Mumbai (Maharashtra) [India] September 29 (BusinessWire-India): IRB PP Project Private Limited, a Special Purpose Vehicle (SPV) of India’s leading and one of the largest Highways Infrastructure developers, IRB Infrastructure Developers Ltd., has successfully achieved financial closure for its Rs. 1,319 crore Hybrid Annuity Model (HAM) project of 4-laning of NH-32 (Previously NH-45A) Puducherry-Poondiyankuppam stretch of 38 km. Also Read - Coronavirus: Maharashtra's COVID-19 Death Toll Rises to 8, Positive Cases Cross 200

Virendra D. Mhaiskar, Chairman and Managing Director, while commenting on the development said, “We had won three HAM projects totaling up to Rs. 5,500 crore and are on track to achieve financial closure for all, starting with Puducherry-Poondiyankuppam. We are grateful to our lenders for the continued trust endorsed in our execution capabilities and financial discipline, even in the current lending environment.” Also Read - Lockdown: Maharashtra Govt to Take Care of Migrant Workers, Provide Them Basic Necessities

To reiterate, the company had bagged three projects under HAM in March 2018; out of which, the first one has achieved its financial closure in the time frame stipulated under the concession agreement. Also Read - Watch | Maharashtra Cop Sings 'Zindagi Maut Na' To Persuade People to Stay at Home, Video Goes Viral

The project concession will be for 15 years and the tolling and construction will be commenced from the appointed date.

The project will be receiving the financial support of Rs. 543 crore from NHAI and equity of Rs. 159 crore from the company and project financing of Rs. 617 crore from lenders. (BusinessWire-India)

This is published unedited from the ANI feed.