IRB Infrastructure, an Indian highway construction company in Mumbai, said it has received the first tranche of an investment in IRB’s road platform by affiliates of GIC, Singapore’s sovereign wealth fund.
The first tranche was made in the amount of INR 37.5 billion ($524 million), out of a total commitment of INR 44 billion ($615 million), which will be used to deleverage the portfolio and fund projects that are under construction. Prior to that, in December 2019, GIC provided IRB with an interim loan of INR 7 billion ($97 million) to help manage the immediate business needs of the projects.
Approved in August, the deal requires IRB to transfer nine of its BOT assets into a private infrastructure investment trust in which IRB will hold a controlling stake of 51 percent and GIC will hold a 49 percent stake. Investors are expected to receive the allo
