Mumbai-Pune Expressway: IRB Infra pays first instalment of Rs 6,500 crore to MSRDC

IRB MP Expressway Private Limited, a Special Purpose Vehicle of IRB Infrastructure Developers Limited, has obtained the financial closure for the Mumbai-Pune Expressway – its first Toll-Operate-Transfer (TOT) project.

The company on Thursday made the payment of the first tranche of Rs 6,500 crore as an upfront sub-concession fee to the Maharashtra State Road Development Corporation (MSRDC). Its chairman and managing director, Virendra D Mhaiskar, said: “Achieving financial closure, amounting to a whopping Rs 6,610 crore debt, for India’s largest Road TOT project in these difficult times was a massive ordeal, especially with more than half the stipulated time being tied away in lockdown. This feat validates lenders’ trust in project’s merits, company’s financial track record and credit worthiness; as also our domain expertise and execution capabilities in developing and managing large highway infrastructure.”