IRB Hapur Moradabad Tollway, the special purpose vehicle of IRB Infrastructure Developers, which is now a part of IRB Infrastructure Trust – private InvIT, has received completion certificate from NHAI for its Hapur to Moradabad six laning highway project in Uttar Pradesh.
Consequently, the company can now collect toll at higher tariffs, increasing by around 65 per cent over existing toll tariffs.
“We are pleased to announce completion of the Hapur – Moradabad six lane highway project in UP. This is a remarkable feat for us and signifies strength of our team to successfully manage and overcome challenges posed during unforeseen pandemic period. The corridor will now bring congestion free, safe, time saving and more comfortable traveling experience to the commuters,” Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said.
IRB Infrastructure Developers had earlier bagged the project of six laning of the 99.867 km section of Hapur to Moradabad stretch on NH-9 in Uttar Pradesh on design, build, finance, operate and transfer (DBFOT) basis with concession period of 22 years.
“Second COD achieved after the first one in April 2022 for Vadodara to Kim HAM project in Gujarat, and start of execution for another 3 projects in the first quarter of FY23 – this speaks loads about return to normalcy as well as strengthened focus on execution by IRB team. We look forward to a robust year ahead,” Mhaiskar added.
This project is a part of the IRB Infrastructure Trust, a private InvIT, which will significantly benefit with cash-flows accruing from around 65 per cent increase in toll tariffs.
