India-Roads1_1000x600-1.jpg
Architecture

Ferrovial purchases 24% stake in India-based infrastructure company

March 21, 2024 foasummit0

Infrastructure specialist Ferrovial, through its toll-road subsidiary Cintra, has invested US $802.3mn for a 24% stake in IRB Infrastructure Trust in India.

IRB is an investment vehicle that integrates road concessions and construction and has a portfolio of 12 toll road concessions in India, with a pipeline of three more to come. Since it was founded in 1998, it has built more than 18,500 lane kilometers of roads in India.

According to a report, Ferrovial is acquiring the stake from affiliates of GIC, which currently own a 49% stake of IRB Infrastructure Trust. After the transaction is closed, GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will maintain its current 51% stake. The total investment amount includes $105.2mn to fund outstanding equity commitments in projects being developed by IRB Infrastructure Trust.

“India’s infrastructure development plans have expanded substantially in recent years with planned capital expenditures of $260.2bn in roads and highways between the years 2020-2025, according to the Indian Department of Economic Affairs report on National Infrastructure Pipeline,” Ferrovial noted.

“In this context, IRB Infrastructure Trust is one of the leading platforms in the country with the ability to leverage synergies between a large Build-Operate-Transfer (BOT) developer, a leading financial investor, and a global strategic partner to optimise project planning and selection processes and maximize value creation,” the company concluded.

The post Ferrovial purchases 24% stake in India-based infrastructure company appeared first on Middle East Construction News.


Source: ME Construction News

CONTINUE READING
Seven-Yanbu2_1000x600-1.jpg
Architecture

Contracts awarded for Saudi Arabia’s Al Khuzama complex

March 21, 2024 foasummit0

Saudi Entertainment Ventures (SEVEN) has awarded a contract to Egyptian group Hassan Allam Holding for the construction of a major entertainment complex spanning 160,000sqm. A key hospitality project for PIF, the entertainment complex will built at Al Khuzama, in the Al Kharj region of Central Saudi Arabia.

The tender for the main contract was issued in August last year, and the bids were submitted in September.

US-based engineering firm Gensler and Lebanon’s Dar Al Handasah are the project consultants for the Al Kharj entertainment complex, while UK-headquartered Mace Group is the project management consultant.

The Al Khuzama contract is in line with PIF’s stated strategic objectives of creating a chain of major hospitality projects: it follows an earlier decision to invest in a large-scale leisure hub strategically located between the cities of Abha and Khamis Mushait near Abha International Airport. This will feature a built-up area of more than 79,000sqm.

In addition, PIF is also building an extensive entertainment destination in Yanbu, at an investment value of over US $293.27mn.

The post Contracts awarded for Saudi Arabia’s Al Khuzama complex appeared first on Middle East Construction News.


Source: ME Construction News

CONTINUE READING

Newer Posts

Older Posts