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Monday, April 01, 2013
IVRCL sells stake in highway projects worth Rs.2,200 cr to Tata firm
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Mumbai: Construction company IVRCL Ltd is selling its stake in three highway project firms, having a total project cost of Rs.2,200 crore, to Tata Group-promoted TRIL Roads Pvt. Ltd.
The sale is a part of IVRCL’s plan to monetize its build, operate and transfer (BOT) assets, the company said in a statement to BSE on Monday.
“The total deal consideration shall be realized upon satisfaction of certain agreement related condition and upon NHAI (National Highways Authority of India) and lender approvals,” it said.
Salem Tollways operates 53km of the national highway 47 from Salem to Kumarapalayam in Tamil Nadu, Kumarapalayalam Tollways operates 47km of the NH47 from Kumarapalayam to Chengapalli in the state, and IVRCL Chengapally Tollways is developing 54.83km of the highway along Chengapalli-Coimbatore-Walayar in Tamil Nadu and Kerala.
While the first two are already operational, the last project is expected to begin commercial operations by September.
Ernst and Young advised IVRCL on the transaction.
IVRCL said it plans to sell its stake in another three highway or water projects in the next six months, out of its total BOT portfolio of nine projects.
On Monday, shares of IVRCL rose 13.28% to Rs.21.75 on BSE, while India’s benchmark Sensex gained 0.15% to close at 18,864.75 points.
Courtesy: Live Mint