Singapore-based GIC Affiliates will invest Rs 1,045 crore in the Ganga Expressway project. IRB Infrastructure Developers announced this on the day Ganga Expressway Project completed equity raise of ₹533.20 crore. GIC Affiliates contributed ₹261.29 crore and IRB Infra contributed ₹271.90 crore. IRB Infra will hold a 51% stake in the project while GIC Affiliate will hold 49%. The Project is expected to complete private placement of NCD of ₹138.65 crores to IRB Infra and GIC Affiliate soon subject to fulfillment of condition precedents.
The Company will also act as the Project Manager to implement the project. As the Project Manager it will be receiving entire flow of consideration towards EPC and O&M Works for the Project, which will be in aggregate approximately ₹10,459 crores (plus applicable taxes).
Virendra D. Mhaiskar, Chairman & MD of IRB Infrastructure Developers Limited said, “This is in line with our strategy of exploring the opportunities in the sector. We are grateful to GIC for investing with us in developing the prestigious project for the Nation. We are committed to deliver the project with high quality and safety standards for the State of Uttar Pradesh. The project has already achieved its financial closure and has received an appointed date from the UPEIDA, which has allowed us to commence construction activity and immediately receive the first round of investment in the project.”
To reiterate, Meerut Budaun Expressway, Ganga Expressway Group 1 greenfield BOT Project is a six lane stretch of 129.700 Kms, expandable to eight lanes, between Meerut and Budaun in UP, with the cost outlay of ₹6,538 crores.