Private Equity

PE Fund Investments

IRB Infra mulls private equity participation for Ganga Expressway

BusinessLine  

Publicly listed IRB Infrastructure Developers is contemplating bringing in private equity participation for constructing its share of the INR 6,555 crore Ganga Expressway. Meerut Budaun Expressway Pvt Ltd, a wholly-owned subsidiary of IRB formed in early January, won the bid to develop 22% or 129.7 km of the access controlled six lane greenfield Ganga Expressway from Meerut to Budaun in Uttar Pradesh's north west region. IRB expects the project to cost INR 6,555 crore over the next three years and will finance it by INR 2,405 crore of equity, INR 2,405 crore of debt and INR 1,746 crore of viability gap funding. The company has tolling rights for 30 years.