Hyderabad-based infra participant Madhucon Initiatives has bought its 100 per cent stake in Madhucon Agra- Jaipur Expressways Ltd (MAJEL) to Singapore-based Dice Highways and Infrastructure for Rs 248 crore.
“Madhucon Infra has entered right into a share buy settlement with Dice Highways & Infrastructure of Singapore to promote its 100 per cent fairness within the Agra-Jaipur Expressways for a consideration of Rs 248 crore. The settlement was signed on October 21,” Madhucon mentioned in a regulatory submitting immediately.
The corporate mentioned the transaction is topic to closing changes and regulatory approvals and contains operational grants for the whole main upkeep interval.
The Mumbai-based funding financial institution Equirus Capital acted because the unique advisor to the Madhucon Group for the transaction, whereas regulation agency Nishith Desai Associates was the authorized counsel.
The corporate gained the 25-year contract for the mission from the Nationwide Highways Authority of India (NHAI) in 2006 to widen the two-lane highway right into a four-lane freeway on Construct-Function-Switch (BOT) foundation.
The 63-km highway on the busy Agra-Jaipur stretch contains the Bharatpur-Mahua part on NH 11/NHA1 in Rajasthan. The mission has been operational since Could 2009 and began accumulating toll in the identical month.
Equirus Capital Managing Director Ajay Garg mentioned it signifies the sturdy momentum in asset gross sales within the highway sector which has been languishing for a few years now. It additionally reveals the proactive insurance policies of the NHAI.
“The transaction permits the Madhucon Group to monetise its well-established asset to satisfy its liquidity wants and provides to the rising checklist of top quality highway belongings in Dice Freeway’s portfolio,” Garg mentioned.
Based by Nama Nageswar Rao in 1983, Madhucon Group has over three a long time of expertise within the subject of infra improvement in areas like roads, bridges, thermal energy crops, actual property, iron ore and coal mining and irrigation, amongst others.