August 6, 2019 / 11:24 AM / 12 days ago

Singapore's GIC to invest $621 million in IRB Infra road assets

BENGALURU (Reuters) - India’s IRB Infrastructure Developers Ltd said on Tuesday an affiliate of Singapore’s GIC sovereign wealth fund will invest 44 billion rupees ($621.51 million) in its road and highway assets.

IRB Infrastructure will hold a 51% 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.

($1 = 70.7950 Indian rupees)

Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips

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