Indus Infra Trust to Acquire Three Highway Assets from G R Infraprojects Limited
Mumbai – Indus Infra Trust announced on March 25, 2026, that its Investment Manager, GR Highways Investment Manager Private Limited, has received approval from its Investment Committee, Audit Committee, and Board of Directors to acquire three highway assets from G R Infraprojects Limited (Seller). The acquisition involves GR Bilaspur Urga Highway Private Limited (GBUHPL), GR Ena Kim Expressway Private Limited (GEKEPL), and GR Ujjain Badnawar Highway Private Limited (GUBHPL), collectively referred to as the “ROFO Assets.”Share Purchase Agreements have been executed with the Seller on March 25, 2026, for the acquisition of 100% equity shareholding of the ROFO Assets. The Trust has also secured approval to avail rupee term loan facilities of INR 1,940 Crore from HDFC Bank Limited to refinance existing indebtedness related to the acquired assets.
G R Infraprojects Limited currently holds 43.56% of Indus Infra Trust units and is considered a related party due to significant influence. The transaction is being conducted at arm’s length.
Details of the ROFO Assets are as follows:
| S. No. | Particulars | Details | ||
|---|---|---|---|---|
| 1 | Name of the target entity, details in brief | GR Bilaspur Urga Highway Private Limited ('GBUHPL') is a Hybrid Annuity Mode ('HAM') asset with a length of 70.20 km and 4 lanes in Chhattisgarh. It has a PCOD of August 12, 2024, an operation period of 15 years, and a remaining life of 13.39 years as of March 24, 2026. The Bid Project Cost is Rs. 1,495.82 Crores, and it has 27 bi-annual annuities receivable. | GR Ena Kim Expressway Private Limited ('GEKEPL') is a Hybrid AnnuityMode ('HAM') asset with a length of 36.93 km and 8 lanes in Gujarat. It has a PCOD of November 30, 2024, an operation period of 15 years, and a remaining life of 13.70 years as of March 24, 2026. The Bid Project Cost is Rs. 2,177.97 Crores, and it has 28 bi-annual annuities receivable. | GR Ujjain Badnawar Highway Private Limited ('GUBHPL') is a Hybrid AnnuityMode ('HAM') asset with a length of 69.10 km and 4 lanes in Madhya Pradesh. It has a PCOD of January 03, 2025, an operation period of 15 years, and a remaining life of 13.79 years as of March 24, 2026. The Bid Project Cost is Rs. 904.14 Crores, and it has 28 bi-annual annuities receivable. |
The indicative time period for completion of the acquisition is March 30, 2026. The consideration for the acquisition is in the form of cash. For GBUHPL, the Enterprise Value is upto Rs. 8,670.53 million, and the Cost of Acquisition is upto Rs. 3,047.93 million. For GEKEPL, the Enterprise Value is upto Rs. 12,779.85 million, and the Cost of Acquisition is upto Rs. 4,321.43 million. For GUBHPL, the Enterprise Value is upto Rs. 4,940.66 million, and the Cost of Acquisition is upto Rs. 1,403.14 million. These figures are subject to closing adjustments.
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