IRB Infrastructure Developers Ltd. Approves Implementation of Ganga Expressway Project Through Company's Associate - Private InvIT

IRB Infrastructure Developers Ltd. has approved the implementation of the rest of the Ganga Expressway Project through its associate - Private InvIT. The project will be implemented through Meerut Budaun Expressway Limited (MBEL), a 51:49 joint venture between the Company and a GIC affiliate. The Company has been and will continue to act as the Project Manager. The implementation will be done through amendments to certain previously executed agreements and other ancillary documents with affiliates of GIC Singapore, Cintra entities, IRB Infrastructure Trust (Private InvIT) and MBEL. The Company will receive consideration of approximately Rs. 874.61 crores from the Private InvIT for the sale and transfer of 41% of equity shares held by the Company in MBEL and 41% of debentures held by the Company in MBEL. The Company is also expected to receive Rs. INR 6422 crores (plus applicable taxes) towards project management works for the implementation of the remaining project.