Cintra, a subsidiary of Spanish infrastructure group Ferrovial, has agreed to buy a 24% stake in IRB Infra Trust from affiliates of GIC, according to a statement by IRB Infra on Thursday.
This acquisition includes a 24% stake in MMK Toll Road Pvt Ltd, which is the investment manager of the Trust. However, the completion of the acquisition is subject to meeting certain conditions, including obtaining necessary regulatory and third-party approvals.
IRB Infra highlighted that with various investors, it’s in a strong position to expand its asset base and contribute to sustainable growth across the country. Additionally, the company expects to benefit from its growing EPC and O&M order book as the exclusive project manager for the Trust.
Virendra Mhaiskar, chairman and managing director of IRB Infrastructure Developers Ltd, expressed confidence in capturing emerging growth opportunities and creating value for shareholders.
IRB Infrastructure Trust is a registered infrastructure investment trust with SEBI. IRB Infra owns 51% of units in the Trust, while the remaining 49% is held by GIC affiliates. The Trust manages a portfolio of 15 road projects covering 10,567 lane-kilometres.
Cintra CEO Andres Sacristan emphasized their commitment to leveraging strengths and expertise to extract more value from IRB’s growth. Shares of IRB Infra surged 10% on the BSE to ₹56.07 apiece amidst a largely positive market sentiment.
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