IRB Infra plans to offer VM7 HAM project to IRB InvIT Fund

The Gandeva Ena HAM project had recently received a provisional completion certificate and is a revenue-generating asset, currently part of the companys portfolio. It is an eight-lane project on the Gandeva Ena stretch in Gujarat under NHAIs Package-VII of Indias ambitious Bharatmala Pariyojana.

IRB Infrastructure Developers on Thursday said it has offered its Gandeva Ena project, which forms part of the upcoming Delhi-Mumbai Greenfield Expressway project, to IRB InvIT Fund.

IRB Infrastructure Developers, in a statement, said the project is a 27.5 km (220 Lane Kms) stretch and has a cost of Rs 1,702 crore.

The company board has approved the preliminary non-binding proposal for transfer of the said project to IRB InvIT Fund, which is a publicly offered and listed Infrastructure Investment Trust sponsored by the company, it added.

Virendra D Mhaiskar, Chairman and Managing Director of the Company, said, ''This step aligns with our bid-execute-stabilise-transfer strategy to unlock capital and drive growth''.

''Offering our second HAM asset on this expressway to the Public InvIT provides long-term cashflow visibility to the InvIT while releasing funds to support IRB's future growth,'' he added. The Gandeva Ena HAM project had recently received a provisional completion certificate and is a revenue-generating asset, currently part of the company's portfolio. It is an eight-lane project on the Gandeva Ena stretch in Gujarat under NHAI's Package-VII of India's ambitious 'Bharatmala Pariyojana'. The project is being implemented by VM7 Expressway Private Limited, a wholly-owned subsidiary of the company, under a concession awarded by the National Highways Authority of India.

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