Singapore’s sovereign wealth fund GIC will invest up to Rs 4,400 crore in the road assets of IRB Infrastructure Developers, according to a company statement. As part of the transaction, IRB will transfer 9 of its BOT (build, operate and transfer) assets into a private infrastructure investment trust in which IRB will hold controlling stake of 51 per cent, IRB said on Tuesday.
The deal was approved by the board following which IRB has signed binding definitive agreements with GIC for a total investment of up to Rs 4,400 crore, including funding of future construction costs.
