New Delhi: IRB Infrastructure has won the operation and toll collection contract for Mumbai-Pune expressway for another 10 years and the company will now make a payment of Rs 8,262 crore for the project.
The infra firm has bagged the project from Maharashtra State Road Development Corporation (MSRDC), the nodal agency for the project. The company has bagged the project under the toll-operate-toll (TOT) model.
The company will maintain and collect toll till 30 April, 2030. It will start collecting till from 1 March 2020, the company said in a statement.
The payment of Rs 8262 crore will be made in installments with an upfront tranche of Rs 6,500 crore. In the second and third year, the company will pay Rs 850 crore each and in the fourth year, it will pay Rs 62 crore.
“We had a rich experience of a decade-and-a-half in managing this project from 2004 to 2019. Hence it will help us in managing the project well and meet the expectations of all stakeholders,” said IRB CMD Virendra D Mhaiskar.
The nodal agency MSRDC has previously entered into a contract with IRB for maintenance and toll collection in 2004 for 15 years. The company was maintaining and collecting toll on the 95 kilometers expressway till August 2019.