IRB Infra transfers Gandeva Ena HAM project to InvIT, cuts debt by ₹700 crore

IRB Infrastructure Developers Ltd on Monday said it has completed the transfer of its Gandeva Ena (VM7) hybrid annuity model (HAM) project to the IRB InvIT Fund, receiving a cash consideration of ₹513

crore towards its equity investment in the project’s special purpose vehicle.

In an exchange filing, the company said the transaction would lead to a reduction in consolidated debt of approximately ₹700 crore, significantly strengthening its liquidity position and balance sheet flexibility.

Commenting on the development, Chairman and Managing Director Virendra D. Mhaiskar said the transaction reinforces IRB’s “Bid–Execute–Stabilise–Transfer” strategy and highlights the group’s ability to recycle capital and realise value from mature infrastructure assets.

He added that the proceeds would enable IRB to pursue future growth opportunities in the infrastructure space, while also supporting portfolio optimisation and long-term value creation for stakeholders.

IRB Infrastructure Developers had earlier entered into a binding agreement to sell the Gandeva Ena (VM7) HAM project to the IRB InvIT Fund as part of its asset monetisation programme.

The Gandeva Ena HAM project is an eight-laning, revenue-generating stretch on the upcoming New Delhi–Mumbai Greenfield Expressway in Gujarat. The project falls under Package VII of the Bharatmala Pariyojana and is being executed under a concession awarded by the National Highways Authority of India (NHAI). It is managed by VM7 Expressway Private Limited, a wholly owned subsidiary of IRB Infrastructure Developers.

On the financial front, IRB Infra reported a 2.9% year-on-year increase in revenue at ₹2,025.4 crore for the quarter ended December 31, 2024, compared with ₹1,968.5 crore in the corresponding quarter last year. At the operating level, EBITDA rose 13.2% year-on-year to ₹984.1 crore from ₹869.2 crore, with EBITDA margins improving to 48.6% from 44.2% in Q3 FY24.

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IRB Infrastructure Developers Ltd shares closed 1.77% higher at ₹41.32 on the NSE on February 2, gaining ₹0.72 by the end of trade.