GIC Affiliates, Singapore Sovereign Fund, further invests INR 119 Crores in the IRB sponsored IRB Infrastructure Trust, by way of Rights Issue.
IRB Infrastructure Developers Ltd., one of the leading highways infrastructure developers in India, has completed a total fund raise of INR 243 Crores in the IRB Infrastructure Trust. Post fund raise, IRB and GIC Affiliates will continue to hold 51% and 49% in the IRB Infrastructure Trust respectively.
Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infra said, “We deeply appreciate this partnership with GIC Affiliates and thank them for their continued support in growing this portfolio meaningfully. The present fund raise will be utilized for the equity contribution in the 10th project that will form part of the Pvt InvIT.”
The Company being the Sponsor of the Trust, has executed necessary Agreement/ documents for implementation of Palsit Dankuni Tollway Private Limited (PDTPL) by the Trust. Accordingly, the Project will be executed by the Company and its Associate – IRB Infrastructure Trust. The project has already received appointed date and is under tolling, and upgradation work to six laning has also commenced.