IRB Infrastructure Developers Ltd, India’s leading and one of the largest highway infrastructure developers will transfer its Pathankot – Amritsar Highway Project to the IRB InvIT, by 30th September 2017. As a result of this, IRB Infra will receive Rs.544 Crores. IRB Infra’s Pathankot – Amritsar Highway Project Set.
The development took a step ahead when unitholders of IRB InvIT Fund approved the acquisition of IRB Pathankot Amritsar Toll Road Ltd (SPV that manages the project) by raising debt – for an enterprise value of Rs.1569.33 crores, with requisite majority, at an Extraordinary General Meeting convened today by the Investment Manager of the Trust.
While commenting on the development, Spokesperson for IRB Infrastructure Developers Ltd. said, “We are happy to have been able to establish the quality of our projects through the launch of IRB InvIT and now through transfer of additional asset post listing. We are also grateful to IRB InvIT and its Unitholders for showing trust in the Company by approving the acquisition of this project. The Company is committed to maintain stakeholders’ interest and hence would continue to explore such opportunities as and when available.” He further added, “This is an acknowledgement to Company’s demonstrated domain expertise, skills and execution capabilities in developing and operating the large scale highway projects in India.”
Pathankot – Amritsar Highway Project, developed by the Company on BOT model under NHDP Phase-III, parts 102.42 Kms stretch of the NH-15 in Northwest India. The concession for this project was commenced in year 2010 and is for 20 years.
This will be the seventh project that the Company will be transferring to the IRB InvIT after successful launch and listing of India’s first InvIT Fund in May 2017. Earlier Company had transferred its six operational toll road projects to the IRB InvIT, Viz.., Surat – Dahisar Highway Project; Jaipur – Deoli Highway Project; Talegaon – Amaravati Highway Project; Tumkur – Chitradurg Highway Project; Bharuch – Surat Highway Project and Omalur – Salem Namakkal Highway Project.
As a matter of forward path, now the parties concerned would enter into a Share Purchase Agreement so as to complete the transfer process.