Mumbai-based, IRB Infrastructure informed in early October that it has commenced operations on its Rs 17,330 million (US$345 million) Jaipur-Deoli build-operate-transfer (BOT) project.

IRB's subsidiary, IRB Jaipur Deoli Tollways, got the Provisional Certificate from the National Highways Authority of India effective September 27, 2013.

The project envisages design, engineering, finance, construction, operation and maintenance of Jaipur to Deoli Section of NH12 from km 18.700 to km 165 in the state of Rajasthan under NHDP Phase III on BOT Basis. It is on grant basis with concession period of 25 years and estimated cost of Rs 17,330 million (US$345 million).

IRB Infrastructure emerged as the lowest bidder for the project on 23 June 2009. The company achieved financial closure on 29 March 2010. IDFC was the lead arranger and other lenders included three state owned banks-Bank of Baroda, Canara Bank and Union Bank of India. Total debt was Rs 9,000 million (US$179 million).

The company had sought viability gap funding of Rs 3,060 million (US$61 million) from the National Highways Authority of India (NHAI). The concession period for the project is 25 years.