IRB InvIT Fund has received approval from its unitholders to acquire three DBFOT (Design, Build, Finance, Operate, and Transfer) road project special purpose vehicles (SPVs) from IRB Infrastructure Trust, the private InvIT associated with IRB Infrastructure Developers. The acquisition, valued at ₹8,436 crore, was approved with approximately 96% majority.
The three SPVs involved in the transaction are IRB Hapur Moradabad Tollway Limited, Kaithal Tollway Limited, and Kishangarh Gulabpura Tollway Limited. All three entities operate road assets under the DBFOT model. A binding term sheet for the deal was signed on May 30, 2025.
In addition to approving the acquisition, unitholders of the publicly listed IRB InvIT Fund also cleared a fundraise to support the transaction and approved the appointment of the Sponsor, IRB Infrastructure Developers, as the project manager for operations and maintenance (O&M) of the acquired assets.
Virendra D. Mhaiskar, Chairman & Managing Director of the Sponsor stated, “We are truly grateful to all the unitholders of the IRB InvIT Fund for demonstrating their strong trust and confidence in the Fund’s growth strategy by passing the resolutions,” he added. “We remain committed to enhancing unitholder value by actively exploring opportunities to add quality assets to the portfolio.”
The transaction is subject to regulatory approvals and other necessary compliances. Post-acquisition, the Sponsor’s O&M order book is expected to increase by approximately ₹3,100 crore.
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