IRB Infrastructure to Continue as Project Manager for Key Tollways of IRB InvIT Fund
IRB Infrastructure Developers Limited confirmed that its Board of Directors approved the continuation of its role as Project Manager. This mandate involves providing operation and maintenance services to multiple Project Special Purpose Vehicles (SPVs) associated with the IRB InvIT Fund.The continuation of services covers key tollway projects, specifically IRB Jaipur Deoli Tollway Limited, IRB Pathankot Amritsar Toll Road Limited, and IRB Talegaon Amravati Tollway Limited. The Project Manager role will be in place from the end of the concession period of the respective Project SPVs, commencing from April 1, 2030, and extending until the ultimate end of the concession period for each respective Project SPV.
In connection with this work, the company's Board approved the execution of amended and restated project implementation agreements. These agreements are proposed to be executed by the company with each Project SPV, representing an approximate aggregate value up to INR 1,136 crore on a fixed price basis. Including applicable taxes, the total value is estimated to be approximately up to INR 1,340 crore, incorporating GST @18%.
The proposed agreement structure involves the following key details:
| Detail | Description |
|---|---|
| Parties to Agreement | IRB InvIT Fund, IRB Jaipur Deoli Tollway Limited, IRB Pathankot Amritsar Toll Road Limited, and IRB Talegaon Amravati Tollway Limited (collectively as 'Project SPVs'). |
| Agreement Nature | Amendment and restatement of the project implementation agreements regarding the Project SPVs. |
| Financial Scope | Approximate aggregate value up to INR 1,136 crore (fixed price basis), or up to INR 1,340 crore including GST @18%. |
| Company Shareholding | The Company holds 16.57% units of the Public InvIT. |
| Related Party Status | The transaction is confirmed not to be a related party transaction under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
The amended and restated project implementation agreements will be executed subsequently, pending necessary regulatory approvals. The agreements cover the re-appointment of IRB as Project Manager to deliver operations and maintenance services for the specified projects from the end of the existing project implementation agreement tenure until the concession period concludes.
IRB Stock Price Movement
As of 2:29 PM, shares of IRB Infrastructure Developers Limited are slipping by 0.29% in live trading, currently trading at ₹20.33. The stock is seeing robust volume, with more than 6.60 million shares trading throughout the day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.