IRB Infrastructure Shares: IRB Infrastructure Share Price NSE BSE India
IRB Infrastructure Developers’ shares went up a lot, more than 19%, reaching Rs 60.80 on Monday’s trading at BSE. This happened because Yedeshi Aurangabad Tollway Ltd (YATL), a special company connected to IRB Infrastructure Trust, got an arbitration award of Rs 1,720 crore for a highway project. YATL had a disagreement with the National Highways Authority of India (NHAI) about extending the concession period by 870 days and getting compensation of Rs 1,751 crore.
Highlights
IRB Infrastructure Trust winning award
The arbitration was about money that IRB needed because building the highway took longer and cost more due to delays caused by NHAI and certain unexpected events. After listening to both sides carefully, the Arbitration Tribunal decided that NHAI should pay IRB Rs 1,720 crore, plus interest. They also said NHAI should extend the time IRB has to run the highway by 689 days. IRB set up YATL to work on the Yedeshi Aurangabad NH211 BOT highway project and signed the agreement in May 2014.
IRB teamed up with YATL to work on building the Yedeshi Aurangabad NH211 BOT highway. They signed a deal in May 2014. YATL started building the highway on July 1, 2015, with plans to finish by December 26, 2017. But because of problems like not getting the land on time and other issues from NHAI, the project took longer. It finally finished on September 24, 2020. YATL had to spend more time and money because of this delay. They asked NHAI for compensation on March 12, 2021, but NHAI disagreed, so they had to go to arbitration to settle the matter.
YATL started building the project on July 1, 2015, and planned to finish it by December 26, 2017, which would take about 910 days. But because NHAI didn’t give the land on time and for other NHAI-related reasons, the project took longer. It finally got done on September 24, 2020. Because of this delay, YATL had to spend more time and money than planned. So, on March 12, 2021, YATL asked NHAI to pay for the extra costs. NHAI disagreed, so they went to arbitration to settle the disagreement.
About IRB Infrastructure
IRB Infrastructure Developers Ltd. is the biggest company in India that builds roads and highways. It’s also the first one to operate internationally in this field. They mostly work in the Build-Operate-Transfer (BOT) space. They’re really proud to be a part of India’s development.
For 25 years, they’ve been working hard, even when things were tough. They’ve built big projects all over India, connecting people and helping the country grow.
Today, they’re happy to say they’ve achieved a lot of firsts in India’s road and highway industry. They did the first BOT project, managed the first expressway, launched the first Infrastructure Investment Trust (InvIT), and even became the first Indian company to use overseas bond markets, among other accomplishments.
India’s premier highway infrastructure company takes an integrated approach, led by visionary leadership and supported by experienced management.
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