IRB completes acquisition of Gandeva Ena assets worth Rs 1,200 cr

IRB Infrastructure and Developers IRB on Monday said it has completed the acquisition of Gandeva Ena VM7 HAM highway assets worth about Rs 1,200 crore. In a statement, IRB Infrastructure and Developers IRB said, IRB InvIT Fund completes acquisition of Gandeva Ena HAM assets worth approx Rs 1,200 crore.

IRB Infrastructure and Developers (IRB) on Monday said it has completed the acquisition of Gandeva Ena (VM7) HAM highway assets worth about Rs 1,200 crore. The acquisition has been made through the company-sponsored IRB InvIT Fund. In a statement, IRB Infrastructure and Developers (IRB) said, ''IRB InvIT Fund completes acquisition of Gandeva Ena HAM assets worth approx Rs 1,200 crore. The assets are part of the upcoming New Delhi Greenfield Expressway''. The Hybrid Annuity Model (HAM) is a public-private partnership (PPP) framework used primarily for Indian highway and infrastructure projects, introduced in 2016 by the NHAI. With this acquisition, IRB InvIT Fund has strengthened its operational portfolio of mature assets with 10 highway assets, which include 8 BOT (Build-Operate-Transfer) and 2 HAM (Hybrid Annuity Model) assets having 4,445 lane kilometres and an aggregate asset value of around Rs 17,600 crore. Rushabh Gandhi, Executive Director and Chief Financial Officer of IRB Infrastructure Private Limited, the Investment Manager (Investment Manager) of the Trust, said the acquisition is expected to improve distributable cash flow and dividend payouts for unitholders in the future. The acquisition has been funded through debt, thereby optimising the capital structure, he added. As the largest private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 90,000 crore across 13 states, comprising the parent company and two InvITs.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)