Project News Detail
| Project No : | 172330 |
|---|---|
| Project Title : | Road Project In India |
| Company Name : | Irb Infrastructure Developers Limited |
| Project Detail : | IRB Infrastructure Developers, which operates some of India's marquee toll roads, is discussing a large share sale deal with Italian motorway giant Atlantia valuing itself at more than $2 billion, two people directly familiar with the mater said The Virendra Mhaiskar-controlled company has one of the largest build, operate, and transfer (BOT) road portfolios totalling 11,800 lane km and would provide Atlantia a strong footprint in Asia's third-largest economy Atlantia, which counts Benetton family as its largest shareholder, has a marginal presence in Indian road infrastructure with 50% ownership of Pune-Solapur tollway. It has had a pact with Tata Group in bidding for National Highway Authority of Inda's road projects and also held discussions with developers like HCC to bid for new tenders. The deal talks with IRB comes as a surprise and signals Atlantia's serious intent in the Indian market The exact contours of the deal-making and how advanced the talks were could not be ascertained immediately. "As a policy, we do not comment on market rumours and speculation," said an IRB Infrastructure Developers spokesperson in response to an emailed query. An emailed query to Atlantia on January 11 remained unanswered at the time of going to press IRB's share sale talk is stunning considering it is one of the better placed infrastructure companies with a debt equity ratio of 1.81. It raised slightly over Rs 5,000 crore through listing the first infrastructure trust (InvIT), helping the company reduce consolidated debt to Rs 13,000 crore from more than Rs 15,000 crore. IRB reported a revenue of Rs 5,969 crore, an operating profit of Rs 3,172 crore and a net profit of Rs 715 crore last fiscal The risk taking entrepreneur Virendra Mhaiskar, who controls a 57.37% stake in the company, has had a meteoric rise building an industry-leading portfolio from just 38 lane km in the late 1990s. It isn't clear if IRB is in discussions with other suitors besides Atlantia IRB Infrastructure Developers share price has spiked 66% in one-month to hover around Rs 250 apiece on Friday, giving it a market capitalisation of Rs 8,800 crore ($1.4 billion). The counter has an all-time high of Rs 303, touched way back in 2010. IRB operates the Mumbai-Pune and Ahmedabad-Vadodara expressways and built the country's fist BOT project, Thane-Bhiwandi bypass two decades ago Atlantia, which also operates Romes's Fiumicino and Ciampino airports, is in the midst of bidding for Spanish motorway rival Abertis in a deal topping $19 billion. The deal could create the world's largest motorway behemoth with more than 14,000 km portfolio and market value topping $45 billion. Atlantia, in which GIC of Singapore is a significant investor, has been in expansionary mode with its subsidiary Aeroporti di Roma acquiring Nice, Cannes-Mandelieu and Saint Tropez airports last year |
| Project Location : | Not Classified - Not Classified - india |
| Project Estimation : | Refer Document |
| Status : | Announced |