IRB Infrastructure Developers Limited has informed the Exchange regarding 'Issue of Provisional Completion Certificate for VM7 Expressway Private Limited, wholly-owned subsidiary of the Company '.
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IRB Infrastructure's wholly-owned subsidiary VM7 Expressway Private Limited has received a Provisional Completion Certificate for its 8-lane Gandeva-Ena Expressway project in Gujarat, part of the Delhi-Mumbai Greenfield Expressway under the Bharatmala Pariyojana (Phase I, Package VII). The 27.5 km project, built on Hybrid Annuity Mode (HAM), has achieved substantial completion of 25.07 km effective May 31, 2025. With this milestone, the SPV becomes eligible to receive bi-annual annuity payments from NHAI for a 15-year concession period. The project is expected to generate approximately Rs. 180 crore annually in annuity revenue. This is IRB's second HAM project on the Delhi-Mumbai Greenfield Expressway to become operational, after the Vadodara-Kim stretch.
The shift from construction to the operations phase converts this project into a stable, long-term cash-generating asset with predictable annuity inflows for 15 years, strengthening IRB's recurring revenue base. The Rs. 180 crore annual annuity adds visibility to cash flows and supports the company's financial position.