Asian Development Bank To Invest $23 Million In GR Infraprojects’ NCDs
The Asian Development Bank has signed an agreement to invest $23 million in a debt instrument of GR Infraprojects Ltd. to help the company scale up construction of roads and highways in India through purchase of new equipment.
The increased operational capacity will enhance GR Infraprojects’ ability to execute its existing order book and enable it to bid for more projects—thereby supporting road sector investment plans of the Indian government, ADB said in a statement.
The ADB-GR Infraprojects investment deal was signed by Michael Barrow, director general of Asian Development Bank, and GR Infraprojects Chairman and Managing Director Vinod Kumar Agarwal in New Delhi.
"Supporting the growth of transport sector is a key focus area of ADB's private sector strategy in India," Barrow said.
The long-term financing to GR Infraprojects will enable it to expand its execution capacity and allow it to bid for larger and more complex projects, he added.
Incorporated in 1995, GR Infraprojects is an Indian engineering, procurement and construction company, focused purely on the roads and highways sector. It currently has an order book of $2.78 billion, which is to be executed over the next three years.