IRB picks up 74% stake in MVR Infra
1 min read 10 Oct 2012, 05:54 PM ISTAcquisition of the remaining 26% will be completed once the highway authority approves the transfer
Premium(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.
In 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.
MVR Infra is the concessionaire for the Omallur-Salem-Namakkal BOT road project in Tamil Nadu. IRB has orders worth ₹ 9,100 crore.
