IRB Infrastructure secures its first investment from GIC affiliates
Category: #headlines  By Saipriya Iyer  Date: 2020-02-26
  • share
  • Twitter
  • Facebook
  • LinkedIn
IRB Infrastructure secures its first investment from GIC affiliates

 

  • IRB received Rs 3,753 crore out of Rs 4,400 crore commitment by IRB Infrastructure Trust.
  • The balance commitment shall be invested over the progress of the construction of under-construction projects.

IRB Infrastructure Developers, a highway construction firm based in India, has secured its first set of investments of about Rs. 3,753 crore coming from the GIC affiliates. Under the regulatory filing, the IRB Infrastructure Developers has been committed with Rs. 4,400 crores by the IRB Infrastructure Trust out of which it received Rs.3,753 from the GIC affiliates.

The filing stated that the commitment of the balance will be invested over the progress of the construction activities of all the under-construction projects.

Apparently, the company had made an announcement in August 2019 of signing final agreements with the GIC affiliates to be investing about Rs 4,400 crore that amounted up to 49% stake within its portfolio for nine of its assets with the help of InvIT structure. IRB was supposed to retain the control of 51% stakes in the Trust.

Reportedly, the portfolio covers about 5,900 lane km in Uttar Pradesh, Gujarat, Karnataka, Haryana, Rajasthan and Maharashtra. All nine assets that are part of the portfolio, are assets that generate revenue. 

After the construction for nine build-operate-transfer assets is completed, the private InvIT will have an enterprise value of Rs 22,500 crore.

IRB’s Managing Director and Chairman Virendra Mhaiskar commented that the company has forged an important long-term relationship with GIC with the investment in roads and highway sector. The investors will be allotted with units by 27 February 2020. The IRB will also be holding a 51% stake in Private InvIT, while GIC affiliates will have a 49% stake after the units are allotted.

GIC’s Chief Investment Officer of Infrastructure, Ang Eng Seng said that the platform will help IRB to grow its business while providing GIC an exposure to a well-positioned, diversified and large portfolio of all the toll roads across India. India has a strong potential for infrastructure development and economic fundamentals that will help it remain a long-term market for GIC.

Source Credit- https://www.firstpost.com/business/irb-infrastructure-gets-rs-3753-cr-as-first-tranche-of-investment-from-gic-affiliates-8083651.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Saipriya Iyer

Saipriya Iyer    

Saipriya Iyer currently works as a content developer for GroundAlerts. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had previous experience of 3 years under her belt, she has dabbled with website ...

Read More >>

More News By Saipriya Iyer

Atos takes quantum simulator to the next level with Atos QLM E
Atos takes quantum simulator to the next level with Atos QLM E
By Saipriya Iyer

Atos, one of the leading companies in digital transformation, has reportedly expanded its quantum solutions portfolio by offering Atos QLM E (Atos QLM Enhanced), the world’s best performing commercially available quantum simulator, with a new r...

Services Australia procures 35,000 monitors & laptops over two months
Services Australia procures 35,000 monitors & laptops over two months
By Saipriya Iyer

Canberra based government department, Services Australia, has been reported to purchase around 20,000 laptops and more than 15,000 monitors over the period of last two months. The purchases have been made owing to the shift in working environment fro...

Twitter introduces Stories-like “Fleets” feature for Indian users
Twitter introduces Stories-like “Fleets” feature for Indian users
By Saipriya Iyer

American microblogging and social networking platform, Twitter, has reportedly announced the launch of its much-anticipated “Fleets” feature for its users in India. Using this feature, people will be able to share photos, tweets, and vide...