IRB Infra wins Rs 1,687 crore project in Maharashtra from MSRDC

NEW DELHI: IRB Infrastructure Developers Ltd today said it has won a Rs 1,687 crore project from Maharashtra State Road Development Corporation ( MSRDC) for operation and maintenance of an expressway along with a stretch of Mumbai-Pune NH 4.

"The company has received the letter of award for MSRDC's project of operation and maintenance of Yashwantrao Chawan Expressway and Mumbai-Pune section of NH 4 on DBFOT basis with toll rights in the state of Maharashtra," IRB Infrastructure Developers said in a filing to the BSE.

Total six bidders, including IRB Infra, had participated in the international electronic competitive bidding process.

The final offer of the company for a concession period of 8 years 8 months and 2 days being the lowest amongst all the bidders has been accepted by the MSRDC, it said.

"The estimated cost of the project is Rs 1,687 crore, including Rs 1,000 crore as upfront premium payable to MSRDC in four annual instalments... commencing from March 31, 2015," it said.

The toll collection for the project on design, build, finance, operate and transfer (DBFOT) will commence from August 10, 2019.

Shares of the company closed at Rs 267.45 apiece on the BSE, up 0.49 per cent from the previous close.