Mumbai, March 14, 2024: Cintra, a subsidiary of Ferrovial, has entered into definitive documents to acquire 24% from GIC affiliates in IRB Infrastructure Trust (“Trust”) as well as 24% stake in MMK Toll Road Private Limited (“MMK”) which is the Investment Manager of the Trust. Completion of the acquisition is subject to fulfilment of conditions precedent, including receipt of requisite regulatory and third-party approvals.
With an objective of harnessing the potential of India's infrastructure landscape, the Trust has distinct ability to leverage synergies among the leading Indian transport infrastructure developer, a global financial investor, and a global strategic partner to optimize project planning and selection processes, ensuring maximum impact and value creation.
IRB, with a diverse variety of investors, is uniquely positioned to expand its asset base, already one of the key players in the sector, and drive sustainable growth and development across the nation. The company will also benefit from the growing EPC and O&M order book as the sole project manager to the Trust.
Commenting on the occasion, Mr. Virendra Mhaiskar, CMD – IRB Infrastructure Developers Ltd. said “This is a vindication of the value creation IRB has been able to do in the Trust which is India’s maiden development platform in the roads & highways sector. We are better poised to capture the growth opportunities emerging. We remain committed to creating and unlocking shareholder value.”
Commenting on the occasion, Mr. Andres Sacristan, CEO – Cintra said “Each of IRB and GIC, respectively, share the vision of delivering high-quality sustainable infrastructure projects that enhance connectivity, mobility, and economic growth in India. This investment in the Trust complement and align better our relationship. We’ll keep leveraging our complementary strengths and expertise to capture further value from the growth that IRB is having, while we keep collaborating with each of GIC and IRB, respectively, in making the most of the pipeline ahead. We look forward to working closely with IRB's management and stakeholders to support the company's continued success and create value for our shareholders.”
Commenting on the occasion, Mr. Ang Eng Seng , CIO – Infrastructure at GIC said “We are pleased to welcome Cintra, one of the largest private developers and operators of transport infrastructure in the world, as a new investor on IRB Infrastructure Trust. Alongside Cintra and IRB, a leader in Indian road infrastructure, we look forward to our Trust developing a greater network of roads and enhancing infrastructure in India. As a long-term global investor, GIC has been investing in India since the 1990s. India remains a key market given its strong economic fundamentals and infrastructure development potential.”