IRB Infrastructure Clears Sale of Gandeva–Ena HAM Project to IRB InvIT for ₹513 Crore

IRB Infrastructure Developers Ltd., one of India’s leading transport infrastructure companies, has approved the transfer of its Gandeva–Ena (VM7) Hybrid Annuity Model project, a key stretch of the Delhi–Mumbai Greenfield Expressway to the IRB InvIT Fund. The publicly listed InvIT, sponsored by IRB, will acquire the project for ₹513 crore as full equity value.

Once the transaction is completed, the entire project debt will also shift to the InvIT, resulting in a meaningful improvement in IRB Infrastructure’s consolidated net debt-to-equity position. The arrangement supports the company’s ongoing efforts to strengthen its financial metrics and recycle capital into upcoming expressway development opportunities.
Despite the transfer, IRB will continue to remain associated with the VM7 asset, taking on the role of Project Manager for the InvIT, ensuring seamless operational continuity.

The company stated that this move is consistent with its long-standing “Bid–Execute–Stabilize–Transfer” strategy, which focuses on monetising operational assets, reinvesting capital, and maintaining a disciplined development cycle.
Commenting on the decision, Virendra D. Mhaiskar, Chairman & Managing Director, said the transaction reinforces IRB’s strategic roadmap. He added that the shift would support stable, long-term cash flows for the IRB InvIT Fund while enabling IRB Infrastructure to pursue new growth avenues.

The sale marks another step in IRB’s broader plan to optimise its asset portfolio and maintain momentum in the national expressway development landscape.