IRB Infrastructure Developers gets NOC from NHAI for transfer of nine BOT assets

IRB Infrastructure Developers Limited has received an NOC from NHAI for transfer of nine build-operate-transfer (BOT) assets to IRB Infrastructure Trust and the subsequent investment by GIC affiliates for a 49 per cent stake in the trust. Further, 98 per cent of IRB’s lenders have approved their NOCs supporting the deal with GIC. Earlier, in August 2019, the company had signed definitive agreements with GIC affiliates for an investment of up to Rs 44 billion, amounting to a 49 per cent stake in the trust, while IRB retains controlling stake of 51 per cent. IRB’s portfolio of nine assets spans 1,200 km in Haryana, Uttar Pradesh, Rajasthan, Gujarat, Maharashtra and Karnataka. Three of these projects are operational, while the balance six are at various stages of construction. Five of the assets under construction are four-six-laning projects where tolling as well as construction has already begun.

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