Affiliates of Singapore’s sovereign wealth fund GIC will invest up to Rs 4,400 crore in road assets of IRB Infrastructure Development. Nine of IRB’s build-operate-transfer (BOT) assets will be transferred to a private infrastructure investment trust (InVIT) in which it will hold a 51 per cent controlling stake, the firm said in a press release.
The net revenue of the portfolio in 2018-19 was around Rs 630 crore and on completion of construction, the enterprise value of the portfolio is estimated at Rs 22,500 crore, the release said.
