VK-1 Expressway, a wholly-owned subsidiary and a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers has received an appointed date from the National Highways Authority of India (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 project cost outlay is Rs 20.43 billion. The concession will comprise 730 days for construction and 15 years operations and maintenance rights thereafter. Construction will be commenced from (date) as per the appointed date. The project had recently achieved the financial closure, despite the weak lending scenario across the industry for bid cost. As a part of financial closure, the SPV will be receiving financial support of Rs 8.17 billion from NHAI; equity support of Rs 2.45 billion from IRB Infra and project financing of Rs 9.81 billion from the lenders.