IRB Infrastructure Developers Ltd. (IRB), India's leading and one of India's largest highways infrastructure developers has been awarded the prestigious Mumbai-Pune Expressway project under the Toll-Operate-Toll (TOT) model.
The Company today received a Letter of Acceptance (LoA) from the nodal agency, MSRDC.
The Concession includes collection of toll and O & M activities on Mumbai Pune Expressway and Old Mumbai-Pune Highway NH-48 for a concession span of 10 years and 2 months, i.e., up to 30th April 2030.
Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, "We are happy to have the prestigious MumbaiPune Expressway project once again in our project portfolio. We had rich experience of a decade and half in managing this project from 2004 to 2019 and hence feel that it will help us in managing the project well and meet the expectations of all stakeholders." He further added, "We are grateful to all the authorities for recognizing Company's rich domain expertise and experience and showing high trust in us by once again awarding this prestigious project. We will endeavour to excel in our operations and bring safer and smoother travel experience for users of the project."
IRB to pay upfront Rs. 6500 Crores and a further staggered payment of Rs. 850 Crores in year 2, Rs. 850 Crores in year 3 and Rs. 62 Crores in year 4, aggregating to Rs. 8,262 Crores for Sub-Concession Period of 10 years and 2 months;
The Company will take possession of the project w.e.f. 1st March 2020 and commence tolling and O & M activities.
The Company, as a Concessionaire of the MSRDC, will be abide by the user fees notifications issued by the MSRDC, which is a part of concession agreement.
Shares of IRB INFRASTRUCTURE DEVELOPERS LTD. was last trading in BSE at Rs.97.75 as compared to the previous close of Rs. 93.35. The total number of shares traded during the day was 233114 in over 2781 trades.
The stock hit an intraday high of Rs. 101.8 and intraday low of 93.75. The net turnover during the day was Rs. 22774882.