IRB Infra to monetise non-core assets
Mumbai, Sept 22 (TNT): IRB Infrastructure Developers Ltd’s board has given in-principle approval to monetise its non-core assets through phased development of land parcels in Pune and redevelopment of land in Mumbai, the company said on Tuesday.
The plan includes phased development of around 350 acres out of approximately 1,100 acres owned by Aryan Infrastructure Developers Ltd at Taje and Pimpaloli villages in Maval taluka of Pune district.
It also involves redevelopment and rehabilitation of part of around 3,500 sq m of land owned by Ideal Road Builders Pvt Ltd at Chandivali in Mumbai.
In a release, the company said the proposal is subject to definitive documentation and necessary regulatory and statutory approvals.
According to CEO-Corporate Satinder S. Rana, the initiative is expected to contribute to cash flows without incremental cost to the company.
IRB Group said it has 27 revenue-generating highway assets with an aggregate value of around Rs 94,000 crore across 13 states and approximately 1.5 million daily vehicle crossings.
It said the group plans to expand its asset base to around Rs 1.4 lakh crore by FY2029 through asset churn and reinvestment of proceeds into new opportunities.
TNT KM
