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    HomeNewsBusinessPress ReleaseIRB acquires 74% of MVR Infrastructure & Tollways

    IRB acquires 74% of MVR Infrastructure & Tollways

    IRB Infrastructure Developers Ltd., a leading Highway Infrastructure Developer, has completed the process of acquisition of 74% holding of MVR Infrastructure & Tollways Private Ltd and thereby MVR Infra has now become a subsidiary of IRB from October 2012.

    October 10, 2012 / 17:17 IST
       
       
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      IRB Infrastructure Developers Ltd (IRB)., a leading Highway Infrastructure Developer, has completed the  process of acquisition of 74%  holding of MVR Infrastructure & Tollways Private Ltd (MVR Infra) and thereby MVR Infra has  now become a subsidiary of IRB from October 2012. Earlier, in May 2012, IRB entered into a definitive agreement with the shareholders of MVR Infra to acquire their entire holding in this company. As per this agreement, acquisition of remaining 26% holding of MVR Infra will be completed once NHAI approves transfer of  26% holding to IRB.


      Speaking about the acquisition, Mr. Virendra Mhaiskar, CMD of IRB said “Inorganic growth through acquisition of BOT projects in the secondary market has been an integral part of our evolving growth strategy. We will continue to evaluate such opportunities in future which can be value accretive.”

      first published: Oct 10, 2012 05:00 pm

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