VM7 Expressway Private Limited, a Special Purpose Vehicle (SPV) of IRB Infrastructure Developers Ltd, has achieved Provisional Commercial Operations Date (COD) for its 8-lane Gandeva–Ena Expressway project in Gujarat. The project is part of the Delhi–Mumbai Greenfield Expressway and is being executed under the Hybrid Annuity Model (HAM).
With the provisional COD in place, the SPV becomes eligible to receive bi-annual annuity payments from the National Highways Authority of India (NHAI) over the 15-year concession period. Commenting on the development, IRB Infrastructure’s Chairman and Managing Director, Virendra D Mhaiskar, said, “This achievement marks a significant step forward for us. With both our HAM projects on the Delhi–Mumbai Expressway now operational, the Gandeva–Ena section alone is expected to generate around ₹180 crore in annual annuity income, strengthening our financial position with stable cash flows.” He also highlighted that the construction followed sustainable practices, including water conservation efforts under the SujalamSufalam scheme, making the project water-positive during execution.
Mr. Mhaiskar added that the expressway will ensure faster, safer, and smoother travel for commuters, and thanked all stakeholders involved in reaching this milestone.
Previously, the company had completed and achieved COD for the Vadodara–Kim stretch, another key HAM package along the Delhi–Mumbai corridor.
IRB Infrastructure Developers Ltd is a leading multi-national transport infrastructure developer in India, with a strong footprint in the roads and highways segment. The company holds ISO certifications across quality, environmental management, occupational health and safety, and IT security from ISOQAR, UK.
With an asset base of around ₹80,000 crore across 12 states, IRB has developed, operated, and maintained approximately 18,500 lane kilometers over more than 25 years—of which 15,500 lane kilometers are currently operational. IRB commands a market share of nearly 38% in the Toll-Operate-Transfer (TOT) space and 12% in India’s North–South highway connectivity. Having completed 13 concession projects and handed them over to nodal authorities, IRB Group now manages 26 ongoing road projects across its portfolio, including 18 BOT, 4 TOT, and 4 HAM projects, through both its parent company and public/private InvIT structures.
