Cintra Acquires a 24% Stake in IRB Infra Trust from GIC

Cintra, a subsidiary of Ferrovial, has acquired a 24% stake in IRB Infrastructure Trust from GIC Affiliates and IRB Infrastructure Developers Ltd. The completion of this acquisition is contingent upon meeting certain conditions, including obtaining necessary regulatory and third-party approvals. IRB stands to benefit from an expanding EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) order book as it remains the exclusive project manager for the trust. This move underscores the value creation achieved by IRB within the Trust, which represents India’s inaugural development platform in the roads and highways sector.


The deal’s finalization, pending regulatory approvals, is expected to take place by April 30, 2024. The acquisition price and outstanding equity commitments will be funded through a combination of equity, non-recourse debt, and other sources of financing. Ferrovial believes that this transaction marks the culmination of its investment in the Indian market, meeting its internal size goal. The future growth of IRB Infrastructure Trust will be evaluated by Ferrovial and its partners on a project-by-project basis, with funding primarily coming from the platform distributions.

The trust manages a diverse portfolio of 15 road projects, covering an impressive 10,567 lane kilometres. Since its establishment in 1998, it has constructed over 18,500 lane kilometres of roads in India.