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

New Delhi, Nov 20 (PTI) 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. PTI BKS BKS BAL BAL