LIC Raises Stake to 5.27% in IRB Infrastructure Developers

BSE and NSE listed IRB Infrastructure Developers (IRB) is India’s leading and largest highway infrastructure developers, with an asset base of over Rs 45,000 Cr. As per data available on BSE, Life Insurance Corporation of India has raised stake in IRB from 3.81% in quarter ended June 2020, to 5.27% in quarter ended September 2020.

Recently, the company had announced that Yedeshi Aurangabad BOT Project implemented by Yedeshi Aurangabad Tollway Limited ("SPY") which is now part of IRB Infrastructure Trust - Private InvIT had been issued a Completion Certificate by the Competent Authority. Consequently, the SPY would collect toll at full toll rates on this project.

Earlier, the company had also announced that VM7 Expressway Private Limited -Wholly-owned Subsidiary of the Company had executed Concession Agreement with National-highways Authority of India (NHAI) for the project of Eight lane access controlled Expressway from Km 190.000 to Km 217.500 of Vadodara Mumbai Expressway (Gandeva to Ena Section) in the State of Gujarat under Bharatmala Pariyojana (Phase I - Package VII).

"We continue to look for opportunities to expand and diversify our presence. With this win, we will enter the eastern jewel of India. We are committed to build world class highway infrastructure for the development of eastern region and to bring quality connectivity with the rest of the country," IRB Infra Chairman & Managing, Director, Virendra D Mhaiskar said.

IRB Infra had recently bagged India's largest TOT (toll operate transfer) project Mumbai-Pune Expressway of Rs. 8,262 crore, and has already paid the first tranche of Rs. 6,500 crore as upfront sub-concession fee to Maharashtra State Road Development Corporation Ltd.

IRB Infra is the largest private highways infrastructure developer in India with an asset base of Rs. 45,000 crore across the parent company and two InvITs. The company has constructed over 12,300 lane kms across India in two decades.