In the largest transaction in the roads and highways sector in India, leading road developer IRB Infrastructure Developers on Tuesday (Feb 25) announced that it has received the first tranche of investment of ₹3,753 crore from Singapore’s GIC affiliates.

GIC, a sovereign wealth fund set up in 1981 by government of Singapore, manages over $100 billion in public and private investments across asset classes such as private equity, real estate and public equity. GIC had announced last year that it plans to deploy up to $1 billion in India through an investment platform to acquire operating roads in an ambitious effort to expand its presence in the country’s infrastructure sector