Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “Proud to add this prestigious project to our portfolio, taking our asset base to over Rs 700 billion and share in TOT space to 37%, the largest by any private player in India.” He further added, “We express our sincere gratitude towards all authorities and stakeholders. We endeavour to execute this project through our private InvIT platform.”

The Hyderabad Metropolitan Development Authority (HMDA) had invited global competitive bids for the project; in which the company had participated and emerged as the selected bidder. After signing the concession agreement, the project SPV will be making the payment of Rs 73.80 billion within a span of 120 days.

The Hyderabad Outer Ring Road (ORR) is a 158 km, 8 lanes ring road expressway encircling Hyderabad. Opened up in December 2012, the large part of around 124 km of ORR covers urban nodes like Hi-Tech City, Nanakramguda Financial District, International Airport, IKP Knowledge Park, Hardware Park, Telangana State Police Academy, Singapore Financial District and Game Village. The ORR has well established connectivity with other important national highways and state highways.