IRB Infra mulls private equity participation for Ganga Expressway

IRB Infrastructure Developers is contemplating to bring in private equity participation for constructing its share of the ₹6,555 crore Ganga Expressway.

Meerut Budaun Expressway Private Limited, a wholly-owned subsidiary of IRB, formed in early January, won the bid to develop 22 per cent or 129.7 km of the access controlled six lane greenfield Ganga Expressway from Meerut to Budaun in Uttar Pradesh’s north west region.

While land acquisition for about 94 percent of the project has been completed by Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), the financial closure is yet to be done, according to Virendra Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers.

“We are contemplating to execute the project under the private equity construct. About 94 per cent land acquisition already done by UPIEDA. The financial closure is the primary requirement. We will be able to start the construction pretty soon upon achieving the closure,” Mhaiskar added.

HBL