IRB Infrastructure Developers Ltd. announced that its wholly-owned subsidiary, VM7 Expressway Private Ltd., has achieved the Provisional Completion Certificate (COD) for its Gandeva–Ena section of the Vadodara–Mumbai Expressway. The 27.5 km long, eight-lane expressway project in Gujarat has now been substantially completed, with 25.07 km operational from May 31, 2025.
With this milestone, the Special Purpose Vehicle (SPV) becomes eligible to receive bi-annual annuity payments from the National Highway Authority of India (NHAI) for the next 15 years, amounting to approximately Rs 180 crore annually.
The project is part of the Delhi–Mumbai Greenfield Expressway under Bharatmala Pariyojana and marks IRB’s second Hybrid Annuity Mode (HAM) project on this corridor to achieve COD. Chairman and MD Virendra D. Mhaiskar described it as a “remarkable milestone” that strengthens IRB’s financial position with stable cash flows.
Built with a focus on sustainability, the project incorporated water-positive construction practices under the Sujalam Sufalam scheme. It is expected to significantly improve commuting efficiency, safety, and connectivity between Gujarat and Maharashtra.
IRB currently operates projects across 12 states, with an asset base of about Rs 80,000 crore and a leading market share in India’s toll-operate-transfer (TOT) space.