(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 (about $810 million).
The group will acquire this stake from affiliates of Singapore's sovereign fund GIC, which currently owns a 49% stake in IRB Infrastructure Trust, Ferrovial said in a filing to Spanish stock market regulator CNMV.
IRB Infrastructure Trust has a pipeline of three additional concessions in a country that is expanding its highways and plans to invest around 240 billion euros in roads until 2025, Ferrovial said, citing a report by India's Department of Economic Affairs.
The transaction is expected to close by the end of April, subject to regulatory approvals.
Ferrovial said the deal completes its investment in the Indian market after reaching its internal size target.
The Spanish group, which manages highways in North America and Europe, also holds a 24.86% stake in IRB Infrastructure Developers, an Indian infrastructure company that is one the country's largest toll road developers.
GIC's affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will keep its current 51% stake, it said. ($1 = 0.9140 euros)