GIC to invest Rs1,045 crore in IRB Infra's Ganga-Expressway road project

IRB Infrastructure Developers Ltd’s Ganga Expressway Project has completed equity raise of Rs533.20 crore. Singapore based GIC Affiliates contributed Rs261.29 crore and IRB Infra contributed Rs271.90 crore.

IRB Infra will hold 51% stake in the Project while GIC Affiliate will hold 49%. The Project is expected to complete private placement of NCD of Rs138.65 crore to IRB Infra and GIC Affiliate soon subject to fulfillment of condition precedents.

The Company will also act as the Project Manager for implementing the project. As the Project Manager it will be receiving entire flow of consideration towards EPC and O&M Works for the Project, which will be in aggregate approximately Rs10,459 crore (plus applicable taxes).

To re-iterate, Meerut Budaun Expressway, Ganga Expressway Group 1 Greenfield BOT Project is six lanes stretch of 129.700 Kms, expandable to eight lanes, between Meerut and Budaun in Uttar Pradesh, with the cost outlay of Rs6,538 crore.

The project had achieved Financial Closure, where the Senior Lender had extended financial support of Rs2,659 crore; IRB & GIC Affiliate have committed Equity and related infusion of Rs2,133 crore and the Viable Gap Funding (VGF) from UP`EIDA is Rs1,746 crore.

The Company had recently received Appointed Date from nodal agency, Uttar Pradesh Expressways & Industrial Development Authority (UPEIDA) to commence construction activity in full swing so as to meet the set timeline for completion and commissioning of the prestigious project for use of people of the State of Uttar Pradesh.

At around 9:18 AM, IRB Infrastructure Developers Ltd is currently trading at Rs234.35 per share down by Rs1.85 or 0.78% from its previous closing of Rs236.20 per share on the BSE.

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