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IRB Infra to transfer road asset worth Rs.1,702-Cr to public InvIT

BSE Announcement   Business Standard   Gandeva Ena  

Mumbai-based, publicly listed IRB Infrastructure Developers (IRB Infra) will transfer its Gandeva Ena hybrid annuity mode l (HAM) project, valued at INR 1,702 crore, to IRB InvIT Fund, its public infrastructure investment trust.The 27.5-kilometre stretch forms a part of the upcoming Delhi-Mumbai Greenfield Expressway Project. The project includes eight-laning work of the Gandeva Ena stretch in Gujarat under the National Highways Authority of India (NHAI) Package-VII of Bharatmala Pariyojana. The project is being implemented by VM7 Expressway, a wholly-owned subsidiary of IRB Infra, under a concession awarded by the NHAI.Founded in 1998, IRB undertakes development of infrastructure projects in the road sector through several Special Purpose Vehicles and claims to have an asset base of over INR 80,000 crore across the parent company and two InvITs, excluding the recently awarded toll-operate-transfer-17 (TOT-17) bundle from NHAI, valued at INR 9,270 crore.

Between Mar 2007 and Oct 2022, IRB Infrastructure Developers had attracted about USD 381 M from Deutsche Bank, Goldman Sachs, Merrill Lynch and GIC.For FY24, IRB Infrastructure Developers had reported about INR 7,409 Cr in Operating Income and about INR 606 Cr in PAT.