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LIC raises stake to 5.27 per cent in IRB Infrastructure Developers Ltd

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Business | October 23, 2020 2:12:22 PM IST
New Delhi [India], October 23 (ANI/NewsVoir): BSE and NSE listed IRB Infrastructure Developers Ltd (IRB) is India's leading and largest highway infrastructure developers, with an asset base of over Rs. 45,000 Crs. As per data available on BSE, Life Insurance Corporation of India has raised stake in IRB from 3.81 per cent in quarter ended June 2020, to 5.27 per cent in quarter ended September 2020.

Recently, the company had announced that Yedeshi Aurangabad BOT Project implemented by Yedeshi Aurangabad Tollway Limited ("SPY") which is now part of IRB Infrastructure Trust - Private InvIT had been issued a Completion Certificate by the Competent Authority. Consequently, the SPY would collect toll at full toll rates on this project.

Earlier, the company had also announced that VM7 Expressway Private Limited -Wholly-owned Subsidiary of the Company had executed Concession Agreement with National-highways Authority of India (NHAI) for the project of Eight lane access controlled Expressway from Km 190.000 to Km 217.500 of Vadodara Mumbai Expressway (Gandeva to Ena Section) in the State of Gujarat under Bharatmala Pariyojana (Phase I - Package VII).

"We continue to look for opportunities to expand and diversify our presence. With this win, we will enter the eastern jewel of India. We are committed to build world class highway infrastructure for the development of eastern region and to bring quality connectivity with the rest of the country," said Virendra D Mhaiskar, IRB Infra Chairman & Managing Director.

IRB Infra had recently bagged India's largest TOT (toll operate transfer) project Mumbai-Pune Expressway of Rs 8,262 crore, and has already paid the first tranche of Rs 6,500 crore as upfront sub-concession fee to Maharashtra State Road Development Corporation Ltd.

IRB Infra is the largest private highways infrastructure developer in India with an asset base of Rs. 45,000 crore across the parent company and two InvITs. The company has constructed over 12,300 lane kms across India in two decades.

IRB Infrastructure Developers Ltd (IRB) is the largest private roads and highways infrastructure developer in India, with an asset base of over Rs. 45,000 crores across the parent company and two InvITs.

The Company has strong track record of constructing over 12,300 lane Kms pan India in 2 decades and has an ability to construct over 500 Kms in a year. It has approx 20 per cent share in India's prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.

IRB Group's portfolio comprises of 21 projects including 19 BOT, 1 TOT and 1 HAM projects. BOT segment includes 9 projects under Private InvIT with O & M contracts; 3 projects under Tolling & 7 projects under O & M contracts as a Project Manager for IRB InvIT.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

 
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