Spanish contractor Ferrovial has bought a 24% stake in Indian road builder IRB Infrastructure Trust for EUR 740 million (US$ 802 million).

Out of the total EUR 740 million (US$ 802 million) deal, EUR 97 million (US$ 105 million) is allocated for the pending projects. Cintra, a toll road subsidiary of Ferrovial, acquired the shares from GIC, a Singaporean state-owned wealth fund, while GIC will maintain a 25% ownership stake. IRB Infrastructure Developers will retain a 51% stake in the company.

IRB Infrastructure Developers, a major Indian infrastructure firm with Ferrovial's subsidiary Cintra holding a 24.86% stake, boasts an asset base exceeding INR 770 billion (US$ 9.2 billion). Established in 1998, it has constructed over 18,500 lane km of roads in India. Operating with a combined approach of concessions and construction, IRB is highly active in Indian infrastructure development, renowned for its successful project acquisitions in the region.