logo
IRB InvIT to acquire 3 road assets worth ₹8,436 cr from IRB InvIT Fund

IRB InvIT to acquire 3 road assets worth ₹8,436 cr from IRB InvIT Fund

IRB InvIT Fund, the publicly listed infrastructure investment trust (InvIT) sponsored by IRB Infrastructure Developers, is set to acquire three road assets at an enterprise value of Rs 8,436 crore from IRB Infrastructure Trust, the sponsor's privately held InvIT.
The unitholders of the public InvIT have given their approval to the proposed acquisition of the 100 per cent equity share capital of three special purpose vehicles (SPVs)—Kaithal Tollway Limited, IRB Hapur Moradabad Tollway Limited, and Kishangarh Gulabpura Tollway Limited—from the private InvIT, with a majority of 96 per cent. The transaction was first announced in May this year.
The unitholders also approved a fundraise of up to Rs 5,000 crore to undertake the proposed acquisition and the appointment of the sponsor as the project manager of the InvIT to carry out the operations and maintenance (O&M) activities of the three SPVs.
These SPVs operate certain stretches of road projects on a design, build, finance, operate and toll (DBFOT) basis and are located in the states of Rajasthan and Uttar Pradesh, spanning approximately 1,800 lane kilometres.
The public InvIT and the private InvIT executed a binding term sheet on 30 May 2025 for the acquisition. The proposed acquisitions are subject to the necessary regulatory approvals and compliances and will increase IRB Infrastructure Developers' O&M order book by approximately Rs 3,100 crore.
Earlier, in a conversation with Business Standard, an IRB executive had said that IRB Infrastructure Developers aims to unlock capital through an asset transfer strategy between its two InvITs—one private and one public—to bid for toll-operate-transfer (TOT) projects.
IRB's private InvIT serves as the development platform for the IRB Group. 'The private InvIT will bid for assets, take on construction risk, and stabilise the asset. Once stabilised, the asset will be transferred to the public InvIT, which will generate a margin of 300 to 400 basis points, typically translating to two times price to book,' said Anil Yadav, director, investor relations, IRB Infrastructure Developers.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Motorists fume as Telangana RTA drives up service charges
Motorists fume as Telangana RTA drives up service charges

Time of India

time25 minutes ago

  • Time of India

Motorists fume as Telangana RTA drives up service charges

Hyderabad: Applicants attempting to book slots for various transactions at the Regional Transport Authority (RTA) woke up to a rude shock on Sunday as they found a sudden increase in charges across several services. The revision came into effect at 2 am. The new rate-card shows that RTA has revised fees anywhere from Rs 100 to Rs 1,000 — with a fourfold jump in rates for a no-objection certificate (NOC). Available for Rs 100 until now, every NOC will now cost a motorist Rs 435. The cost for terminating vehicle agreements for four-wheelers has also been substantially increased from Rs 2,135 to Rs 3,135. Even commonly availed costs, right from learners' licence to vehicle hypothecation, have been brought under the new price umbrella. Motorists applying for any licence will have to cough up an additional Rs 100. The only exemptions: Permits, vehicle fitness assessments, taxes on vehicles from other states, permit cancellations, life taxes, and quarterly taxes. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad 10k applicants to be impacted This revision — brought in three years after a hike on life taxes — is likely to impact at least 10,000 daily applicants at all RTA offices across the state. In 2022, the Telangana govt had raised life taxes under the Telangana Motor Vehicles Taxation Act, 1963, with increases ranging from 9% to 19% based on vehicle cost and category. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unsold 2021 Cars Now Almost Free - Prices May Surprise You Unsold Cars | Search Ads Learn More Undo Many applicants, while ruing the sharp rise, also complained about the current revision being implemented surreptitiously without prior public announcement or notification. In fact, the RTA website: is yet to be updated with these new charges. Speaking to TOI, some said that they realised that the fees had been hiked only when they went to their RTA office to avail of a service. 'I tried to secure a learner's licence slot two days ago, when the fee displayed was Rs 450. However, I encountered technical issues and couldn't complete the booking. When I tried again on Sunday, I was surprised to see that the total amount had risen to Rs 550, with the service charge component having increased from Rs 100 to Rs 200,' said K Venkatesh, an applicant from Uppal. Move to increase revenue: RTA RTA officials said that the revision was aimed at enhancing revenue. 'Only service charges, which have remained unchanged for several years, have been increased. However, we need to monitor the situation for at least one month to assess how these increased charges contribute to revenue enhancement,' MM Chandrasekhar Goud, joint transport commissioner (IT & Vigilance), told TOI. Sources, on the other hand, hinted at the move being designed to accommodate tax exemptions being offered to EV buyers. Incidentally, since the Telangana govt implemented its EV policy on Nov 16, 2024, Rs 400 crore (approx) tax has been exempted through sales of more than 50,000 EVs. 'The govt's actions are unfair, as they offer complete tax relief to electric vehicles while parallelly raising service charges,' said M Dayanand, general secretary, Telangana Auto and Motor Welfare Union.'The facilities at their offices lack essential amenities for the public, and applicants are forced to wait in long queues for their turn. It is disappointing that despite these ongoing service deficiencies, the RTA has implemented increased service charges. I urge the govt authorities to reinstate the previous fee structure, in the interest of the public.'

