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Ferrovial subsidiary Cintra to acquire 24% stake in IRB Infra Trust from GIC

Transport infrastructure developer Cintra, a subsidiary of Spanish infra group Ferrovial, will acquire a 24% stake in IRB Infra Trust from GIC affiliates, IRB Infra said in a statement on Thursday. Cintra has entered into a definitive agreement for this acquisition which also includes a 24% stake in MMK Toll Road Pvt Ltd, the investment manager of the Trust. The completion of the acquisition is subject to fulfillment of conditions precedent, including requisite regulatory and third-party approvals. “IRB, with a diverse variety of investors, is uniquely positioned to expand its asset base, already one of the key players in the sector, and drive sustainable growth and development across the nation," the statement added. "The company will also benefit from the growing EPC (engineering, procurement and construction) and O&M (operation & maintenance) order book as the sole project manager to the Trust."