GIC affiliate to invest 44b rupees in India's IRB Infra road assets

[BENGALURU] India's IRB Infrastructure Developers Ltd said on Tuesday an affiliate of Singapore's GIC sovereign wealth fund will invest 44 billion rupees (S$858.4 million) in its road and highway assets.

IRB Infrastructure will hold a 51 per cent stake and keep management control in a private infrastructure investment trust, which will be set under the deal, the highway construction firm said.

IRB Infrastructure and GIC also plan to explore other opportunities in the road sector in India through the trust, chief executive Virendra Mhaiskar said.

REUTERS