IRB Infrastructure Developers share price rose more than 4 percent intraday on February 26 after the company received the Mumbai-Pune Expressway project under the toll-operate-toll model.The company has emerged as the preferred bidder to act as sub-concessionaire for the project of tolling, operation, maintenance and transfer of Yashwantrao Chavan Expressway and Mumbai-Pune
Section of NH-48 (Old NH4) on toll, operate, management and transfer basis.
The company has received a letter of acceptance (LoA) from the nodal agency, MSRDC.
The concession includes a collection of toll and 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 April 30, 2030.
The tolling is likely to commence from March 1, 2020, on both Expressway and NH-48 st'ction of Mumbai-Pune corridor.
The company has 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.
"We are grateful to all the authorities for recognizing company’s rich domain expertise and experience and showing high trust in us by once again awarding this prestigious project," said Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers.At 09:52 hrs, IRB Infrastructure Developers was quoting at Rs 99.70, up Rs 1.95, or 1.99 percent on the BSE.