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The Competition Commission of India (CCI) has approved acquisition of up to 16.94 per cent equity share capital of IRB Infrastructure Developers (IRB) by Bricklayers Investment (controlled by GIC Investor).
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The proposed combination relates to GIC Investor’s proposed acquisition of up to 16.94 per cent of the share capital of IRB on a fully diluted basis and non-fully diluted basis, through the subscription of new shares issued by way of a preferential issue on a private placement, an official release said.
GIC Investor
GIC Investor is a foreign direct investor and a wholly-owned subsidiary of GIC Infra Holdings (GIC Infra) which, in turn, is a wholly-owned subsidiary of GIC Ventures. GIC Investor was incorporated on May 22, 2019, and is a special purpose vehicle (SPV) organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments (GICSI).
IRB Infrastructure
IRB is primarily engaged in carrying out construction works in accordance with engineering, procurement and construction (EPC) contracts, and providing operation and maintenance (O&M) services of roads and highways. It has ancillary interests in power generation through wind sources, real estate service and the development and operation of airports.
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