IRB Infra ties up with Singapore's GIC Pte, to bid for larger projects

IRB Infra ties up with Singapore's GIC Pte, to bid for larger projects

IRB Infrastructure Developers Ltd, an Indian road builder, said a partnership with Singapore's sovereign wealth fund will help it bid for much larger projects and boost revenue.

The company will jointly bid with GIC Pte for all future projects, IRB's Chairman and Managing Director Virendra Mhaiskar said in a phone interview. GIC invested as much as Rs 4,400 crore ($620 million) to acquire 49% of an investment trust sponsored by IRB, the companies said in a filing on Tuesday.

"We will have a strong financial partner" in GIC, Mhaiskar said. "The sheer size of business that we can now look at, doubles."

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