Mumbai (Maharashtra) [India], Feb 26 : 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 Rs 6,500 crore and a further staggered payment of Rs 850 crore in the second year, Rs 850 crore in the third year and Rs 62 crore in the fourth year, aggregating to Rs 8,262 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 per cent share in the Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.
Its order book stands at Rs 6,800 crore.
( With inputs from ANI )