IRB Infra SPV Receives Appointed Date from UPEIDA for Meerut Budaun Ganga Expressway

MUMBAI:
India’s leading and first multinational infrastructure player in highways development sector, IRB Infrastructure Developers Ltd.’s Special Purpose Vehicle (SPV), Meerut Budaun Expressway Pvt. Ltd., has received an Appointed Date from the Uttar Pradesh Expressways & Industrial Development Authority (UPEIDA) for Meerut to Budaun stretch of upcoming Greenfield BOT project Ganga Expressway Group 1.

The Company, in line with the receipt of the Appointed Date, is now set to commence the construction activity in full swing so as to meet the set timeline for completion and commissioning of the prestigious project for use of people of the State of Uttar Pradesh; resources for which have already been deployed.

Speaking on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infra Group said, “The construction for the project will now be taken up in full swing. This being the largest and one of most prestigious projects in our portfolio, is of utmost importance for us and we would endeavour to complete it within set timeframe with strong focus on quality and safety standards. ”

Earlier, the Company had successfully achieved Financial Closure for the Rs.6,538 Crs project, where the Consortium of Lenders had extended financial support of Rs.2,659 Crs; Company and/or its associate IRB Infrastructure Trust have committed equity infusion of Rs,2,133 Crores and the Viable Gap Funding (VGF) from UPEIDA is Rs.1,746 Crs.