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.
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.
