IRB’s SPV achieves COD for 8-lane Gandeva Ena Expressway in Gujarat

VM7 Expressway Pvt. Ltd., a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd., has achieved Provisional COD for its 8-lane Gandeva Ena Expressway project in Gujarat. The project is part of the upcoming Delhi–Mumbai Greenfield Expressway and is being developed under the Hybrid Annuity Mode (HAM).

With this milestone, the SPV becomes eligible to receive bi-annual annuity payments from the National Highways Authority of India (NHAI) for the 15-year concession period.

Speaking on the occasion, the Chairman & Managing Director of the Company Mr. Virendra D. Mhaiskar said, “This is a remarkable milestone for us, with both our Hybrid Annuity Projects on the prestigious Delhi–Mumbai Greenfield Expressway now operational. The Gandeva–Ena project alone is expected to generate annuity revenues of about Rs. 180Crs annually, providing strong and stable cash flows and further strengthening the Company’s financial position. More importantly, the Project has been constructed with utmost focus on sustainable sourcing and water preservation under Sujalam Sufalam scheme helping us be water positive for the construction”. He further said, “The project will ensure a faster, safer, and seamless commuting experience for users. We sincerely thank all stakeholders for their unwavering support in achieving the Provisional COD of this project.”

To re-iterate, the Company had already achieved COD for its first HAM Project, Vadodara - Kim Stretch that also parts the Delhi Mumbai Expressway Project.

Salient features of the Project are:

• The Gandeva – Ena HAM project (Package-VII) is part of India’s ambitious ‘Bharatmala Pariyojana’ of the NHAI under Phase-I.
• It is a green-field project of eight laning of 27.500 Kms section on upcoming Vadodara – Mumbai Expressway.