Latest News | IRB Infrastructure Achieves Financial Closure for Project in Tamil Nadu

New Delhi, May 18 (PTI) IRB Infrastructure Developers Ltd on Wednesday said its wholly-owned subsidiary Chittoor Thachur Highway Private Ltd has achieved financial closure for a hybrid annuity project in Tamil Nadu.

The project, estimated to cost Rs 909 crore, is a part of Bharatmala Pariyojana (Phase IV) and is for six-laning of Pondavakkam Kannigaipair section of 20.060 km on Chittoor Thachur Highway, the company said in a statement.

Also Read | Apple To Reportedly Unveil 3 Smartwatches Along With iPhone 14 Series on September 13, 2022.

The company had bagged the project under Hybrid Annuity Model (HAM) in September 2021.

Under the HAM model, the government provides 40 per cent of the project cost to the developer to start work while the remaining investment has to be made by the developer.

Also Read | Vivo T2 To Be Launched on May 23, 2022; Check Expected Features & Specifications Here.

(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)