IVRCL sells stake in highway projects worth Rs.2,200 cr to Tata firm
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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
