On May 9, 2018, the NHAI and VEPL (VK1 Expressway Private Limited) (a Concessionaire), entered into a Concession Agreement to construct the Padra – Vadodara section of Vadodara-Kim Expressway Project. 100% shareholding of VEPL was transferred from IRB Infrastructure Developers Ltd to IRB InvIT Fund on October 31, 2022.

The concession period of the Project is 17 years from the Appointed Date (2 years of construction and 15 years of operation from COD).

This is first Hybrid annuity project of the company.

The Concessionaire shall receive semiannual annuity from the NHAI during this operation period and shall also receive Operation & Maintenance payment for the maintenance of the project highway. 40% of the Project cost would be funded by NHAI during the construction period.

VEPL was entrusted to construct an eight lane 23.74 Km section of Expressway between Vadodara and Kim in Gujarat on a Hybrid Annuity Mode (HAM) basis.

The Padra – Vadodara Project comprises the section of Vadodara Kim Expressway from km 355.00 to km 378.740 (Phase-IA Package-I).

The project features:

• 8 lane carriage way of 23.74 Kms (190 Lane Kms)
• 65 Culverts
• 2 Interchanges
• 18 Cattle/Vehicular underpasses
• 1 Major bridge
• 6 Flyovers
• 9 Minor bridges
• 2 Railway over bridges
• 2 Toll fee plazas