IRB Infrastructure Trust, the private InvIT of IRB, has completed the refinancing of five BOT projects for about Rs 6,400 crore located in three states.
Of the 5 build-operate-transfer (BOT) projects, 2 each are located in Maharashtra and Uttar Pradesh, while 1 is in Rajasthan.
"IRB Infrastructure Trust (Private InvIT) has successfully completed the refinancing exercise for its five BOT Assets for around Rs 6,400 crore," IRB said in a statement.
The new interest rate will be 8.6 per cent against 9.7 per cent earlier and help save the company Rs 1,000 crore over the next 5 years, it said.
Virendra D Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers Ltd, said, "Five of the operational BOT Assets under our private InvIT have successfully completed the re-financing exercise, with debt moving to the InvIT level. This will not only bring down our interest cost, reduce the amortisation in initial years, but also improve the tax efficiency of the portfolio".
IRB Infrastructure Developers Ltd (IRB) is India's first integrated multi-national transport infrastructure developer in the roads and highways segment.
As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 75,000 crore in 12 states across the parent company and two InvITs.