South African tycoon Ipeleng Mkhari's Gautrain consortium secures $540 million from Standard Bank

The Gautrain consortium that includes South African tycoon Ipeleng Mkhari's Motseng Investment Holdings has secured R9 billion ($540 million) in financing, after Standard Bank Group Ltd. fully underwrote the debt for the group that took over the rapid rail network last month.

The money will fund a 15-year overhaul of the line that links Johannesburg, Pretoria, Sandton and OR Tambo International Airport. Motseng is a member of Sihamba Sonke Mobility, the concessionaire that now runs, maintains and modernises the system for the Gauteng provincial government under a public-private partnership running to 2041.

Standard Bank acted as sole mandated lead arranger and underwriter on the package and also took on the roles of hedge provider, account bank, performance bond issuer, facility agent and security agent. The deal returns the bank to the project almost two decades after it helped finance the network's construction in 2007.

"Standard Bank is proud to back the investment that will define its next chapter," said Agnes Nkosi, executive vice president for infrastructure at the bank's corporate and investment banking division.

Where the money goes

The largest share of the work is on trains. The consortium will refurbish the Gautrain's 24 existing four-car train sets and buy eight new ones, taking the fleet to 32. French train maker Alstom, a consortium member, will build the new units locally under a contract worth about €800 million, install a new signalling system and maintain the fleet.

The financing also covers upgraded communications systems, a new ticketing platform, station improvements, renewable energy projects and a replacement fleet of feeder buses. The consortium has promised more frequent trains outside weekday peak hours and longer operating hours.

Sihamba Sonke Mobility took control on Sept. 28, six months after the previous concession held by Bombela ended in March. Its members are a joint venture between Motseng and African Infrastructure Investment Managers, French transport group RATP Dev, which has operated the Gautrain since it opened in 2010, Alstom, engineering firm GIBB-Crede, AIH Connect and SSM InvestCo, a broad-based black ownership vehicle. The size of Motseng's stake has not been disclosed.

The Gautrain remains owned by the province. It has carried more than 216 million passengers since it opened.

Motseng's biggest contract

The concession is the largest infrastructure contract in Motseng's history. Mkhari co-founded the Johannesburg-based company in 1998 and runs it as chief executive. Motseng is 100% black-owned and led by women.

Its first deal was a stake in security business Enforce, and it went on to set up what was described as South Africa's first black woman-owned closed-circuit television company. In 2002 it struck a property services deal with Marriott Corporate Property Services. The group now has interests in asset and property management, infrastructure, logistics and industrial manufacturing across Southern Africa.

In 2025, Motseng and African Infrastructure Investment Managers announced a partnership to build an infrastructure investment business led by black women.

Mkhari built her name in property. She co-founded Delta Property Fund, which listed on the Johannesburg Stock Exchange in 2012 with assets of R2 billion, and served as president of the South African Property Owners Association. She has chaired the Women's Property Network and, since September 2025, has been the independent non-executive chair of Attacq Ltd., the listed developer behind Waterfall City in Midrand.

She holds a social science degree from the University of Natal and completed an executive development programme at Wits Business School. She is a fellow of the African Leadership Institute's Tutu programme.