IRB acquires 74 pc in MVR Infra

MUMBAI: IRB Infrastructure Developers (IRB) today said it has completed the acquisition of 74 per cent holding in MVR Infrastructure & Tollways Private ( MVR Infra).

"Inorganic growth through acquisition of BOT (build, operate, transfer) projects in the secondary market has been an integral part of our evolving growth strategy. We will continue to evaluate such opportunities in future," IRB Chairman and MD Virendra Mhaiskar said in a release here.

However, IRB did not disclose the deal size. The acquisition will make MVR Infra a subsidiary of IRB.

In May this year, IRB entered into a definitive agreement with the shareholders of MVR Infra to acquire their entire holding in the company.

Under the agreement, the acquisition of remaining 26 per cent holding of MVR Infra will be completed once NHAI approves transfer of 26 per cent holding to IRB.

IRB is an integrated infrastructure development and construction company with experience in toll roads and highways sector. It's total order-book currently stands at Rs 9,100 crore.