Maharashtra State Road Development Corporation

What Maharashtra State Road Development Corporation does

Maharashtra State Road Development Corporation Limited (MSRDC) is a wholly state-owned Special Purpose Vehicle incorporated in 1996 under the Companies Act by the Government of Maharashtra to develop, maintain, and manage road infrastructure across the state. The corporation is headquartered in Mumbai and operates a portfolio of major infrastructure assets, including the Bandra Worli Sea Link (BWSL) and Rajiv Gandhi Sea Link (RGSL), the Mumbai-Pune Expressway (YCEW), the Nagpur-Mumbai Samruddhi Mahamarg (NMSCEW), NH 48 corridors, and an extensive network of IRDP toll plazas across Solapur, Nagpur, Aurangabad (Chhatrapati Sambhaji Nagar), Amravati, Kolhapur, Baramati, Chalisgaon, Warora, and Mumbai Entry Points.

MSRDC's core operating activity is toll collection and monitoring, supported by structured departments covering Engineering, Toll Monitoring, Land, Accounts/Finance, Commercial, Secretarial, Legal, and Administration. The corporation also handles land acquisition for road construction projects and runs ongoing project development for the Pune Ring Road and the proposed Versova-Bandra and Versova-Virar Sea Links. The underlying technology is described as infrastructure development and toll management systems, including daily and monthly traffic counting and revenue reporting; no proprietary AI/ML systems, APIs, or app-based consumer products are disclosed.

The business model is transaction-based: MSRDC operates toll plazas on behalf of the Government of Maharashtra and collects toll fees from road users at government-mandated rates that vary by vehicle category and road segment. There is no listing, no private equity or venture capital participation, and the sole owner is the Government of Maharashtra. The customer base is effectively the traveling public using state highways and expressways, with the government acting as the institutional counterparty that sets pricing and approves projects. There are no disclosed named commercial customers, partnerships, or alliances.

Name

Maharashtra State Road Development Corporation

Legal name

Maharashtra State Road Development Corporation Limited

Website

https://msrdc.in

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Maharashtra State Road Development Corporation Limited (MSRDC) is a wholly state-owned Special Purpose Vehicle of the Government of Maharashtra that develops, maintains, and manages road infrastructure, including toll collection on the Mumbai-Pune Expressway, Bandra Worli Sea Link, Samruddhi Mahamarg, NH 48, and IRDP plazas across Maharashtra.

Ownership category

akta.pro rank

Product category

Road Infrastructure Development and Toll Management

NAICS

Support Activities for Road Transportation (4884), Highway, Street, and Bridge Construction (23731), Other Heavy and Civil Engineering Construction (237990)

akta.pro primary industry

Road & Tunnel Operations/Construction Interfaces (Tolling Infrastructure, Ventilation/Fire-Life-Safety Civil Works) (IMAFAEAL)

akta.pro secondary industries

Managed Services & Operations Outsourcing for Tolling/RUC Programs (TLAJABAL), State/Provincial Transportation, Roads & Public Works Administration (BPAIABAK)

Keywords

• Road infrastructure development
• Toll collection services
• Expressway management
• Highway construction
• Transportation infrastructure

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Others

Revenue model

1. Toll Collection: MSRDC operates and manages toll collection across multiple highways and expressways in Maharashtra including NH 48, Mumbai-Pune Expressway, and various Infrastructure Retention and Development Projects (IRDP). Revenue is generated through toll fees collected at plazas across the state.

Pricing tiers

Distribution channels1 record

Marketing channels3 records

Core offering

MSRDC develops, maintains, and manages major road infrastructure assets for the Government of Maharashtra, including expressways, sea links, ring roads, and national highway toll plazas. The corporation operates toll collection and traffic monitoring services across these assets, conducting land acquisition for road projects and managing iconic infrastructure such as the Bandra Worli Sea Link and Mumbai-Pune Expressway. It functions as a state-owned Special Purpose Vehicle delivering end-to-end road infrastructure development and toll operations within Maharashtra.

