Kishangarh Gulabpura Tollway Ltd.,an SPV of IRB Infrastructure Developers Ltd., now part of IRB Infrastructure Trust - Private InvIT, has achieved full COD for Kishangarh - Gulabpura six laning highway project in Rajasthan.
The National Highway Authority of India (NHAI)has issued Completion Certificate to the Company.
With this, the Companyis now eligible for collecting toll fees at full tariffs, which is approximately higher by 78% than that of the existing toll tariffs.
Commenting on this development, Mr.Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said,"We are pleased to receive the Completion Certificate from NHAI for this prestigious project. With this, we have completed and fully commissioned all three projects in the State of Rajasthan, which comprise the ambitious Golden Quadrilateral Project stretch in the State. The completion of project will bring more comfortable, quicker and safe commuting experience to the users."He further added, "The toll collection at revised full tariffs, as per the eligibility and notification received from the authorities, will ensure strong revenue visibility for coming quarters of FY23 and years to come."
To re-iterate, Company had entered into a Concession Agreement with the National Highway Authority of India (NHAI) for a Concession Period of 20 Years for this project, to develop, operate and maintain the 90 Kms (540 Lane Kms) Kishangarh Gulabpura section of NH-79 and NH-79A, which is a part ofthe Golden Quadrilateral Project. Earlier, in 2021, the Company had achieved COD for rest two projects of the Golden Quadrilateral Project in the State, Viz. Gulabpura-Chittorgarh project and Udaipur-Shamlaji project.
Shares of IRB Infrastructure Developers Limited was last trading in BSE at Rs. 209.50 as compared to the previous close of Rs. 212.35. The total number of shares traded during the day was 39959 in over 1415 trades.
The stock hit an intraday high of Rs. 212.60 and intraday low of 209.05. The net turnover during the day was Rs. 8437376.00.