IRB Infrastructure Developers announced that Mhaiskar Infrastructure wholly owned subsidiary of the company has now executed concession agreement with MSRDC for the project of Operation & Maintenance of Yashwantrao Chavan Expressway and Mumbai Pune section of NH-4 along with execution of additional works on Mumbai Pune section of NH-4, on DBFOT basis with toll rights in the state of Maharashtra.
The scope of additional works on Mumbai Pune Section of NH-4 consists of widening from 2 to 4 lanes of 17.38 kms inclusive of elevated road of 1.5 kms length near Dehu Road, 12 kms of service road, 3 Nos. of 3 lane Flyovers, 1 two lane Rail over bridge and widening of existing 8 lanes toll plazas into 12 lanes toll plazas. The estimated cost of the project is approximately Rs 16.87 billion, including Rs 10 billion as upfront premium payable to MSRDC in 4 annual installments as prescribed in the bid, commencing from Mar. 31, 2015. The concession period for the project is 8 years 8 months and 2 days commencing from Mar. 31, 2015.
The construction works as mentioned above and payment of upfront premium installments to MSRDC have to be completed as prescribed in the bid till Aug. 10, 2019; the toll collection for the project will commence from Aug. 10, 2019, resulting into an effective tolling period of 4 years 3 months 22 days only.
Shares of the company gained Rs 3, or 1.31%, to settle at Rs 231.60. The total volume of shares traded was 258,465 at the BSE (Monday).