SPONSORED POST | 28 OCTOBER, 2018
An Insight into the Success Story of IRB Chief Virendra D Mhaiskar
Envisioning the future of IRB Infra, Virendra D Mhaiskar’s gigantic steps with BOT, HAM & InvIT
Not many leaders have the ability to envision the future. It is not easy to deal with the challenges and change the course of the journey. But, there are always leaders like Virendra D Mhaiskar, the CMD of IRB Infrastructure who have the potential to take incredible risks and achieve the desired results, even in the most challenging times.
Attaining success in a sector like roads and highways developing business is not an ordinary feat. It takes great courage and determination to attain something substantial. Embarking on his journey to success, Virendra D Mhaiskar, knew all what it takes to achieve greatness. He was ready to trend on an uncharted path. It did not take him long to get started after acquiring a professional engineering degree from the University of Bombay. He was set to make an impact, almost instantly.
He took a keen interest in the family business in 1990, at a very young age. The ever growing business was no victory for Mhaiskar, who dreamed of making IRB a trusted name in the highway infrastructure development world. In the year 1998, he conceived and nurtured the idea of promoting an integrated highway infrastructure developing and as a result of which IRB Infrastructure Developers Ltd. came into existence; which subsequently expanded the business, unearthing achievements with each step.
Under the able leadership of Virendra D Mhaiskar, IRB Infra became the first company to execute the BOT (Built Operate Transfer) project in India, in 1995. The company soon constructed some of the biggest projects in the country, including the widening of old Mumbai – Pune NH-4 Highway; tolling of new Mumbai-Pune expressway; etc. It is matter of pride for IRB Infra that under the visionary leadership of Virendra D. Mhaiskar, has the largest share in construction of India’s Golden Quadrilateral project, which is considered to be one of the most ambitious and prestigious road plans. IRB Infra almost has around 20% share in the Golden Quadrilateral Project.
Virendra D. Mhaiskar’s visionary leadership as well as IRB Infra have been receiving several awards and recognition for their valuable contribution in India’s highway infrastructure development sector. Virendra D. Mhaiskar was awarded by CNBC TV18 the Young Turk of the Year Award; whereas IRB Infra won the ‘CNBC-TV 18 Essar Steel Infrastructural Excellence Award’ for the quality work implemented on the Bharuch-Surat sector of NH-8 under the highways and bridges category. IRB Infrastructure was conferred with the same award for the second time for its exemplary work on the Mumbai-Pune expressway.
Mhaiskar’s never-ending quest towards excellence is what has made a huge difference between IRB Infra and other companies. With time, the company also forayed into HAM (Hybrid Annuity Model) and added 3 projects to its name.
At present, the company operates one of the largest portfolios in India with more than 12,000 lane Kms, along with an aggregate asset value of more than Rs 35,000 crores. Out of its 17 owned projects, 7 projects are under operational BOT space; 3 under HAM space; 4 projects under Tolling & Construction, another 2 projects under advanced stages of construction and 1 project under development stage. The company has successfully completed 7 concessions till date.
Apart from this, IRB Infra recently launched the country’s first Infrastructure investment fund (InvIT). Virendra D Mhaiskar once again proved why he is the most sought-after person in the infrastructure development world as he transferred seven of IRB’s best revenue generating projects to the fund, thus creating a better value proposition for its stakeholders. He is also known for taking great decisions and the launch of InvIT holds a testimony to the fact.
While guiding his company through the highs and lows, Mhaiskar has himself achieved some unmatched milestones. He was chosen as the ‘Young Turk’ of the year’ at the 6th edition of ‘CNBC-TV 18 India Business leader Awards’. The award was presented by the Finance Minister on December 11, 2010 in Mumbai. Recently, Virendra D. Mhaiskar was conferred on the Infrastructure Man of the Year Maharashtra Achievers Award 2017 initiated by ET Edge of Economic Times, leading business daily of Times of India Group. His visionary leadership has brought several prestigious awards and recognitions for IRB Infrastructure in various fields, like Best Public- Private Partnership; Best BOT Projects; Most Safe project; Best Construction; Best Operations & Maintenance; HR Excellence; CSR Excellence, etc. His commendable efforts and dedication have taken him to the 96th position as one of the India's richest men (2012), and 937th position among billionaires (2010), according to Forbes list.
With an experience of more than 25 years, Virendra D Mhaiskar envisions good times ahead for the road developing sector. However, he doesn’t want to alter the action plan which has helped him acquire several projects. Recently, replying to an investor’s call regarding the Toll Operate Transfer (TOT) projects by National Highways Authority of India (NHAI), Mhaiskar said, “Our overall strategy is no different for TOT, BOT and HAM road projects. We will bid for the upcoming TOT projects depending upon the viability of the assets. But, we won’t go with an aggressive posturing.”
Mr. Mhaiskar is excited about the future as ever and feels that the sector can grow by using concepts like PPPs (public-private partnerships), BOT and TOT (toll-operate-and-transfer); where there exists a Win-Win situation for all the Stakeholders.
With a positive outlook, he seems to be ready for the future endeavors with IRB Infra going great guns. Certainly, Virendra D Mhaiskar’s journey has been nothing short of a roller coaster, which will inspire many individuals in the years to come.