GIC Inks Deal with IRB Infrastructure Developers
Posted on 08/06/2019
Singapore’s GIC Private Limited invested Rs 4,400 crore (US$ 621.52 million) in an Indian road and highway portfolio managed by IRB Infrastructure Developers Limited, a road developer. GIC will own 49% of the private infrastructure investment trust, while IRB Infrastructure will own 51%.
GIC will fund future construction costs in the road portfolio. Once all of the planned construction is completed, the enterprise value of the private infrastructure investment trust would be approximately Rs 22,500 crore.
S&R Associates acted as the legal advisor to IRB Infrastructure and Nishith Desai Associates acted as the legal advisor to GIC.
Incorporated in 1998, IRB Infrastructure was formerly known IRB Infrastructure Developers Private Limited and is run by Virendra Dattatraya Mhaiskar. Virendra Dattatraya Mhaiskar is the son of Dattatray Mhaiskar, founder of construction company Ideal Road Builders, which was incorporated in 1977.