IRB Infrastructure Developers Ltd has bought out the 10 per cent stake held by Deutsche Bank in its Surat Dahisar Tollway project for Rs 67.05 crore ($12 million), as per a stock market disclosure.
The company said in terms of subscription and put option agreements dated January 30, 2009, the Mumbai branch of Deutsche Bank exercised its put option and sold equity holding of 10 per cent in IRB Surat Dahisar Tollway Pvt Ltd. Therefore, IRB Surat Dahisar Tollway has now become a wholly owned subsidiary of the company.
For Q4 FY13, Surat Dahisar Tollway recorded revenue of Rs 119.6 crore. For the fiscal year, it recorded revenue of Rs 444.1 crore compared with Rs 400.8 crore in FY12, an increase of 10.8 per cent.
IRB Surat Dahisar Tollway was incorporated to undertake the project of six-laning of the Surat-Dahisar section of NH-8, covering 239 km in Gujarat and Maharashtra to be executed as BOT (toll) on DBFO Pattern under NHDP (Phase-V).
Public-listed IRB undertakes development of infrastructure projects in the road sector through special purpose vehicles.
It has completed two BOT projects—Jaipur-Deoli and Talegaon-Amravati projects—by the end of the financial year ended March 2013. The company has started the construction and collection of toll for the Vadodra-Ahmedabad project.
IRB has an order book of Rs 8,400 crore of which orders worth Rs 6,400 are expected to be completed in three years. According to analysts tracking the company, IRB aims to build 300-400 km of order book per annum.