IRB Infrastructure to act as Project Manager for InvIT Fund projects worth ₹2,663 crore
IRB Infrastructure Developers Limited will act as Project Manager for IRB InvIT Fund's projects, SYTL and CGTL. The agreements are valued at approximately ₹2,663 crore on a fixed price basis over the remaining 18-year concession period. The appointment is effective upon the transfer of SPV equity to the InvIT.
The value of the project management agreements is significant and pertains to key infrastructure projects, which is likely to have a notable impact on the company's operations and revenue.
The company is entering into significant project management agreements with a substantial value, indicating business growth and expansion.
IRB Infrastructure Developers Limited announced that its Board of Directors has approved entering into Project Implementation Agreements (PIAs) with IRB InvIT Fund and its project Special Purpose Vehicles (SPVs). Under these agreements, IRB Infrastructure will act as the Project Manager for projects operated by Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL).
The total value of these agreements is approximately ₹2,663 crore on a fixed price basis, inclusive of applicable taxes, over the remaining concession period. The weighted average life of these concessions is approximately 18 years.
This appointment is contingent upon the completion of the transfer of 100% equity share capital of the Project SPVs from IRB Infrastructure Trust to the Public InvIT. The agreements are being entered into in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The company clarified that these transactions are not related party transactions and are conducted on an arm's length basis.
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IRB Infrastructure Developers Limited filed this with the NSE as a statutory disclosure, categorised under strategic partnerships. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by IRB Infrastructure Developers Limited. Read the original for the full detail.