LIC raises its stake in IRB Infra Developers to 5.27% in September quarter

LIC has raised its stake in IRB Infrastructure Developers, which operates the iconic Mumbai-Pune Expressway, to 5.27 per cent in the September quarter, the highway construction firm said on Friday.

IRB Infra is the largest highway developer in the private sector with an asset base of Rs 45,000 crore and two InvITs. It has constructed over 12,300 lane kilometres (kms) across the country in the past two decades.

LIC has been increasing their holding in our company for long. In the September quarter, LIC’s stake in the company rose to 5.27 per cent from 3.81 per cent in the June quarter, IRB Infra chairman and managing director Virendra D Mhaiskar said in a statement.

Recently, IRB began to collect toll from the Yedeshi-Aurangabad BOT project. Earlier, it had completed the VM7 Expressway, a wholly-owned subsidiary of IRB. The project is part of the eight-lane access controlled expressway from km 190 to km 217.5 of the Vadodara-Mumbai Expressway from Gandeva to Ena section in Gujarat.

IRB had recently bagged the country’s largest toll, operate transfer, project on the Mumbai-Pune Expressway for Rs 8,262 crore, and has already paid the first tranche of Rs 6,500 crore as upfront sub-concession fee to the Maharashtra State Road Development Corporation.

IRB’s portfolio comprises 21 projects including 19 BOT, one TOT and one HAM projects. BOT segment includes nine projects under private InvIT with O&M contracts; three projects under tolling and seven projects under O&M contracts as a project manager for IRB InvIT.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor