IRB Infrastructure

IRB Infrastructure Developers Limited

Company type	Public company
Traded as	NSE: IRB BSE: 532947
Industry	Conglomerate
Founded	27 July 1998; 26 years ago (27 July 1998)
Headquarters	IRB Complex, Chandivali, Powai, Mumbai , India
Key people	Virendra D. Mhaiskar (Chairman & MD) Sudhir Rao Hoshing (Joint MD) Ajay Deshmukh (CEO) Anil Yadav (CFO)
Services	Engineering, Procurement and Construction (EPC)
Revenue	₹2,750.27 crore (US$320 million)[1] (2021)
Net income	₹188.51 crore (US$22 million) (2021)
Website	www.irb.co.in www.irbinvit.co.in

IRB Infrastructure Developers Limited (formerly IRB Infrastructure Developers Private Limited, Ideal Road Builders) is an Indian highway construction company.^[2] It was incorporated in 1998, with its headquarters in Mumbai.^[3] It is part of the IRB Group and headed by Virendra Dattatraya Mhaiskar.^[4] The company primarily operates build-operate-transfer (BOT) road projects.^[5] Currently, it has about 3,404 lane km operational and about 2,330 lane km under development.^[6] Among its notable projects are the Mumbai-Pune Expressway and the Ahmedabad-Vadodara Expressway.^[2][7]

History

IRB Infrastructure executed India's first ever BOT (build-operate-transfer) project, the Thane-Bhivandi Bypass. Over the years, its BOT portfolio (operational projects and projects under construction) in the country grew to a total length of around 12,000-lane km. IRB executed projects like the four-laning of the Goa-Karnataka border from Karwar to Kundapur section of NH66, Agra-Etawah Bypass project,^[8] Udaipur-Rajasthan NH8 project,^[9] and Kaithal to Rajasthan NH152 project.^[10][11]

In 2009, IRB Infra won the bid to develop the greenfield Sindhudurg Airport in the Sindhudurg district of Maharashtra on a build-operate-transfer basis.^[12][13]

In July 2011, IRB Infrastructure signed an agreement to develop a 102.3 km section in the Ahmedabad-Vadodara NH8 into six lanes from the existing four lanes. The project also included improvement of a 93.302 km section of the existing Ahmedabad – Vadodara Expressway (NE 1), on a Design Building Finance Operate and Transfer (DBFOT) basis.^[14][15]

In 2012, IRB acquired Tamil Nadu based BOT road builder MVR Infrastructure and Tollways for ₹130 crore.^[16][17]

IRB Infrastructure acquired the Mumbai-Pune Expressway and the Mumbai-Pune National Highway, which was concluded under the supervision of Maharashtra State Road Development Corporation (MSRDC).^[18][19]

IRB Infrastructure Developers Ltd. signed a contract worth ₹2,100 crore from NHAI for a six-lane project in Rajasthan and Gujarat. The project is to be developed on design, built, finance, operate and transfer (DBFOT) under the National Highways Development Programme (NHDP) phase V.^[20]

IRB achieved financial closure for its BOT project from Chittorgarh and Gulabpura. The project is an expansion of the 124.87-km section on NH79, converting from a four-lane to six-lane expressway. The concession period of this project is 20 years from the appointed date, including 910 days of construction, creating smoother transit.^[21] The total funding for the project by company will be ₹690 crore and by SPV (Special Public Vehicle) tied banks will be ₹1,400 crore.^[22]

IRB Infrastructure developed the Kaithal-Rajasthan project (NH65). The 166.26 km-long highway became operational in 2017, and has 20.90 km of service road, 18 pedestrian underpasses, 5 vehicular underpasses, 5 flyovers, 13 small bridges, 71 intersections, 241 culverts and railways over bridges. The cost of production for project was ₹2,290 crore, including a viability gap funding of ₹234 crore.^[23]

In March 2018, IRB Infrastructure won two hybrid annuity projects under NHDP phase IV in the state of Tamil Nadu, which included the four laning of NH-45A Puducherry to Poondiyankuppam and Poondiyankuppam to Sattanathapuram at a cost of ₹2,169 crore at a cost of ₹1,296 crore.^{[clarification needed]} The construction period is 730 days and the operation period is 15 years for the said projects.^[24][25]

The company also received a letter of award on from the National Highways Authority of India for a hybrid annuity project worth ₹1,640 crore under the National Highways Development Project phase VI in Gujarat. The order came after the company had emerged as the preferred bidder for the construction of the eight-lane Vadodara Kim expressway from Padra to Vadodara section of the Vadodara-Mumbai Expressway in Gujarat.^[26][27]

The company got the contract (3 out of 12 packages) of Ganga Expressway, the longest under-construction expressway in Uttar Pradesh.^[28]

IRB InvIT Fund

IRB InvIT is India's first Infrastructure Investment trust sponsored by IRB Infrastructure Developers Ltd.^[29] Projects managed by IRB InvIT include:^[30][31]

1. Surat– Dahisar NH 8 Project
2. Tumkur to Chitradurga NH 4 Project
3. Bharuch – Surat NH 8 Project
4. Jaipur – Deoli NH 12 Project
5. Omalur – Salem – Namakkal NH 7 Project
6. Talegaon – Amravati NH 6 Project
7. Pathankot – Amritsar (Punjab) NH 15 Project
8. Kishangarh – Gualbpura (Rajasthan) NH 79 Project
9. Gualbpura - Chittorgarh (Rajasthan) NH 79 Project
10. Palsit – Dankuni (West Bengal) NH 19 Project

Controversy

In April 2018, Virendra Mhaiskar, the chairman and managing director of IRB Infrastructure, and all other officials got a clean chit from CBI^[32] with regards to any sort of involvement in the murder of RTI activist Satish Shetty. They were summoned in May 2012 by the CBI, suspecting a connection with the case. During the investigation, CBI had asked Virendra Mhaiskar and other suspects to undergo a polygraph test. Mhaiskar along with the company officials had to undergo the polygraph test.^[33]

Recognition

Virendra D. Mhaiskar, chairman and managing director of IRB, was conferred with the “Young Turk of the Year” award at the 6th Edition of CNBC TV 18 India Business Leader Awards on 11 December 2010 at Mumbai.^[34]

The company was given the CNBC TV 18 Essar Steel Infrastructure Excellence Award for the second time for its high quality work implemented on the Bharuch to Surat section of NH-8 under Highways and Bridges Category. The company also won the CNBC TV 18 Essar Steel Infrastructure Excellence Award in the Highways & Flyovers category for Mumbai-Pune section of NH-4 in 2009.^[35][36]

IRB Infrastructure Ltd won the Construction Times 2017 Award under the Best Executed Highway Project of the Year category for building the Ahmedabad–Vadodara Expressway Project.^[37]

