One of India’s largest highways infrastructure developers, IRB Infrastructure Developers Ltd has been awarded the prestigious Mumbai-Pune Expressway project under the Toll-Operate-Toll (TOT) model. The company received a Letter of Acceptance (LoA) for the same from nodal agency, MSRDC.
The collection of toll and O & M activities on Mumbai Pune Expressway and old Mumbai-Pune Highway NH-48 is included in the concession span of 10 years and 2 months, i.e., up to 30th April 2030. It is the first project under TOT model for IRB Infrastructure. The project length is approximately 205.40 kms, including the expressway and NH-48 section of Mumbai-Pune corridor.
Talking about the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “We are happy to have the prestigious Mumbai-Pune Expressway project once again in our project portfolio. We had a rich experience of a decade and half in managing this project from 2004 to 2019, and hence feel that it will help us in managing the project well and meet the expectations of all stakeholders.”
“We are grateful to all the authorities for recognizing the company’s rich domain expertise and experience, and showing high trust in us by once again awarding this prestigious project. We will endeavor to excel in our operations and bring safer and smoother travel experience for users of the project,” he added.
As per the concession, IRB will pay an upfront amount of Rs 6500 crores and a further staggered payment of Rs 850 crores in year 2, Rs 850 crores in year 3 and Rs 62 crores in year 4, aggregating to Rs 8,262 crores for sub-concession period of 10 years and 2 months.
IRB Infrastructure will take the possession of the project from 1st March 2020 and commence tolling and O&M activities. As a concessionaire of the MSRDC, the company will abide by the user fees notifications issued by the MSRDC, which is a part of the concession agreement.