Ganga Express Highway IRB executes concession agreement for Ganga Expressway project
Mumbai/UNI: Toll road firm IRB Infrastructure Developers on Thursday said that it has executed the concession agreement with Uttar Pradesh Expressways Industrial Development Authority (UP EIDA) for the development of the 129 km section between Meerut and Budaun on the Ganga Expressway project.
The company’s wholly-owned subsidiary Meerut Budaun Expressway has won the Rs 6555 crore contract to be developed on the design, build, finance, operate, and transfer (DBFOT) model for a traffic-linked concession period of up to 36 years, that includes 3 years for construction.
“Meerut Budaun Expressway, a wholly-owned subsidiary of the company, has now executed Concession Agreement with Uttar Pradesh Expressways Industrial Development Authority for the project of development of access controlled six-lane (expandable to eight-lane) greenfield 'Ganga Expressway' in Uttar Pradesh on DBFOT (Toll) basis under PPP,” the company said in a regulatory filing.
The project will connect Meerut on the west and Prayagraj on the east of Uttar Pradesh and pass through 12 other districts.
IRB is one of the largest private roads and highways infrastructure developers in the country, with an asset base of over Rs 55000 crore across the parent company and two InvITs.
Its portfolio includes private and public InvIT, comprising 24 projects, including 18 BOT projects, 4 HAM and one TOT project.
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