IRB Infrastructure Developers has announced the IRB Infrastructure Developers’ Ganga Expressway public-private partnership (PPP) Project in Uttar Pradesh has completed equity raise of INR533.20 crore (US$64 million). 

GIC Affiliates contributed INR261.29 crore (US$31 million) and will hold a 49% stake in the project while IRB Infra contributed INR271.90 crore (US$33 million) and will hold a 51% stake. GIC Affiliate will act as the project manager for implementing the project, it will be receiving all engineering, procurement and construction (EPC) and Operations and Maintenance (O&M) expenses for the project, totaling approximately INR10,459 crore (US$1.2 million) including taxes. 

After the senior lender provided financial support of INR2,659 crore (US$322 thousand), IRB & GIC Affiliate committed equity and related infusion of INR2,133 crore (US$259 thousand) and UPEIDA provided INR1,746 crore (US$212 thousand) for the viable gap funding (VGF), the project reached financial close.