GIC Affiliate to invest Rs.1,045 Crores in IRB Infra’s Ganga Expressway project

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Mumbai : India’s leading and first multinational infrastructure player in highways development sector, IRB Infrastructure Developers Ltd.’s Ganga Expressway Project has completed equity raise of Rs. 533.20 Crore. Singapore based GIC Affiliates contributed Rs. 261.29 Crore and IRB Infra contributed Rs. 271.90 Crore. IRB Infra will hold 51% stake in the Project while GIC Affiliate will hold 49%. The Project is expected to complete private placement of NCD of Rs. 138.65 Crores to IRB Infra and GIC Affiliate soon subject to fulfillment of condition precedents.

The Company will also act as the Project Manager for implementing the project. As the Project Manager it will be receiving entire flow of consideration towards EPC and O&M Works for the Project, which will be in aggregate approximately Rs. 10,459 Crores (plus applicable taxes).

Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Limited said, “This is in line with our strategy of exploring the opportunities in the sector. We are grateful to GIC for investing with us in developing the prestigious project for the Nation. We are committed to deliver the project with high quality and safety standards for the State of Uttar Pradesh.” He further added, “It needs to be appreciated that the project has already achieved its financial closure and also received appointed date from the UPEIDA, which has allowed us to commence construction activity and also immediately receive the first round of investment in the project.”

To re-iterate, Meerut Budaun Expressway, Ganga Expressway Group 1 Greenfield BOT Project is six lanes stretch of 129.700 Kms, expandable to eight lanes, between Meerut and Budaun in Uttar Pradesh, with the cost outlay of Rs. 6,538 Crores.

The project had achieved Financial Closure, where the Senior Lender had extended financial support of Rs. 2,659 Crs; IRB & GIC Affiliate have committed Equity and related infusion of Rs. 2,133 Crores and the Viable Gap Funding (VGF) from UP`EIDA is Rs.1,746 Crs.

The Company had recently received Appointed Date from nodal agency, Uttar Pradesh Expressways & Industrial Development Authority (UPEIDA) to commence construction activity in full swing so as to meet the set timeline for completion and commissioning of the prestigious project for use of people of the State of Uttar Pradesh.

About IRB Infrastructure Developers Ltd:

IRB Infrastructure Developers Ltd (IRB) is India’s first Multinational Infrastructure player in Highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs.60,000 Crs. in 10 States across the parent company and two InvITs.

The Company has strong track record of constructing, tolling, operating and maintaining around 15,500 lane Kms pan India till date and has an ability to construct over 500 Kms in a year.

It has approx. 20% share in India’s prestigious Golden Quadrilateral project, which is the largest by any private infrastructure developer in India.

After successfully completing 13 Concessions and handing over them to the nodal agencies, at present, IRB Group’s project portfolio (including Private and Public InvIT) has 22 road projects that include 17 BOT, 1 TOT and 4 HAM projects along with 1 Airport project in Sindhudurg District of Maharashtra.