M&A

M&A

IRB InvIT Fund acquires 3 BOT assets from IRB Infra Trust for Rs.4,905-cr

Business Standard   BSE Announcement   IRB Infrastructure Trust  

Listed infrastructure investment trust, IRB InvT has signed agreement with IRB Infrastructure Trust (the private InvIT associate of IRB Infrastructure Developers), for acquiring 3 build-operate-transfer (BOT) highway asset (Hapur to Moradabad Highway, Kaithal-Rajasthan Highway, and Kishangarh to Gulabpura Highway) for INR 4,095 crore at an enterprise value of INR 8,450 crore.Through this acquisition IRB InvIT Fund will expand its portfolio and aims to double its enterprise value to over INR 16,000 crore. This acquisition will also increase the weighted average life of the portfolio from approximately 14 years to around 17 years.IRB Infrastructure Trust held by the IRB Infrastructure Developers Ltd. as Sponsors with 51% stake and balance 49% shared between GIC, Singapore and Cintra N.E., Spain, is a trust focused on development of toll roads and highways in India. The trust currently has 14 highways assets across the country.