New Delhi: Eight running road projects of Sadbhav Infrastructure have been taken over by IndInfravit, a Larsen & Toubro Group investment trust, for Rs 6,300 crore.
“Pursuant to the acquisition of Mysore-Bellary Highway road asset today, IndInfravit has completed the acquisition of 100 per cent of the equity shareholding and economic interest held by Sadbhav in eight road infrastructure projects at an enterprise value of Rs 6,300 crore,” IndInfravit said in a statement.
IndInfravit had signed an agreement in July 2019 nine highway assets of Sadbhav Infrastructure.
The projects that hev been acquired by IndInfravit include
six toll roads. The other two are annuity based highways. The total length of these 8 projects is 2,300 kilometers and they are spread over Telangana, Karnataka, Rajasthan and Maharashtra.
The 8 projects are – Nagpur Seoni Expressway, Aurangabad Jalna Tollway, Bhilwara Rajsamand Tollway, Shreenathji Udaipur Tollway, Dhule Palesner Tollway, Hyderabad Yadgiri Tollway, Bijapur-Hungund Tollway and Mysore Bellary Highway.
The acquisition of the last projects (Ahmedabad Ring Road Infrastructure) is pending due to the certain regulatory approvals and fulfillment of some other conditions spelt in the documents signed between the two companies in July last year.
Under the agreement, Sadbhav has received consideration by way of a preferential issue of units of IndInfravit (amounting to 10 percent on post-issue basis) as well as cash.