Singapore’s GIC to invest up to Rs 4,400 crore in IRB Infra road assets
Affiliates of Singapore’s sovereign wealth fund GIC will invest up to `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% controlling stake, the company said in a press release.
The net revenue of the portfolio in 2018-19 was around `630 crore and on completion of construction, the enterprise value of the portfolio is estimated at `22,500 crore, the release said.
