IRB Westcoast Tollway Pvt. Ltd, the wholly-owned subsidiary of IRB Infrastructure Developers Ltd, has achieved the financial closure for the four laning of Goa/Karnataka-Kundapur National Highway project. IRB Westcoast Tollway Pvt. Ltd is a special purpose vehicle formed by IRB Infrastructure Developers to develop the project.
The company has tied up a sum of Rs 1,406 crore for the project, which is estimated to cost Rs 2,639 crore. Of the total cost, the SPV would receive a viability gap fund of Rs 536 crore from National Highways Authority of India, equity of Rs 697 crore and a debt of Rs 1,406 crore, which is being arranged.
The project is being funded with IDBI Bank Ltd as the lead financer of the consortium comprising Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank and Union Bank of India.
The BOT (Toll) project under NHDP phase IV on DBFOT pattern with a concession period of 28 years involves upgradation of existing section of NH-17 from km 93.700 to km 283.300 between Goa/Karnataka Border and Kundapur from existing two lane highway to four lane highway. NHAI awarded the contract to IRB in August 2012 and signed the concession agreement in March 2013.
IRB has also received the Letter of Award for four laning of Solapur-Yedeshi section of NH-211 from km 0.000 to km 100.000 (total length – 98.717 km) in Maharashtra under NHDP Phase IV on DBFOT basis. The BOT (Toll) project estimated to cost Rs 1,500 crore has been awarded to the company recently.
In 2013, the company completed two major projects—four-laning of Talegaon-Amravati section of NH-6 in May and four laning of Jaipur-Deoli project in October.