03 Aug 2020
Award Bagged!
Photo: For representational purpose
IRB Infrastructure Developers (IRB) have received a Letter of Award (LoA) from the National Highway Authorities of India (NHAI) for 27.500 km long Gandeva-Ena section of the upcoming greenfield project of eight-lane Vadodara-Mumbai Expressway.
While commenting on the development, Virendra D Mhaiskar, Chairman & Managing Director, said, “We are happy to receive the LoA from NHAI; the second one for the stretch on prestigious Vadodara-Mumbai Expressway project under Bharatmala Pariyojana. Receiving LoA will now enable us to initiate further necessary actions in signing the Concession Agreement as well as achieving the financial closure for the project so as to receive appointed date and commence construction activity.” He further added, “It is a testimony to IRB’s capabilities, domain expertise, strict financial discipline demonstrated over last two decades in developing the world-class highways infrastructure across the nation. We would continue to excel in our operations and would endeavour to complete the project in stipulated time span.”
The company has emerged as the preferred bidder for the said project under Hybrid Annuity, with the project bid cost of Rs 17.55 billion having the Concession period of 15 years, including 730 days construction period.
Key highlights of the project
- The Gandeva-Ena HAM project (Package-VII) is part of India’s ambitious ‘Bharatmala Pariyojana’ of the NHAI under Phase-I.
- It is a greenfield project of eight-laning of 27.500 km section on upcoming Vadodara-Mumbai Expressway.
- On receiving the LoA, the company’s order book now stands at Rs 137.55 billion.
To recollect, the company is also constructing another stretch on this prestigious expressway project between Padra and Vadodara having length of 23.740 km with cost outlay of Rs 20.43 billion.
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