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IRB Infrastructure Developers Ltd has completed the acquisition of 74 per cent stake in MVR Infrastructure & Tollways Private Ltd and the latter has become a subsidiary of IRB from this month.
The acquisition of the balance 26 per cent holding will be completed after NHAI approves the transfer of 26 per cent holding to IRB, the company said in a notification to the stock exchanges.
The acquired company is the concessionaire for Omalur -Salem -Namakkal BOT road project in Tamil Nadu involving widening of existing two-lane road for 41.55 km into four lanes and improvement, operation and maintenance of Salem bypass. Toll collection started in August 2009.
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