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IRB Infrastructure Developers has officially received the order to operate and collect toll at the Mumbai-Pune Expressway for a decade from state-run Maharashtra State Road Development Corporation, the company said recently.
ET reported on February 12 that the company had emerged as the only player in the race for the tender to appoint a toll collection agency for Mumbai-Pune Expressway after IRB Infrastructure’s contract to operate and maintain it came to an end after 15 years in August last year.
IRB will upfront pay Rs. 6,500 crore and then a staggered payment of Rs. 850 crore in the second year, Rs 850 crores in third year, Rs. 62 crores in fourth year, aggregating to Rs. 8,262 crores for the concession period of 10 years and 2 months. The company will take possession of the project from March 1 and start tolling.
The 94.5-km long expressway was Indias first six-lane concrete, high-speed, access controlled tolled expressway which significantly reduced the travel time between Mumbai and Pune.
MSRDC entered into a concession agreement with IRB Infrastructure in August 2004 to operate and maintain the Mumbai-Pune Expressway as well as to develop, operate and maintain National Highway-4 that connects Mumbai and Pune. This agreement was for 15 years. |
