MUMBAI : IRB Infrastructure has been awarded the prestigious Mumbai-Pune expressway project under the toll-operate-toll (TOT) model.The company said it has received a letter of acceptance from the nodal agency Maharashtra State Road Development Corporation (MSRDC).
The concession includes collection of toll besides operations and maintenance activities on Mumbai-Pune expressway and Old Mumbai-Pune Highway NH-48 for a concession span up to April 30, 2030.
“We had a rich experience of a decade-and-a-half in managing this project from 2004 to 2019,” said Chairman and Managing Director Virendra D Mhaiskar. “Hence it will help us in managing the project well and meet the expectations of all stakeholders.”
IRB will pay upfront ₹6,500 crore and a further staggered payment of Rs850 crore in the second year, Rs850 crore in the third year and Rs62 crore in the fourth year, aggregating to Rs8,262 crore for a sub-concession period of ten years and two months.
The company will take possession of the project on March 1 and start tolling and O&M activities. As a concessionaire of MSRDC, IRB will be abiding by user fees notifications issued by the MSRDC which is a part of the concession agreement.
IRB is one of the largest private roads and highways infrastructure developers in India having a track record of constructing over 12,600 lane km in two decades.
The company has executed projects pan-India with an ability to construct over 500 km in a year. It has 20% share in the Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.
Its order book stands at Rs6,800 crore.