IRB INFRASTRUCTURE DEVELOPERS LTD. - Update regarding the Company's Projects
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| 28 Aug 2015 | |
| IRB Infrastructure Developers Ltd has informed BSE that :<BR><BR>1. Concession period for the Kharpada Bridge Project (SPV - IRB Infrastructure Pvt. Ltd, wholly owned subsidiary of IRB) expires on August 28, 2015. The Project was awarded to the SPV in year 1997 and it has been operating & maintaining the Project since then. Now, upon successful completion of the term of the Project, the SPV is handing over the Project to the Government;<BR><BR>2. The Company has received a written communication from MSRDC that the Govt. of Maharashtra is considering to buy back Kolhapur Integrated Road Development Project undertaken by IRB Kolhapur Integrated Road Development Co. Pvt. Ltd. (wholly owned subsidiary of IRB) in the city of Kolhapur. In order to reach to an amicable solution, the State Govt. has formed a committee to do valuation of the Project, and the Govt. has confirmed that the process will be completed within 90 days. In the interim, MSRDC has directed the Company to stop toll collection on the Project. Accordingly, the SPV has stopped toll collection in Kolhapur.<BR><BR>It may also be noted that these two BOT Projects in aggregate contributed less than 0.5% of the consolidated Toll revenues of the Company. | |
| View all announcements for IRB INFRASTRUCTURE DEVELOPERS LTD. | Source: BSE India |
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