New Delhi: IRB Infrastructure on Monday said its board has approved the sale of its Gandeva Ena (VM7) hybrid annuity model project, which forms part of the upcoming Delhi Mumbai Greenfield Expressway Project, to IRB InvIT Fund for Rs 513 crore.
IRB Infrastructure, in a statement, said it will receive Rs 513 crore as 100 per cent equity consideration from the IRB InvIT Fund upon completion of the transfer, and the project debt will also be transferred.Consequently, IRB's consolidated net debt-to-equity ratio will see a meaningful improvement, it added.
According to the statement, the Company has also agreed to be the project manager of VM7 Project, post transfer to Public InvIT.The Gandeva Ena HAM Project is an eight-laning revenue-generating stretch in the State of Gujarat under NHAI's Package-VII of India's ambitious 'Bharatmala Pariyojana, which is being managed 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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