IRB Infrastructure Developers informed that the company has been awarded the Mumbai-Pune Expressway project under the Toll-Operate-Toll (TOT) model.
The company received a Letter of Acceptance (LoA) from the nodal agency, Maharashtra State Road Development Corporation (MSRDC).
The concession includes collection of toll and operation and maintenance (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 30 April 2030.
IRB to pay upfront Rs. 6500 crore and a further staggered payment of Rs 850 crore in year 2, Rs 850 crore in year 3 and Rs 62 crore in year 4, aggregating to Rs 8,262 crore for Sub-Concession Period of 10 years and 2 months.
The company will take possession of the project w.e.f. 1 March 2020 and commence tolling and O&M activities.
The company, as a concessionaire of the MSRDC, will abide by the user fees notifications issued by the MSRDC, which is a part of concession agreement.
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IRB Infrastructure Developers (IRB) is one of the largest private roads and highways infrastructure developers in India having strong track record of constructing over 12,600 lane Kms in 2 decades.
Shares of the infrastructure developer ended 4.71% higher at Rs 97.75 in yesterday's session.
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