Mhaiskar Infrastructure Private Limited

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Maharashtra State Road Development Corporation (MSRDC) awarded a 15 year concession to Ideal Road Builders Private Limited (IRB) to operate, toll and maintain both the Mumbai-Pune Expressway (MPEW) and National Highway 4 (NH4).Ideal Road Builders Private Limited (IRB)created Mhaiskar Infrastructure Private Limited to implement the project. MSRDC handed over both the roads to IRB in August 2004 for an upfront fee of Rs. 918 crore (US$ 202.56 million). The contract involved: · Operation and maintenance of the 94 km MPEW and exclusive toll collection rights to IRB for 15 years. MPEW was a toll road when the contract was awarded. · Upgrade of the 111 km Mumbai-Pune stretch of NH-4 to a four lane highway in 24 months. · Operation and maintenance of NH-4 and exclusive toll collection rights to IRB. NH-4 was not a toll road when the contract was awarded. Toll collection was permissible only after the 4-lane upgrade of NH-4 was completed. MSRDC estimated an additional expenditure of Rs 1143.40 crore (US$ 252.29) for the upgrade and operation and maintenance. MSRDC included both roads connecting Mumbai to Pune in the contract to make the tender financially attractive to potential investors. IRB was the highest bidder at Rs. 918 crore (US$ 202.56 million). Other bidders included a joint venture between Gammon India and Ashok Buildcon, GMR infrastructure, Viva Highways and Viva Infrastructure Pvt. Ltd., and a joint venture between Shaktikumar Sancheti, Sangam India and Nidhi Mercantile.