IRB Infrastructure Trust Transfers Major Highway Assets to IRB InvIT
IRB Infrastructure Trust has transferred three significant highway assets to IRB InvIT Fund, a move valued at approximately Rs 8,450 crore. This strategic transaction aims to enhance growth and asset base, as well as boost the revenue and lifecycle of the IRB InvIT Fund's portfolio.
- Country:
- India
IRB Infrastructure Trust, India's pioneering listed Infrastructure Investment Trust, has announced the transfer of three major highway assets to the IRB InvIT Fund. The assets, valued at around Rs 8,450 crore, are expected to bolster the fund's revenue and growth prospects.
The decision, finalized in a share purchase agreement executed by IRB Infrastructure and Developers, aims to create a sustainable growth path for both parties involved. The assets included in the transfer are the IRB Hapur Moradabad Tollway, Kaithal Tollway, and Kishangarh Gulabpura Tollway.
According to Virendra D Mhaiskar, the company's Chairman and Managing Director, this transfer is a significant milestone that not only benefits the InvITs but also positions the company for future sector opportunities, enhancing its asset base to aim for Rs 1,40,000 crore in three years.
(With inputs from agencies.)
Google News