Cintra acquires 24% stake in IRB Infrastructure Trust

IRB Infrastructure Developers Ltd. said on Thursday that Cintra, a Ferrovial affiliate, had purchased a 24% interest in IRB Infrastructure Trust from GIC Affiliates.

Cintra, a subsidiary of Ferrovial, has acquired 24 per cent stake in IRB Infrastructure Trust from GIC Affiliates, IRB Infrastructure Developers Ltd said on Thursday.

”Completion of the acquisition is subject to fulfilment of conditions precedent, including receipt of requisite regulatory and third-party approvals,” IRB Infrastructure Developers said in a statement.

IRB will also benefit from the growing EPC and O&M order book as the sole project manager to the trust, it added.

IRB Infrastructure Developers CMD Virendra Mhaiskar said, ”This is a vindication of the value creation IRB has been able to do in the Trust which is India’s maiden development platform in the roads and highways sector.”

Cintra CEO Andres Sacristan said, ”We’ll keep leveraging our complementary strengths and expertise to capture further value from the growth that IRB is having, while we keep collaborating with GIC and IRB.”