Virendra D Mhaiskar
Mr. Virendra Mhaiskar, Chairman and Managing Director of IRB Infrastructure

The 20-year long journey of IRB Infrastructure Developers Ltd has always been about value creation and pioneering initiatives, while shaping the Indian roads & highways infrastructure sector. IRB has played a huge part in building seamless connections across the country.

Incorporated way back in year 1998, IRB Infra has taken big strides to become India’s leading and one of the largest infrastructure developing company in BOT (Built Operate Transfer) and HAM (Hybrid Annuity Model) space. From executing the first ever BOT project of the country, to launching the first ever Infrastructure Investment Trust (InvIT) of the country, IRB’s actions have been guided by the sole objective of delivering quality.

Over the years, IRB Infra has been committed to delivering complex projects across India on difficult terrains. The company has worked on India’s most ambitious highways development project, i.e., ‘The Golden Quadrilateral Project’.

The CMD of IRB Infra, Virendra D Mhaiskar has led the company by example. Talking about the vital part played by the company in the development of Indian roads, he said, “Ingrained in IRB’s core DNA is our motto to develop the World Class Roads & Highways Infrastructure that far exceeds the expectations of one and all..” 

Road Ahead

IRB Infrastructure has bagged a fourth project under BOT space from NHAI in Uttar Pradesh. It had won after winning three successive projects under Hybrid Annuity Model (HAM) earlier. The value of these four projects is Rs 8,900 crore, which has taken the company’s order book to Rs 15,000 crore.

The company also achieved the financial closures for its two projects under HAM recently, and expects to achieve the same for the remaining two projects. This would allow the company to commence construction activity and toll collection on these projects.

Commenting on the development, the CMD of IRB Infra, Virendra D Mhaiskar said, “This is a remarkable achievement for us to financially close two HAM projects on two successive days, and proves our domain expertise, execution capabilities and financial discipline demonstrated over the last 20 years.”

“Out of three HAM projects of around Rs 5,500 crore, we have financially closed two and are expecting to close the third one soon,” he added.

Recently, CRISIL  ̶  a globally renowned rating agency  ̶  assigned its ‘CRISIL A+/Positive/CRISIL A1’ ratings to the bank facilities of IRB Infrastructure Developers Limited (IRBIDL), a part of IRB Group.   Talking about the rating given by CRISIL, the IRB chief said, “This is a great achievement for us to have a positive outlook with A+ and A1 rating by the globally renowned rating agency. We are grateful to the CRISIL as well as all our lenders for trust and confidence shown.”

Growth Opportunities

Bharatmala Pariyojana strong growth envisioned till FY 2022

  • Rs 5 tn of total investment for developing 34,800 km of roads are lined up over the next 4-5 years.
  • Of this Rs 1.2tn would come from PPP, Rs 2tn from market borrowings and balance Rs 2tn from budgetary allocation/ToT/CRF/Toll etc
  • ToT opportunity amounting to Rs 34,000 crore over near to medium term first ToT concession worth -USD1 bn awarded in Feb 2018 .
  • Expected awards per annum of 7,000-7,500 km ̶ with strong bid visibility on the back of 20,000 km projects at advanced DPR stage with Rs 0.9-1tn worth of projects already identified and listed for award over coming quarters.

Building momentum and strengthening the pace of growth 

  • Existing pipeline of projects on hand provides a strong growth visibility to IRB Infra to reach Rs 100 bn revenues and Rs 10 bn net profit by FY20.
  • EPC segment to see robust growth of over 37 per cent CAGR over FY18-20E, while maintaining operating PAT margins of 10-11% ̶ with current order book itself
  • BOT asset base to grow by 170fc, CAGR to over Rs 230 bn by FY 20E.
  • Having ready access to lnvlT is unique to IRB among BOT/HAM players ̶ which increases the order intake ability without bounds, with an option to monetize capital and increase liquidity whenever required.

Two Glorious Decades

The current portfolio of IRB Infra includes 7 projects under operational BOT space; 2 projects under HAM space; 4 projects under Tolling & Construction, 7 projects under 0&M contracts as a Project Manager for IRB InvIT and another 2 projects under advanced stages of construction. The company has successfully completed 7 concessions till date.

While executing numerous projects across the country, IRB Infra has achieved an unmatchable milestone of 13,400 lane km, which is the largest by any private highways infrastructure developers in India.


  1. As a youngster these kind of inspiration stories really inspire me. But, I’m vary of the determination and skill required to stand out in the crowd.

  2. We need more and more companies like IRB which can lead the growth of the nation to make India a super power. World class connecting is an important part of that aspect.

  3. I think India is producing very good private companies nowadays. IRB Infra is a fine example of make in India. We should not require the help of any foreign firm when we have talented individuals in our own company.

  4. The portfolio of IRB Infrastructure is increasing every year. Good to see our own conpanies being able to deliver complex projects at large scale.

  5. Every sector has contributed to make India one of the biggest economies in the world. Similarly, companies like IRB have made us proud by contributing in the development of road and highway sector.

  6. It was a remarkable achievement for IRB to financially close two HAM projects on two successive days. Good strategy by company’s chairman, Virendra D Mhaiskar.


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