IRB InvIT Fund Acquires Highway Assets for Rs 8,436 Cr

New Delhi,Nov 6 (PTI) IRB InvIT Fund (Public InvIT) has completed the acquisition of three highway assets with an enterprise value of Rs 8,436 crore from IRB Infrastructure Trust.

Marquee global and domestic investors supported the acquisition by infusing approximately Rs 4,250 crore in the IRB InvIT Fund, IRB Infrastructure Private Limited, in a statement, said on Thursday.

"With transfer of the assets, IRB InvIT Fund extends its footprints to two more states, i.e., Uttar Pradesh and Haryana," it added.

IRB InvIT Fund's project portfolio will now have 9 revenue-generating Highway Projects with an enterprise value of about Rs 16,000 crore.

Rushabh Gandhi, Director and CFO, IRB Infrastructure Private Limited, said, "The success of the acquisition marks a significant milestone in our journey".

The weighted average life of the concession was enhanced from 14 years to 17 years.

Virendra D Mhaiskar, Chairman and Managing Director of the Sponsor, said, "The successful conclusion of the acquisition deal between the two InvITs will be a very good value enhancement to the stakeholders of all three entities, i.e., IRB Infra as well as both the InvITs".

To reiterate, IRB InvIT Fund had undertaken the fundraise exercise, the first one since its launch and listing in 2017, for the acquisition of three assets of IRB Infrastructure Trust with an enterprise value of Rs 8,436 crore.