IRB Infrastructure loses road PPP project
Maharashtra State Road Development Corp (MSRDC) has terminated the concession contract with IRB Infrastructure for the development of the Mumbai-Pune Phase II PPP project, which was awarded to the company in September 2014.
The contract included operation and maintenance (O&M) 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 DFBOT basis with toll rights in the state of Maharashtra, India.
After the notice of the contract termination, shares of IRB Infrastructure Developers fell on the Bombay Stock Exchange.
It was clarified that the company will continue to have toll collection rights till August 9, 2019 based on the current concession agreement executed in 2004.
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