Latest News | IRB Golkonda Expressway Signs Concession Agreement with HMDA for Tolling, O&M Project in Telangana

New Delhi, May 28 (PTI) IRB Golkonda Expressway Private Ltd will make an upfront payment of Rs 7,380 crore to Hyderabad Metropolitan Development Authority (HMDA) for tolling, operations & maintenance of a project.

IRB Golconda Expressway has signed a concession agreement with HMDA, IRB Infrastructure Developers Ltd. (IRB Infra) said in a statement on Sunday. IRB Golconda Expressway is a project-specific special purpose vehicle (SPV) of IRB Infra.

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"IRB Golconda Expressway today signed the Concession Agreement with HMDA for Tolling and Operations & Maintenance of Jawaharlal Nehru Outer Ring Road, popularly known as Hyderabad ORR on Toll-Operate-Transfer (TOT) basis," the statement said.

The project involves making upfront payment of Rs 7,380 crore to HMDA for tolling and O&M of 158 Kms stretch of Hyderabad ORR, over a revenue linked concession period of 30 years.

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The company now one step closer to achieving financial closure for the project, it said.

Virendra D. Mhaiskar, Chairman & Managing Director said, "This is a prestigious project in our portfolio. We are confident of achieving financial closure within stipulated timeframe and get appointed date for taking possession of the project."

IRB Infrastructure Developers Ltd (IRB Infra) is India's first integrated infrastructure player in highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 70,000 crore in 11 states.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)