Affiliates of Singapore’s GIC set to invest up to Rs 4,400 crore in IRB Infrastructure

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.