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IRB Infrastructure Developers has moved to transfer its Gandeva Ena project on the Delhi-Mumbai Greenfield Expressway to its publicly listed InvIT fund. Spanning 27.5 km at a cost of INR 1,702 crore, the project recently received a provisional completion certificate and is generating revenue. The transfer aligns with the company's strategy to unlock capital, ensure long-term cash flow for the InvIT, and support future growth. The eight-lane project, located in Gujarat, is part of NHAI's Package-VII under the Bharatmala Pariyojana.
IRB Infrastructure Developers has proposed transferring its Gandeva Ena project, which is part of the upcoming Delhi-Mumbai Greenfield Expressway, to the IRB InvIT Fund. The project covers a 27.5 km stretch, equivalent to 220 lane km, with a total cost of INR 1,702 crore. Advertisement
The company's board approved a preliminary non-binding proposal for the transfer. The IRB InvIT Fund is a publicly listed Infrastructure Investment Trust sponsored by the company. This move is part of IRB's bid-execute-stabilise-transfer strategy aimed at unlocking capital and supporting growth.
Virendra D Mhaiskar, Chairman and Managing Director of IRB, explained that offering this second Hybrid Annuity Model (HAM) asset to the public InvIT ensures long-term cash flow visibility for the fund while freeing up capital to support the company's future projects.
The Gandeva Ena HAM project recently received a provisional completion certificate and is now a revenue-generating asset within IRB's portfolio. This eight-lane highway is located in Gujarat and is part of NHAI's Package-VII under the larger Bharatmala Pariyojana initiative. The project is being executed by VM7 Expressway Private Limited, a wholly-owned subsidiary of IRB, under a concession granted by the National Highways Authority of India.
Source PTI
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