IRB Private Trust Refinances 5 BOT Projects

IRB Infrastructure Trust, the private Infrastructure Investment Trust (InvIT) affiliated with IRB, has completed the refinancing of five Build-Operate-Transfer (BOT) projects totalling approximately Rs 64 billion , spread across three Indian states. Among these projects, two are situated in Maharashtra, two in Uttar Pradesh, and one in Rajasthan. In a statement, IRB announced, IRB Infrastructure Trust (Private InvIT) has successfully concluded the refinancing process for its five BOT assets, amounting to around Rs 64 billion. The new interest rate stands at 8.6 per cent a reduction from the previous rate of 9.7 per cent resulting in anticipated savings of Rs 10 billion for the company over the next five years. Virendra D Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers Ltd, commented, Five of the operational BOT Assets within our private InvIT have effectively completed the refinancing process, with the debt now residing at the InvIT level. This move not only reduces our interest expenses and amortisation in the initial years but also enhances the tax efficiency of our portfolio. IRB Infrastructure Developers, recognised as India's first integrated multinational transport infrastructure developer in the roads and highways sector, boasts the status of being the largest integrated private developer of toll roads and highways infrastructure in India. The company's asset portfolio is valued at over Rs 750 billion and spans 12 Indian states across the parent company and two InvITs.