IRB picks up 74% stake in MVR Infra

Acquisition of the remaining 26% will be completed once the highway authority approves the transfer

P.R. Sanjai
Updated10 Oct 2012, 07:12 PM IST
A file photo of a toll road in Gurgaon, Haryana. IRB Infrastructure Developers Ltd, India&#8217;s largest toll road operator, had entered into a definitive agreement with the shareholders of MVR Infra to acquire their entire holding in the company in May. Photo: Madhu Kapparath/Mint<br />
A file photo of a toll road in Gurgaon, Haryana. IRB Infrastructure Developers Ltd, India&#8217;s largest toll road operator, had entered into a definitive agreement with the shareholders of MVR Infra to acquire their entire holding in the company in May. Photo: Madhu Kapparath/Mint(Madhu Kapparath/Mint)

Mumbai: IRB Infrastructure Developers Ltd, India’s largest toll road operator, on Wednesday said it has completed the acquisition of a 74% stake in MVR Infrastructure and Tollways Pvt. Ltd.

add_main_imageIn May, IRB had entered into a definitive agreement with the shareholders of MVR Infra to acquire their entire holding in the company. Acquisition of the remaining 26% of MVR Infra will be completed once the National Highway Authority of India approves the transfer of 26% holding to IRB, the company said in a media statement.

“Inorganic growth through acquisition of BOT (Build-Operate-Transfer) projects in the secondary market has been an integral part of our evolving growth strategy. We will continue to evaluate such opportunities in future which can be value accretive,” Virendra Mhaiskar, chairman and managing director of IRB, said.NextMAds

MVR Infra is the concessionaire for the Omallur-Salem-Namakkal BOT road project in Tamil Nadu. IRB has orders worth 9,100 crore.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.

MoreLess
First Published:10 Oct 2012, 07:12 PM IST
Business NewsCompaniesNewsIRB picks up 74% stake in MVR Infra

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel share price

    147.55
    03:59 PM | 8 NOV 2024
    -3.35 (-2.22%)

    Tata Motors share price

    805.70
    03:58 PM | 8 NOV 2024
    -14.1 (-1.72%)

    Indian Hotels Company share price

    733.05
    03:51 PM | 8 NOV 2024
    49.45 (7.23%)

    Ashok Leyland share price

    222.00
    03:59 PM | 8 NOV 2024
    6.2 (2.87%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Aarti Industries share price

    474.75
    03:59 PM | 8 NOV 2024
    -40.3 (-7.82%)

    Signatureglobal India share price

    1,274.45
    03:29 PM | 8 NOV 2024
    -107.95 (-7.81%)

    Great Eastern Shipping Company share price

    1,200.50
    03:29 PM | 8 NOV 2024
    -90.45 (-7.01%)

    GMM Pfaudler share price

    1,282.90
    03:29 PM | 8 NOV 2024
    -92 (-6.69%)
    More from Top Losers

    Indian Hotels Company share price

    733.05
    03:51 PM | 8 NOV 2024
    49.45 (7.23%)

    Vijaya Diagnostic Centre share price

    1,098.90
    03:29 PM | 8 NOV 2024
    71.45 (6.95%)

    Motilal Oswal Financial Services share price

    996.05
    03:59 PM | 8 NOV 2024
    61.85 (6.62%)

    One 97 Communications share price

    848.15
    03:58 PM | 8 NOV 2024
    52.35 (6.58%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      79,375.00-110.00
      Chennai
      79,381.00-110.00
      Delhi
      79,533.00-110.00
      Kolkata
      79,385.00-110.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      100.80/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in Companies

        HomeMarketsloanPremiumMint Shorts