Nishith Desai Associates: Deal Corner

Posted by By at 9 August, at 18 : 11 PM Print

August 09, 2019

GIC ANNOUNCES INVESTMENT OF ~USD 625MN IN THE ROAD BUSINESS OF IRB 

DEAL BRIEF

GIC and IRB have signed investment agreements for investment up to INR 4,400 crore (approx. USD 624.11 million) to set-up India’s largest private infrastructure investment trust to which IRB will transfer 9 BOT road assets. The private InvIT is estimated to have a portfolio of INR 22,500 crores (approx. USD 3,191.48 million) at completion of construction. The road assets in the portfolio span across Haryana, Uttar Pradesh, Rajasthan, Gujarat, Maharashtra and Karnataka. Three of these projects have recently become operational and balance six are under various stages of construction. Five of the assets under construction are 4 to 6 laning projects, where tolling as well as construction has already begun. These projects are strategically located along economic corridors and across tourist hubs.

IRB will hold 51% and GIC will hold 49% in the Investment Manager (IM) entity formed to manage the private InvIT. The balance construction and O&M for the road assets in the portfolio will be executed by IRB as the project manager for the private InvIT.

OUR ROLE

We, at Nishith Desai Associates, acted as the transaction counsel to GIC and advised on legal, structuring and regulatory aspects of the transaction including the negotiations and deal documentation for all the documents.

PRESS COVERAGE

Press coverage relating to the Fund is available as follows:

https://www.livemint.com/companies/news/gic-ups-india-infra-play-with-rs-4-400-crore-investment-in-irb-roads-invit-1565092199511.html

https://www.legallyindia.com/dealsprojects/s-r-nda-act-on-619-gic-affiliate-investment-in-irb-road-developer-invit-project-20190807-10775

https://barandbench.com/nda-sr-lead-gic-irb-infra-developers/

https://www.infrastructureinvestor.com/gic-invests-622m-indian-toll-roads-portfolio/

https://economictimes.indiatimes.com/markets/stocks/news/gic-to-invest-up-to-rs-4400-crore-in-irb-infra/articleshow/70558648.cms


FT Innovative Lawyers Asia Pacific 2019 Awards: NDA ranked 2nd in the Most Innovative Law Firm category (Asia-Pacific Headquartered)

RSG-Financial Times: India’s Most Innovative Law Firm
2019, 2017, 2016, 2015, 2014

Chambers and Partners Asia Pacific: Band 1 for Employment, Lifesciences, Tax and TMT
2019, 2018, 2017, 2016, 2015

Benchmark Litigation Asia-Pacific: Tier 1 for Government & Regulatory and Tax
2019, 2018

IFLR1000: Tier 1 for Private Equity and Project Development: Telecommunications Networks.
2019, 2018, 2017, 2014

Legal500: Tier 1 for Dispute, Tax, Investment Fu ds, Labour & Employment, TMT and Corporate M&A
2019, 2018, 2017, 2016, 2015, 2014, 2013, 2012

AsiaLaw 2019: Ranked ‘Outstanding’ for Technology, Labour & Employment, Private Equity, Regulatory and Tax

Who’s Who Legal 2019:
Nishith Desai, Corporate Tax and Private Funds – Thought Leader
Vikram Shroff, HR and Employment Law- Global Thought Leader
Vaibhav Parikh, Data Practices – Thought Leader (India)
Dr. Milind Antani, Pharma & Healthcare – only Indian Lawyer to be recognized for ‘Life sciences – Regulatory,’ for 5 years consecutively

Merger Market 2018:Fastest growing M&A Law Firm in India

Asia Mena Counsel’s In-House Community Firms Survey 2018:The only Indian Firm recognized for Life Sciences

IFLR: Indian Firm of the Year 
2013, 2012, 2011, 2010

IDEX Legal Awards 2015: Nishith Desai Associates won the “M&A Deal of the year”, “Best Dispute Management lawyer”, “Best Use of Innovation and Technology in a law firm” and “Best Dispute Management Firm”


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Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich and New York.

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