With GIC, IRB has secured means to partly fund its balance equity requirement of Rs 29.5bn. The free cash flow potential of the portfolio is Rs 880bn over the project lifecycle (~20yrs), with Rs 2bn/yr IRB share from first year. IRB will leverage this partnership to bid for upcoming BOT and TOT projects, though it will have to bring 51% of equity share. We maintain BUY. Key risks (1) Declining toll revenues in certain projects, (2) Market acceptability for BOT projects and (3) Delay in appointed dates in remaining HAM projects, contributing 25% to order book by value. IRB delivered strong 18/28% 1QFY20 EBIDTA/APAT beat. Private InvIT announcement with GIC (Rs 44bn investment for 49% stake, ~1x P/BV) removes BOT asset recycling overhang. We maintain BUY with a TP of Rs 212/Sh.