IRB Infrastructure Developers announced that its wholly-owned subsidiary, Samakhiyali Tollway, had entered into a concession agreement with the National Highway Authority of India (NHAI) for a road project worth Rs 21.32 billion.
The project aims to upgrade the existing four-lane NH27 stretch, spanning 90.90 km from Samakhiyali to Santalpur in Gujarat, to six lanes. The project will operate under the build-operate-transfer (Toll) mode.
The project has a concession period of 20 years, starting from the appointed date, which includes a construction period of two years.
The Concession Agreement marks a crucial phase in any project as it allows the developer to move forward to the next step, which involves arranging finances for the project.
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