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JOIN Supports the Brown-field Annuity State Road Project in India

Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (“JOIN”, headquartered in Tokyo, President & CEO: Tatsuhiko Takesada) has announced its decision to invest up to approximately JPY 500 million in brown-field annuity state road projects in India (the “Project”). The investment decision has been approved by the Minister of Land, Infrastructure, Transportation and Tourism on February 14, 2024, JOIN will participate in the Project through a special purpose company, Japan India Road LLC, (“JIR”) in collaboration with JFE Engineering Corporation (“JFEE”, headquartered in Tokyo, President & CEO: Kazuyoshi Fukuda).  This announcement is being made today because the related parties have completed the coordination on the business implementation and investment of the project.

JIR plans to participate in the Project by partially acquiring four road-operation companies from DP Jain & Co. Infrastructure Private Limited (“DPJ”). Additionally, JIR will establish a new management company Sangha Infra Consultants Private Limited(“SIC”) with DPJ to manage these four road-operation companies and pursue the development of new road operation projects in India or in South Asia.

The number of vehicle passengers in India is expected to grow, driven by population growth, a strong economy and rising incomes.

JOIN’s support will enable JFEE to make its first full-scale investment in road operation project outside of Japan. By introducing Japan’s advance technology and expertise in road operations to India, this effort is expected to pave the way for greater opportunities for Japanese companies to enter the Indian infrastructure market in the future. 

In addition, this project is expected to contribute to the Japanese government’s objectives outlined in the“Infrastructure System Overseas Expansion Strategy 2025” that calls for promoting the shift from EPC to O&M and development of high-quality infrastructures through PPP. 

JOIN Supports the Brown-field Annuity State Road Project in India