Pvt buses off roads in protest against Heerapura terminal
Pvt buses off roads in protest against Heerapura terminal

Time of India

time39 minutes ago

  • Time of India

Pvt buses off roads in protest against Heerapura terminal

1 2 Jaipur: Nearly 1000 private buses went off roads Sunday in protest against the govt's directive to start operations from Heerapura Bus Terminal from Aug 1. Private bus operators said they were being asked to shift without facilities being developed at the terminal. All Rajasthan Contract Carriage Bus Operator Association said the protest will continue indefinitely. Rajendra Sharma, president of the association, said, "There are no proper facilities for passengers at the Heerapura terminal but bus operators are being asked to shift there. Passengers would give bad reviews for the bus service, which will affect our business." Sharma said operators have stopped online bookings for private buses on major routes like Delhi, Ahmedabad, Indore, Bhopal, and Surat. Some passengers who booked buses for cities like Delhi and Dehradun said that bus operators called them to inform that the buses had been cancelled. "Our buses were cancelled at the last moment, and when we tried to book private cabs to Delhi, drivers were quoting up to Rs 20,000," said a passenger who was scheduled to travel to Dehradun. Officials said talks will be held with private bus operators to find a solution. On Saturday, TOI reported that at Heerapura terminal, construction of roads leading to the bus bays and parking bays from the exit and entry gates is yet to be done. However, work on the bus shed inside the terminal is almost complete, along with the setting up of ticket counters.

One year after contractor approval, green nod for Madh-Versova bridge
One year after contractor approval, green nod for Madh-Versova bridge

Time of India

time39 minutes ago

  • Time of India

One year after contractor approval, green nod for Madh-Versova bridge

Mumbai: Almost a year after issuing a letter of acceptance to the contractor, the BMC has obtained an NOC from the Union environment ministry for the proposed Madh-Versova bridge. The civic body now has to seek approval from the Bombay High Court, as the project will impact 2.3 hectares of protected mangroves -- a mandatory step for any construction in ecologically sensitive zones. "The exact number of mangroves affected is yet to be determined. Once all approvals are in place, the work order will be issued," a BMC official said. The total contract cost stands at Rs 2,395 crore, comprising Rs 1,990 crore for civil works, Rs 39.89 crore for operations and maintenance over three years, and Rs 365.36 crore as GST (18%). T he planned cable-stayed flyover will span 2.06 km, connecting Madh island to Versova by crossing over the Madh creek. Currently, the two areas are linked by a ferry service, with no direct road access. Motorists must take lengthy detours via Link Road, SV Road or Western Express Highway, often facing travel times exceeding 45 minutes during peak hours. The bridge is expected to cut commute times by 40 to 60 minutes. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Environmentalists have voiced strong objections, citing the destruction of natural stormwater buffers. Advocate Godfrey Pimenta said, "In the 1991 Development Plan, this was designated as a no-development zone (NDZ). However, the 2034 DP introduced a road network that includes the Madh-Versova bridge. This move will systematically destroy natural habitats and will burden local infrastructure beyond its capacity. "

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store