IRB Infrastructure Developers on Friday said it will soon commence work on a Rs 2,043-crore highway project in Gujarat, part of the upcoming Vadodara-Mumbai Expressway.
The company had won the 23.74 km project on hybrid annuity mode from National Highways Authority of India (NHAI) in March 2018.
"VK-1 Expressway Private Ltd, a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd, has received an Appointed Date from NHAI for 23.740 km long Padra (Kim) - Vadodara Hybrid Annuity project, which is part of the upcoming Vadodara - Mumbai Expressway.
"The SPV, in line with the NHAI's Appointed Date, is now set to commence the construction work on the project soon," the company said in a statement.
Appointed date is understood as the date from which the scheme comes into force. The project pertains to eight laning of 23.740-km long stretch on between Padra and Vadodara in Gujarat.
The project recently achieved the financial closure, the company said. The SPV will be receiving financial support of Rs 817 crores from the NHAI; equity support of Rs 245 crore from IRB Infra and project financing of Rs 981 crore from lenders.
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