The Indiana Toll Road is officially under new management Thursday as an Australian firm finalized its purchase of the previous operator, which went bankrupt last year.
The Indiana Toll Road Concession Company, which took over operations of the toll road under a lease agreement in 2006, filed for bankruptcy in September of last year. IFM Investors, selected by the state from among four finalists, now assumes management of the 156 mile stretch of highway across northern Indiana.
The operator’s new CEO Ken Daley says IFM will dedicate $260-million over the next five years for bridge and road repairs, solving minor environmental issues, and improving rest stops.
Jim McGoff, the state’s Toll Road oversight director, says Hoosiers can expect “business as usual” in operations of the highway connecting Interstate 90 in Chicago to the Ohio Turnpike. Governor Mike Pence expressed confidence in IFM’s ability to manage the toll road, which remains property of the state under the lease agreement.
