(Reuters) – Spanish construction giant Ferrovial said on Thursday it will buy a 24% stake in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India, for 740 million euros ($809.6 million).
The group will acquire this stake from affiliates of Singapore’s sovereign fund GIC, which currently own a 49% stake in IRB Infrastructure Trust.
The closing of the transaction is expected by the end of April, Ferrovial said in a filing to Spanish stock market regulator CNMV.
GIC’s affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will keep its current 51% stake, it added.
($1 = 0.9140 euros)
(Reporting by Matteo Allievi, editing by David Latona)
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