IRB Infra SPV achieves financial closure for Ganga Expressway project

The infrastructure developer said that Meerut Budaun Expressway has achieved financial closure for the Ganga Expressway Group 1 greenfield BOT project in the State of Uttar Pradesh.

Meerut Budaun Expressway is an SPV and a wholly-owned subsidiary of IRB Infrastructure Developers.

The project is to build, operate and transfer (BOT) the six lane greenfield expressway corridor of 129.700 Kms (expandable to eight lanes) between Meerut and Budaun in Uttar Pradesh, with a cost outlay of Rs 6,538 crore.

With this, all the projects in the portfolio have been financially closed, which helps the company in focusing on upcoming opportunities in the sector.

Virendra D. Mhaiskar, chairman & managing director of the company, said, This is the largest greenfield BOT project thus far in our portfolio. The company is mobilizing the resources to commence construction in full swing in next couple of months.

IRB Infrastructure Developers is India's first multinational infrastructure player in highways segment. At present, IRB Group's portfolio (including Private and Public InvIT) has 22 road projects that include 17 BOT, 1 TOT and 4 HAM projects.

On a consolidated basis, net profit of IRB Infrastructure Developers jumped 79% to Rs 174.50 crore on 10.7% decline in revenue from operations to Rs 1433.62 crore in Q4 FY22 over Q4 FY21.

The scrip tumbled 4.07% to currently trade at Rs 204.80 on the BSE.

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