IRB Infrastructure and Developers (IRB) has successfully completed the acquisition of Gandeva Ena (VM7) HAM highway assets worth approx. Rs 1,200 crore.

This acquisition, made through the IRB InvIT Fund, forms part of the New Delhi Greenfield Expressway project. The hybrid annuity model (HAM), a public-private partnership framework, has been a key vehicle for infrastructure development in India, introduced by NHAI in 2016. With this deal, the IRB InvIT Fund now holds a portfolio of 10 highway assets, including eight BOT and two HAM projects, spanning 4,445 lane km and valued at around Rs 17,600 crore.

Rushabh Gandhi, Executive Director and CFO of IRB, noted that the acquisition was funded through debt, optimising the capital structure. As India’s largest private toll roads and highways developer, IRB has an asset base exceeding Rs 90,000 crore across 13 states.