasirabad, Gulabpura, Bhilwara, Chittorgarh, Mangalwara and finally Udaipur
- Concession Period is 20 Years, which includes construction span of 910 days.
- Construction &Tolling commenced from 4th November 2017 as per the Appointed Date
- Project entails annual premium payment of Rs.228.60 Crores to NHAI, which will be payable post three years from the appointed date.
- Company is to infuse Sponsor contribution including internal accruals of Rs. 690 Crores as equity. Balance funding through the project finance of Rs. 1,400 Crores is tied at an average cost of approx. 10.25 % p.a.
- The project is financed by Consortium of Lenders led by State Bank of India. Other members include, Bank of India, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Andhra Bank and Aditya Birla Finance Ltd.
With this, two of the three Rajasthan 6-laning projects, Udaipur-Gujarat border and Chittorgarh-Gulabpura have commenced construction and tolling. Third project, Kishangarh-Gulabpura is expected to join the list soon.