Product overview

Maharashtra State Road Development Corporation Ltd. (MSRDC) is a government enterprise operating as a single integrated platform for road infrastructure development and toll management in Maharashtra, India. The corporation's portfolio consists primarily of infrastructure asset management (toll roads and expressways) and associated services. Core offerings include toll collection and monitoring services across multiple highways and expressways (Bandra Worli Sea Link, Mumbai-Pune Expressway, Nagpur-Mumbai Samruddhi Mahamarg, NH 48, and various IRDP toll plazas), road infrastructure project development and management, and land acquisition services for construction projects. The toll monitoring system provides daily and monthly traffic counting and revenue reporting. The company also manages ongoing projects including the Pune Ring Road, Versova Bandra Sea Link, and Versova Virar Sea Link.

Differentiator

Problem solved

Functional benefit

Products and services

• Toll Collection and Monitoring Services Electronic toll collection, traffic counting, and daily/monthly revenue monitoring across multiple toll plazas on highways and expressways in Maharashtra, including BWSL, RGSL, YCEW, NH 48, NMSCEW, and IRDP toll plazas.
• Road Infrastructure Project Management End-to-end development and management of major road infrastructure projects including sea links, expressways, and national highways across Maharashtra state.
• Land Acquisition Services Land acquisition services for road construction projects, including award documentation and village-level land record management across Maharashtra.
• Bandra Worli Sea Link (BWSL/RGSL) Sea link connecting Bandra and Worli in Mumbai, operated with toll collection and traffic monitoring. Toll notification period 2021-2039.
• Mumbai-Pune Expressway (YCEW) The first controlled-access expressway in India, connecting Mumbai and Pune, with toll collection and traffic monitoring operations.
• Nagpur-Mumbai Samruddhi Mahamarg (NMSCEW) High-speed expressway corridor connecting Nagpur to Mumbai, with multiple construction packages and toll plaza operations.
• IRDP Toll Operations Toll plaza operations at multiple IRDP (Intercity Road Development Program) locations including Solapur, Nagpur, Aurangabad/Chhatrapati Sambhaji Nagar, Amravati, Kolhapur, and Baramati.
• NH 48 Toll Operations National Highway 48 toll collection and traffic management operations across Maharashtra.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sadbhav Engineering: Indian infrastructure developer with road and BOT toll-road projects across multiple states. Comparable as a hybrid EPC and toll-operating peer.
• Dilip Buildcon: Large Indian highway construction and BOT toll operator with substantial state road portfolio. Comparable on the build-and-operate dimension of MSRDC's business.
• Ashoka Buildcon: Major Indian road and highway EPC plus BOT toll operator with significant state-highway exposure. Comparable to MSRDC on toll road construction and operating activities.
• IRB Infrastructure Developers: India's largest private toll-road developer and operator, running build-operate-transfer concessions on national and state highways. Closest private-market analog to MSRDC's toll collection and project development model.

Broad incumbents

• National Highways Authority of India (NHAI): National-level counterpart to MSRDC, responsible for developing and managing India's national highway network including tolling. Closest functional analog operating at national rather than state scale.
• GMR Group: Diversified infrastructure operator with road, airport, and energy assets including highway toll concessions. Comparable on toll-operating activities, though broader than MSRDC's road-only mandate.
• Reliance Infrastructure: Indian infrastructure conglomerate with toll road and metro operations including the Mumbai Metro One corridor. Comparable on urban toll infrastructure and PPP-style project delivery.
• Larsen & Toubro (L&T): India's largest construction and engineering firm, a key EPC contractor for major road, sea link, and expressway projects in Maharashtra including those delivered through MSRDC's SPV structure.

Regional players

• Tamil Nadu Road Development Corporation (TNRDC): Tamil Nadu state SPV for road and expressway development. Closely comparable to MSRDC in mandate and structure as another southern-state road infrastructure corporation.
• Karnataka Road Development Corporation Limited (KRDCL): State-owned SPV for Karnataka with mandate analogous to MSRDC's role in Maharashtra - developing state highways, expressways, and toll infrastructure. Comparable as a state-level road development corporation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maharashtra State Road Development Corporation