Virendra D Mhaiskar, chairman and MD, IRB Infrastructure Developers, has become the first Marathi manoos to figure at number 51 in the Forbes list of 100 richest Indians.
Virendra D Mhaiskar, chairman and managing director, IRB Infrastructure Developers, has become the first Marathi manoos to figure at number 51 in the Forbes list of 100 richest Indians. At age 38, Mhaiskar, with a net worth of $1,010 million, is also the third youngest in the rich list.
The soft-spoken Mhaiskar is known to keep a low profile but is highly admired for his entrepreneurship and professional leadership. A qualified civil engineer, he joined the family’s construction business in 1990 and was instrumental in building a huge empire through the corporate initiative of providing flawless, robust infrastructure in several states.
“He is a leader with a vision and strong business acumen, and sharp communication and management skills,” said Kiran Chowdhary, who has been very close to Mhaiskar.
It was Mhaiskar who implemented the concept of private-public participation (PPP) for the first time in the state when IRB constructed the Thane-Bhiwandi bypass in 1995.
In 1998, he successfully promoted IRB Infrastructure Developers Limited as a primary holding company. The firm is today one of the biggest infrastructure companies in the country with a mammoth portfolio of 16 BOT (build-operate-transfer) projects, of which 11 are operational and five are under implementation.
IRB has around 1,150km of roads in India as a BOT operator, which is one of the largest BOT portfolios in the country. The firm currently has orders worth Rs103.5 billion in its books. This includes four recently awarded BOT projects from the National Highways Authority of India and the Sindhudurg airport project from the Maharashtra Industrial Development Corporation.
Apart from that, the IRB Group of Companies owns a fleet of sophisticated construction equipment worth around Rs2.2 billion.
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