Can Infra Firms Regain The Trust?- Part 1

Leveraged infra companies are banking on a new instrument to turn around their fortunes

Illustration: Kishore Das

It was in the year 1990 that 19-year-old Virendra Mhaiskar joined his family’s construction business. Today, he is sitting pretty with a personal net worth of over Rs.5,000 crore, what with IRB Infrastructure Developers emerging as the country’s most dominant highway construction company and clocking revenues of over Rs.5,000 crore from 18 states. While there have been several firsts associated with Mhaiskar’s company, IRB has added yet another feather to its cap by emerging as India’s first infrastructure company to float an infrastructure investment trust (InvIT).