In a major development, IRB Infrastructure Developers Ltd on Sunday said it has received award letter from NHAI for executing a stretch of Vadodara-Mumbai Expressway at a cost of Rs 1,755 crore. With this award, the company's order book now stands at Rs 13,755 crore.  "IRB Infrastructure Developers Ltd, India's largest highways infrastructure developers, has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for 27.5-km long Gandeva Ena section of the upcoming greenfield project of eight lane Vadodara-Mumbai Expressway," the company said in a regulatory filing.

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IRB Infra is the largest private roads and highways 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.

"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 to initiate further necessary actions to sign the concession agreement as well as achieving financial closure for the project so as to receive appointed date and commence construction activity, 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 Gandeva Ena 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 length of 23.740 kms with a cost outlay of Rs 2,043 crore.