IRB Infrastructure Developers on Friday (November 24) announced that its subsidiary, IRB Lalitpur Tollway, has entered into a concession agreement with NHAI for toll collection, operation and maintenance of the Lalitpur-Lakhnadon stretch on NH44 in Madhya Pradesh.

According to the statement, the project entails an initial payment of Rs 4,428 crore to NHAI for tolling and operation and maintenance services on a 316 km stretch of NH44, with a revenue-linked concession period of 20 years.

The implementation of the project is carried out by IRB Infrastructure Trust (Private InvIT), as indicated in the statement. The company has taken a significant step towards financial closure of the project, marking the second concession agreement for a toll, operate and transfer (TOT) project in a span of six months.

Virendra D Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers, expressed his expectations of providing world-class travel and project management experience to travelers and other stakeholders involved in the project.

“We look forward to providing a world-class travel and project management experience to travelers and other project stakeholders,” Mhaiskar said.