Madhucon Initiatives sells Agra-Jaipur expressway mission for Rs 248 crore




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.

Expensive Reader,

Enterprise Customary has at all times strived arduous to offer up-to-date info and commentary on developments which can be of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on how you can enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these tough instances arising out of Covid-19, we proceed to stay dedicated to preserving you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nevertheless, have a request.

As we battle the financial impression of the pandemic, we’d like your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the objectives of providing you even higher and extra related content material. We imagine in free, honest and credible journalism. Your help by extra subscriptions can assist us practise the journalism to which we’re dedicated.

Help high quality journalism and subscribe to Enterprise Customary.

Digital Editor



Supply hyperlink