• Home
  • Archive by category "News"

From Road To Palace – Success Story

Virendra Mhaiskar, the Chairman and Managing Director of the Rs 3,250-crore IRB Infrastructure Developers Ltd — which has been blamed for inappropriate business joins with BJP boss Nitin Gadkari’s firms — is viewed as the undisputed toll lord of Maharashtra.

The Mhaiskars, including his sibling Jayant who advanced Mumbai Entry Point Ltd, gather toll on 16 noteworthy streets, including some of India’s most notable ones, for example, the Mumbai-Pune Expressway and the Bandra-Worli Sea Link.

“The Mhaiskar family is an exemplary street to-wealth story,” said a business rival, who contends with IRB for foundation extends in the state. Other than gathering toll, the IRB Group has fabricated 19 streets, the vast majority of them in Maharashtra. Its request book is worth Rs 7,700 crore with 16 street undertakings in the pipeline. Additionally, IRB has a 1,200-section of land bank along the Mumbai-Pune Expressway.

In Forbes’ Richest Indians rundown of 2011, Virendra Mhaiskar positions 78.

Dattatraya Mhaiskar, a Chitpavan Brahmin with roots in the state’s beach front belt of Konkan, skimmed IRB in 1977 with little street extends in the Kalyan-Dombivali district. His years as a specialist in the state government obviously gave him access to pioneers over the political range.

The company’s fortunes developed after senior child Virendra went along with it in 1990. In 1995, with Gadkari as PWD Minister, IRB sacked the Rs 104-crore Build-Operate-Transfer venture to enlarge and keep up a 25 km street extend among Bhiwandi and Thane. Moreover, when the Shiv Sena-BJP was in power somewhere in the range of 1995 and 1999 and Gadkari was PWD serve, it got five contracts esteemed at near Rs 50 crore.

The generally obscure organization shot into the national spotlight in 2004 when it paid Rs 918 crore to the Maharashtra State Road Development Corporation for the rights to gather toll on India’s first interstate worked among Mumbai and Pune. While enormous street ventures were offered out to development organizations by the BJP-Sena government, MSRDC opened up another business road by unloading the rights to toll. To abuse this, IRB drifted IRB Infrastructure Developers in 1998.

What astounded numerous in 2004 was IRB’s capacity to think of Rs 918 crore. It figured out how to pack other toll contracts soon, including those coasted by the National Highways Authority of India.

It was around this time Jayant, the more youthful of the Mhaiskar kin, chose to move a piece of the value in IRB following contrasts with Virendra, and set up a different organization, Mumbai Entry Point Ltd. The firm gathers a toll on the Bandra-Worli Sea Link.

Anil Ambani’s Reliance Infrastructure had blamed the state government for unduly supporting the Mhaiskars. The state had chosen to grant an agreement to MEPL for gathering toll at all five section focuses to Mumbai for a long time subsequent to accepting Rs 2,100 crore. Dependence guaranteed the state supported the offer regardless of its own offer to pay a similar sum for a long time.

 

Virendra Mhaiskar has additionally been explored regarding the 2010 homicide of RTI dissident Satish Shetty, who was accepted to work uncover land snatching along the Mumbai-Pune Expressway. In May this year, the CBI had asked Virendra to take a falsehood locator test in the test, causing the IRB Infra stock to dive. Virendra and two other organization authorities were among the 10 denounced for the situation yet the organization had denied any bad behavior and said that police had directed an intensive request and given Mhaiskar a perfect chit.