IRB Infrastructure Developers Limited has informed the Exchange regarding an update in respect of Completion Certificate for Palsit Dankuni Project'.
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IRB Infrastructure's project SPV, Palsit Dankuni Tollway Private Limited (under IRB Infrastructure Trust), has received the Completion Certificate (COD) from NHAI for 61.3 km out of 63.83 km of the 4-to-6 laning NH19 BOT project in West Bengal. With COD in hand, the SPV can now collect toll at revised rates, representing a ~47% increase over the previous tariff. Management expects this to boost annual toll collections by approximately Rs. 100 crore, based on Q1 FY25 trends. The project, with a total cost of Rs. 2,403 crores and a 17-year concession period, is IRB's first project in West Bengal.
Positive for shareholders — the COD unlocks a meaningful step-up in toll revenue (~Rs. 100 crore annually) at higher rates, which should improve cash flows and returns from this SPV. The project is housed under IRB Infrastructure Trust (the InvIT), so the benefit flows to the trust and its unit holders, reinforcing IRB's toll-road portfolio earnings.