FCC

S&R Associates represents IRB Infra in expressway investment

2022-10-31

S&R Associates represented IRB Infrastructure Developers in the Rs 21.33 billion investment by IRB and an affiliate of GIC (Singapore’s sovereign wealth fund) in Meerut-Budaun Expressway Ltd (MBEL), which is the concessionaire for a portion of the six-lane Ganga Expressway toll-road project in Uttar Pradesh.

IRB and GIC have subscribed to equity shares aggregating to Rs 5.33 billion in the ratio of 51:49 in MBEL and will subscribe to non-convertible debentures issued by MBEL aggregating to Rs 15.99 billion in multiple tranches linked to certain milestones for funding the project.

The S&R team was led by partners Sandip Bhagat and Pratichi Mishra, and included associates Dhanush Dinesh, Samyak Jain and Oshika Nayak.