Singapore’s sovereign wealth fund, GIC, will invest $621.5 million in the road and highway assets of India’s IRB Infrastructure Developers Limited.
IRB will move nine existing assets into a private infrastructure investment trust and will hold a 51% controlling stake. GIC will have a 49% share in the investment manager.
In a statement on August 6, 2019, IRB said the portfolio spans 1,200 kilometres across multiple states, including Haryana, Uttar Pradesh, Rajasthan and Gujarat, Maharashtra and Karnataka.
Virendra Mhaiskar, chairman and managing director of IRB, said the investment from the sovereign wealth fund demonstrates confidents in the firm’s ability “to build quality infrastructure for India”.
He added: “IRB and GIC plan to also explore future road sector opportunities in India together”.
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