IRB takes on Greenfield Airport project for MIDC

Forays into airport development, Phase 1 to cost Rs150 cr

IRB Infrastructure Developers Limited, (BSE: 532947), one of the foremost highway development companies in the country, has forayed into airport development.

The Company was declared as the "Selected Bidder" for the development of a Greenfield Airport in Sindhudurg district of Maharashtra.  IRB received the Letter of Approval from Maharashtra Industrial Development Corporation (MIDC) on August 3 , 2009.

MIDC, already in possession of approx. 650 acres of land, will hand it over to IRB for the said project. The cost of Phase I of putting up the airport itself will be approx. 150 crores. The commercial development will be planned separately.

This is the first time IRB has forayed into airport development. The project is on Design, Built, Finance and Operate (DBFO) basis. The construction period is of 18 months from the date of fulfillment of conditions precedent, while the concession period is 95 years.

Mr. V. D. Mhaiskar, Chairman & Managing Director of IRB infrastructure Developers Ltd. said, “We are delighted to take on MIDC’s Greenfield Airport development project, and we look forward to tackling this new project with our customary dedication and commitment to quality and time frame.”

The Company had bagged 4 BOT projects totaling Rs. 4,300 crores from NHAI in June 2009.

About IRB Infrastructure Developers Ltd.
IRB Infrastructure Developers Ltd. is an integrated infrastructure development and construction company in India with significant experience in the roads and highways sector. The Company is one of the largest private developers in western India and the largest toll road operating company in India. It is an established infrastructure company in the roads sector and has a large portfolio of completed and operational BOT projects in the roads infrastructure sector. BOT projects comprise over 95% of IRB’s Rs. 10,200 crores order book.