IRB Infrastructure has announced the approval for selling its Gandeva Ena HAM project to IRB InvIT Fund for Rs 513 crore. This move involves a full equity transfer and includes project debt, enhancing IRB’s net debt-to-equity ratio. IRB will remain involved as the project's manager even after the transfer.
IRB Infrastructure's Strategic Asset Sale Boosts Financial Position
On Monday, IRB Infrastructure revealed that its board has sanctioned the sale of the Gandeva Ena HAM project, part of the Delhi Mumbai Greenfield Expressway Project, to the IRB InvIT Fund for a consideration of Rs 513 crore.
IRB Infrastructure stated that post-completion of the transfer, it will receive Rs 513 crore in full equity consideration, along with the transfer of project-related debt, thereby enhancing its net debt-to-equity ratio.
The company will continue managing the VM7 Project post-transfer, which is a critical segment of the Bharatmala Pariyojana under NHAI's Package-VII in Gujarat, initially managed by VM7 Expressway Private Limited.
