INSUBCONTINENT EXCLUSIVE:
Mumbai: GIC has given a Rs 700 crore interim loan to IRB Infrastructure, after the Singapore sovereign wealth fund a few months ago made an
investment commitment of Rs 4,400 crore in an investment trust (InVT) introduced by the road contractor, three people with direct knowledge
Infrastructure Trust, said one of the people
Banks could not be contacted immediately for comment.
GIC and IRB are likely to close the Rs 4,400 crore deal in the next two months
The interim loan is to meet the immediate business needs of the projects that would become part of the trust as it takes time to close any
spokesperson.
IRB has issued debentures against the interim loan, with yields in the range of 11-11.80% and a two-year maturity, the people
materialised will likely give more confidence to other investors in the infrastructure sector, said industry insiders
latest InVT will own nine road assets of which six are under construction
Those are all supposed to be BOT (Build Operate transfer) projects, including in Haryana, Uttar Pradesh, Rajasthan, Gujarat, Maharashtra,
IRB may later bring in new projects into the trustee.
The Securities Exchange Board of India is said to have registered the private InVT
last month.
IRB had launched its maiden InVT in 2017, but through a public issuance.
