LIC Hikes IRB Infrastructure Stake In September Quarter
The Life Insurance Corporate of India has raised its stake in IRB Infrastructure Developers Ltd., which operates the iconic Mumbai-Pune Expressway, to 5.27% 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 infrastructure investment trusts. It has constructed over 12,300 lane kilometres 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% from 3.81% 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 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 Build-Operate-Transfer, one Toll-Operate-Transfer and one Hybrid Annuity Model projects. BOT segment includes nine projects under private InvIT with Operation and Maintenance contracts; three projects under tolling and seven projects under operation and maintenance contracts as a project manager for IRB InvIT.