IRB Infrastructure acquires remaining stake in road concession
IRB Infrastructure Developers, an Indian highway construction company part of the IRB Group, has announced it has completed the acquisition of remaining 26% stake in M.V.R Infrastructure and Tollways Pvt. Ltd. (MVR) from its previous promoters and other shareholders.
In October 2012, IRB acquired a 74% stake in the road and now, MRV has become wholly owned subsidiary of the company.
MVR is a project special purpose vehicle (SPV) which holds the concession for Omallur - Salem - Namakkal road project in Tamil Nadu. The project comprises the Design, Build, Finance, Operation and Maintenance (DBFOM) of Km. 207.050 (Salem) to Km. 248.625 (Start of proposed flyover on Namakkal Bypass) and Improvement, Operation and Maintenance of Km. 199.20 (Start of Salem Bypass on NH 7) to Km. 207.050 (Salem) on NH 7 in the State of Tamil Nadu under North – South Corridor (NHDP Phase II) on Build, Operate and Transfer (BOT) basis
The concession agreement for the project was signed in February 2006 for a 20-year period, including construction period of 2.5 years. The toll collection started in August 2009.
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