Spanish contractor Ferrovial has bought a 24% stake in Indian road builder IRB Infrastructure Trust for €740m.

IRB owns 12 toll road concessions in India, covering an estimated 2,000km, with plans to acquire a further three. The €740m includes €97m earmarked for the outstanding projects.

Cintra, the toll road subsidiary of Ferrovial, purchased the shares from Singaporean state-owned wealth fund GIC, which will retain a 25% stake.

A 51% stake in the company will be retained by IRB Infrastructure Developers.

Ferrovial said the acquisition would mark the close of its expansion in India. The acquisition was announced in 2021 and is expected to gain regulatory approval by the end of next month.