"We are happy to receive the LoA from NHAI; the second one for the stretch on prestigious Vadodara-Mumbai Expressway project under Bharatmala Pariyojana," IRB Infra Chairman and Managing Director Virendra D Mhaiskar said.
This will enable the company initiate further necessary action to sign the concession agreement and achieve financial closure for the project, he added.
"It is a testimony to IRB's capabilities, domain expertise, strict financial discipline demonstrated over the last two decades in developing world-class highways infrastructure across the nation. We would continue to excel in our operations and would endeavour to complete the project in stipulated time span," Mhaiskar said.
Last week, the company had emerged as the preferred bidder for the said project, under hybrid annuity mode (HAM) with a bid cost of Rs 1,755 crore, having concession period of 15 years, including 730 days of construction period.
The GandevaEna HAM project (Package-VII) is part of phase-I of NHAI's 'Bharatmala Pariyojana'.
The company is also constructing another stretch on the expressway project between Padra and Vadodara, having a length of 23.740 km and a cost outlay of Rs 2,043 crore.
IRB Infra is the largest private roads and highway infrastructure developer in India, with an asset base of over Rs 45,000 crore across the parent company and two InvITs.
IRB Group's portfolio comprises of 21 projects, including 19 BOT (build, operate, transfer), 1 TOT (toll, operate, transfer) and 1 HAM projects.