Latest News | IRB InvIT Fund to Acquire Vadodara Kim Expressway Project at Equity Value of Rs 342 Cr

New Delhi, Sep 9 (PTI) IRB InvIT Fund on Friday said it is set to acquire Vadodara Kim Expressway hybrid annuity model (HAM) project in Gujarat from its sponsors IRB Infrastructure Developers Limited at an equity value of Rs 342 crore.

IRB InvIT Fund in a statement said the project is part of upcoming Delhi-Mumbai eight lane greenfield expressway.

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The acquisition is subject to necessary compliances and approvals, and is expected to be completed by October 2022-end, it added.

According to IRB InvIT Fund, after the acquisition is completed, the InvIT will have six operational and revenue generating assets in its portfolio.

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Under the HAM model, the government provides 40 per cent of the project cost to the developer to start work, while the remaining investments are made by the developer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)