References

1. "Stock share price of IRB Infrastructure". BSE India.
2. "IRB is driving in the fast lane of highway development". Business Standard India. Business-standard.com. 8 September 2010. Retrieved 11 September 2010.
3. "Contact Us – IRB Infrastructure Developers Ltd. | Roads | Bridges | Tunnels | Toll Plaza | Realty Business". Irb.co.in. Archived from the original on 9 February 2010. Retrieved 6 May 2016.
4. "IRB Infrastructure Developers – Fortune 500 List 2020 – Fortune India". www.fortuneindia.com. Retrieved 12 January 2021.
5. "IRB Infrastructure Developers: On the growth highway". Business-standard.com. Retrieved 11 September 2010.
6. "IRB Infrastructure Developers". Indiainfoline.com. Retrieved 11 September 2010.
7. "IRB ties in record BOT road deal". Thomson Reuters. 2012. Retrieved 21 July 2013.
8. "IRB Infrastructure Developers provides update on Thane Bhiwandi Bypass Project". Business Standard. Retrieved 16 May 2016.
9. "IRB starts Work on Udaipur Rajasthan NH8 Project". India Today. 4 September 2017. Retrieved 4 September 2017.
10. "IRB Infra bag ₹2,300-cr Kaithal-Rajasthan Project". The Hindu BusianessLine. 7 May 2014. Retrieved 7 May 2014.
11. "Completed BOT Projects". IRB.
12. "IRB Infra wins Sindhudurg airport bid". MoneyControl. 4 August 2009. Retrieved 18 July 2012.
13. "Development Greenfield Airport in Sindhudurg District". IRB Infra. Archived from the original on 29 June 2012. Retrieved 18 July 2012.
14. "IRB Infra preferred bidder for Ahmedabad-Vadodara highway project". IIFL.
15. "IRB Infra arm inks deal for Ahmedabad, Vadodara expressway". The Hindu Businessline.
16. "IRB Infra buys MVR Tollways for Rs.130 cr". The Hindu. Mumbai. Press Trust of India. 9 May 2012. Retrieved 18 July 2012.
17. "IRB Infra acquires MVR Tollways for Rs 130 crore". Economic Times. Mumbai. Press Trust of India. 9 May 2012. Archived from the original on 2 June 2014. Retrieved 21 July 2012.
18. "IRB wins Mumbai-Pune expressway contract". India Brand Equity Foundation. Retrieved 10 September 2014.
19. "Endeavors of IRB Infrastructure Developers". Outlook India. Retrieved 28 July 2017.
20. "IRB infra bags Rs 2100 crore Rajasthan Gujarat Nhai project". Business Standard India. Business Standard. 31 July 2016.
21. "Six-Lane Highway By IRB Infrastructure Developers To Create Smoother Transit Between Chittorgarh And Gulabpura". Millionclues. 10 December 2017. Retrieved 11 December 2017.
22. "IRB Infra achieves financial closure for Rajasthan project". 16 October 2017. Retrieved 8 January 2018.
23. "Kaithal-Rajasthan four-lane highway is now open for vehicular traffic". Pressroom.today. 12 September 2017. Retrieved 12 September 2017.
24. "IRB Infrastructure rises 3% on projects win in Tamil Nadu". Moneycontrol. 14 March 2018. Retrieved 14 March 2018.
25. Market, Capital (14 March 2018). "IRB Infra gains after bagging two projects in Tamil Nadu". Business Standard India. Business Standard. Retrieved 14 March 2018.
26. "IRB Infra bags road project worth Rs 2,043 crore from NHAI in Gujarat". Times of India. 19 March 2018. Retrieved 19 March 2018.
27. "IRB Infra bags road project worth Rs 2,043 cr from NHAI in Gujarat". The Hindu BusinessLine. 19 March 2018. Retrieved 19 March 2018.
28. "Adani: Uttar Pradesh: Ganga expressway to be built by Adani Group, IRB Infrastructure | Lucknow News - Times of India". The Times of India. 3 December 2021.
29. deepak. "Sponsor & Project Manager". IRB InvIT. Retrieved 7 March 2021.
30. deepak. "Projects". IRB InvIT. Retrieved 7 March 2021.
31. Oberoi, Rahul. "First ever InvIT listing: IRB InvIT debuts with small premium at Rs 103.25 on BSE". The Economic Times. Retrieved 7 March 2021.
32. "RTI ACTIVIST'S MURDER: IRB INFRA CHIEF, OTHERS GET CLEAN CHIT FROM CBI". The Daily Pioneer. 17 April 2018.
33. "IRB Infra plunges as CBI summons its Chairman". Mumbai. The Hindu. 3 May 2012. Retrieved 22 July 2012.
34. "CNBC-TV18 Gives Away India Business Award 2010". bestmediainfo.com. Retrieved 14 December 2010.
35. "About Irb Infrastructure Developers Limited". Indiamart. Retrieved 20 December 2010.
36. "Indian road and highways, Virendra D Mhaiskar's Journey". 27 December 2018.
37. "Another Jewel in the Crown: IRB Infrastructure's Ahmedabad-Vadodara expressway project conferred with Construction Times Award 2017 for the 'Best Executed Project of the Year'". News Azure. Retrieved 17 October 2017.