IRB Infrastructure Developers has completed the process of acquisition of remaining 26% stake in M.V.R. Infrastructure and Tollways (MVR). The company has completed the acquisition from its earlier promoters and other shareholders subsequent to NHAI approval. Consequently, MVR has now become wholly owned subsidiary of the company.
Last year in December, the company’s wholly-owned subsidiary - IRB Ahmedabad Vadodara Super Express Tollway (IRBAV) had received Rs 20.55 crore from NHAI, against the bank guarantee submitted by IRBAV as part of 75% of the Arbitral Award amount pronounced by the Arbitral Tribunal.
IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.