IRB Infrastructure arm signs concession agreement with NHAI, to pay Rs 4,428 cr upfront; shares fall 3%
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IRB Infrastructure Developers shares have gained around 20 percent in 2023.
Shares of IRB Infrastructure Developers fell 3 percent in trade on November 28. The firm’s special purpose vehicle, IRB Lalitpur Tollway signed a concession agreement with the National Highways Authority of India and will pay an upfront amount of Rs 4,428 crore.
As of 1.30 pm, shares of IRB Infrastructure Developers were trading at Rs 37.9 apiece, lower by 2.9 percent from the closing price of the previous session on the NSE.
The SPV, IRB Lalitpur Tollway, signed a concession agreement for tolling, operation, maintenance and transfer of the four-lane Lalitpur-Sagar-Lakhnadon section from the 99.005 km mark to the 415.089 km mark of NH-44 in Uttar Pradesh and Madhya Pradesh on a Toll-Operate-Transfer (TOT) basis.
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For the tolling and operation of the 316 km stretch, IRB Lalitpur Tollway is to pay a concession fee of Rs 4,428 crore to NHAI for a revenue-linked concession period of 20 years. The annual tariff revision will be a fixed raise of 3 percent per annum, along with 40 percent of the WPI or Wholesale Price Index.
IRB Infrastructure Trust received a Letter of Award for this project on October 29 after emerging as the selected bidder in global competitive bids invited by the NHAI.
IRB Infrastructure Developers is an integrated transport infrastructure developer in the roads and highways segment. It is the largest integrated private toll roads and highways infrastructure developer in India.
Shares of the company have risen 20.70 percent during 2023, while the frontline index Nifty 50 has risen around 9 percent during the same time period.
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