NTR, the utility company that owns the West-Link toll bridge on the M50 in Dublin, has no plans to sell it to the State, according to Jim Barry, the company's chief executive.
Speaking in response to questions from shareholders at the group's annual general meeting in Dublin yesterday, Mr Barry said that a buyout by the State was "not on the agenda", although if the State were to initiate an approach, which he said was very unlikely, he would "have to consider it".
His comments reiterate those made by Taoiseach Bertie Ahern in March, who told the Dáil that buying out the toll bridge was "not an option".
NTR has come in for criticism recently for its tolling activities, which raised €15.4 million in profits last year, as many motorists were forced to sit in long queues waiting to pass through the toll's barriers. The company also raised the toll by 30 cent to €1.80 at the beginning of the year, angering many motorists.
Independent Senator Shane Ross, speaking as a shareholder at the meeting, described the group's toll business as a "major social problem" and said it must be sold to avoid it becoming too large a monopoly.
Mr Barry defended the company's record, saying that the West-Link toll was not the "material cause" of the delays on the M50. "The motorway simply doesn't have the capacity to cope with the amount of traffic it has to deal with," he said, adding that the road will continue to be congested even after the current widening project is complete.
Taking to the stage at the meeting, Mr Ross demanded that NTR remove the barriers at the toll, a move Mr Barry said wasn't possible because it would be a safety hazard for motorists and the because the State didn't have the appropriate legislation to enable NTR to prosecute those who failed to pay.
He said he hoped the legislation would be introduced within the next year. It will then take 12-18 months to adapt the toll system to enable drivers to pass through a barrier-less toll displaying a prepaid badge on their car.
Also speaking at yesterday's meeting, chairman Tom Roche defended recent moves by IAWS to increase its stake in NTR and denied that the co-operative was seeking to take over the company.
"We welcome IAWS as a shareholder and we hope they continue to remain with the company," said Mr Roche, who, with a 44 per cent stake in NTR, is its largest shareholder.
IAWS, which owns 10 per cent of the agri and consumer foods business IAWS plc but is a separate entity, has spent more than €125 million this year increasing its stake in NTR to 26 per cent. IAWS has said the investment is purely to get "good" returns for shareholders, a policy reiterated by Mr Roche yesterday.
NTR, which was set up in 1978, also operates in the energy, waste and telecommunications sectors. Profit at the company rose 20 per cent last year to €17.2 million, while revenue jumped by almost 30 per cent to €273.6 million.
This year, NTR plans to spend more than €200 million developing the group's infrastructure, matching the amount spent last year, according to Mr Barry.
He said he expects to see "significant" growth across all of the business this year, but particularly in the group's waste and energy divisions as the waste unit benefits from a new trend for the public sector to put waste management contracts out to tender and the energy sector moves its focus to renewable energy sources.
Once MRL, the waste division's UK unit, breaks even - which is expected next year - Mr Barry said he would consider expanding the business to other countries, including possibly the US.
In addition to the tolls business, NTR's roads unit is also part of a consortium bidding for a number of public-private partnership road-building projects, including the widening of the M50.
Mr Barry said he didn't expect any of the tenders to come to fruition this year.
