December 4, 2021

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Ferrovial enters the Indian infrastructure market | Economy

Ferroviel, through its subsidiary Cintra, IRB Infrastructure, an Indian-listed company, has submitted a 24.9% chance of acquiring a maximum of 24.9% of its capital to developers for 36 364.64 million, according to the Spanish construction company National Securities Market Commission (CNMV).

Operation will be carried out through optional capital increase, always linked to specific needs. Of these, Virendra D., the majority shareholder of IRB. Mysker, after reaching a firm agreement on the transaction, the meeting of the shareholder’s shareholders approves the capital increase and all necessary administrative approvals are obtained.

However, this maximum stake of 24.9% does not give Syndra control rights over IRB Infrastructure, so Virendra D. Mysker and his family and his holding company will continue to be the majority shareholder in the company. Controlling the management of the company. Once the transaction is complete, Cintra will be a minority partner associated with the presence on the board of directors. As explained by the Spanish company, Cindra will “support the company in its growth and transform its extensive international experience in highway management and analysis of new investments”.Cindra has a strong international presence.

IRB Infrastructure Developers, listed on the Mumbai Stock Exchange, was established in 1998 and is one of India’s leading infrastructure companies and a pioneer in creating the first offer. Create-Execute-Transfer (BOT) In India, a private company receives a privilege from the public sector to finance, design, build, own and operate a facility until it recovers the investment.

It currently has 23 toll road concessions in its portfolio, representing about 20% of the so-called Golden Quadrilateral, a road network that connects the main poles of the country’s economic growth. Its assets include the Mumbai-Pune highway, which is considered one of India’s most important, the company said in a statement.

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Strong investments

In 2020, its turnover reached 630 million euros, while its Ebitda was 310 million. Its business model combines concessions and construction activities, with a very active presence among the promoted infrastructure projects in India and an excellent record of project awards. Its construction division, which currently works exclusively for its own concession projects, has a record 14,000 kilometers.

“This investment by IRP Infrastructure Developers will represent Sintra entering India’s infrastructure market, one of the fastest growing countries in the next decade. IRB has high quality assets and capabilities to capture this expected growth. Cindra will work with the company to improve IRB’s competitive position. Together with IRB’s local knowledge and skills, our international experience as an investor and operator will develop functional and ESG enhancements, which are the international benchmarks for Cindra and Ferroviel, ”said Andres Sacriston, CEO of Cindra.

In the period 2022-2025, India is expected to invest over 24 240,000 million in highways in India, and privatization of more than ,000 18,000 million has attracted the attention of international financial and industrial investors.