Project Manager Agreements Executed with IRB InvIT Fund for Two Toll Road SPVs Worth About Rs.2,663 Crore
IRB has executed Project Implementation/Management Agreements with IRB InvIT Fund to act as Project Manager for two toll road SPVs — Solapur Yedeshi Tollway and CG Tollway.
- Agreement Value
- approximately Rs.2,663 crore on fixed price basis (inclusive of taxes)
- Balance Concession Period
- approximately 18 years on weighted average life
- Project 1
- Solapur Yedeshi Tollway Limited (SYTL) - Four laning of Solapur to Yedeshi section of NH-211
- Project 2
- CG Tollway Limited (CGTL) - Six laning of Kishangarh Udaipur Ahmedabad section of NH-79
- Related Party Status
- Not a related party transaction; no shareholding in counterparties
What was shared
IRB Infrastructure Developers has informed the exchanges that it has executed Project Implementation / Management Agreements (PIA) with IRB InvIT Fund (the Public InvIT) to act as the Project Manager. This follows its earlier disclosure about approval to enter into these agreements.
The agreements cover the projects operated by two Project SPVs — Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL) — after completion of the transfer of 100% of the equity share capital of each SPV from IRB Infrastructure Trust to the Public InvIT for the balance concession period.
The two projects
- SYTL: Four laning of Solapur to Yedeshi section of NH-211 from km 0.000 to km 100.000 (design length 98.717 km) in Maharashtra, under NHDP Phase IV on DBFOT Toll basis.
- CGTL: Six laning of the Kishangarh Udaipur Ahmedabad section from km 90.000 to km 214.870 of NH-79 in Rajasthan, Package-2 under NHDP Phase V on BOT (Toll) mode.
Commercial terms
- Value: approximately Rs.2,663 crore on a fixed price basis, inclusive of applicable taxes.
- Spread over the balance concession period, which is approximately 18 years on weighted average life.
Other disclosures
- The company holds no shareholding in the entities with whom the agreements are executed.
- The parties are not related to the promoter, promoter group or group companies.
- The company states the transaction does not fall within related party transactions under SEBI LODR.
- No shares are being issued to the parties.
How to read this
As Project Manager, the company takes on operation and implementation responsibilities for these two toll assets for the InvIT, with a fixed-price fee stream defined over the remaining concession life. This gives visibility on a long-duration services revenue line linked to the assets now housed in the Public InvIT.
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More numbers
- Value of project implementation agreementsRs.2,663 crore
- Balance concession period (weighted average life)approximately 18 years
- Equity share capital of Project SPVs transferred to Public InvIT100%
- SYTL design length98.717 km
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