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Mergers & Acquisitions | 10 May 2012

IRB Infrastructure Acquires MVR Infrastructure & Tollways

by Charmi Gutka
IRB Infrastructure Acquires MVR Infrastructure & Tollways
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IRB Infrastructure Developers has acquired MVR Infrastructure & Tollways Pvt Ltd. MVR Infrastructure is the concessionaire for Omallur - Salem - Nammakkal BOT road project in Tamil Nadu. The size of the deal is expected to be about R130Cr.

The transaction is proposed to be completed in three tranches, subject to various terms and conditions including obtaining of necessary approvals from regulatory authorities and the lenders of the company.

MVR Tollways was incorporated as a SPV by M Venkata Rao Infra Projects Pvt Ltd for the four laning and strengthening of Salem - Karur section of NH-7 in Tamilnadu from Km 207.50 to Km 248.625 including improvements to the Salem RTO junction and flyover at Omallur.

The concession agreement for the project was executed in February, 2006 for a 20 year period includinga construction period of 2.5 years. Toll collection started in August 2009.

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