ITNL sells additional 15% in Gujarat road project to Macquarie
- Where is Congress heading in Kerala?
- How many schemes does it take to light up a sky?
- Flipkart may relaunch loyalty programme to take on Amazon Prime
- Wipro CEO Abidali Neemuchwala: The pace of turnaround, from our perspective, is neither slow nor fast
- Blackbuck raises Rs50 crore in venture debt from InnoVen Capital
Mumbai: IL&FS Transportation Networks Ltd (ITNL), one of the largest roads developers in the country, on Wednesday said Australia’s Macquarie Group Ltd had bought a 15% stake in its Gujarat project.
ITNL said Macquarie’s investment vehicle MAIF Investments India Pte. Ltd bought the additional stake in its roads subsidiary Gujarat Roads and Infrastructure Co Ltd. for about Rs.109.8 crore.
In January 2015, Macquarie had acquired about a 42% stake in Gujarat Roads and Infrastructure for Rs.650 crore, according to a presentation by Macquarie dated 30 September 2015.
After the latest transaction, Macquarie will hold a 56.8% stake in Gujarat Roads and Infrastructure, while ITNL will cease to have management control. ITNL said in a BSE filing that it will, however, continue to hold 26.8% in the company.
ITNL has 31 road projects in its portfolio, of which 22 are operational. The company has been looking to monetize its portfolio of operational build, operate and transfer (BOT) road assets for several months and has evaluated options ranging from listing these projects under the newly approved infrastructure investment trust to an outright sale, in order to cut debt and fund projects under construction.
The company is one of India’s largest BOT road operators with exposure to national and state highways, urban roads, tunnels, flyovers and bridges. It had consolidated debt of Rs.26,213 crore as of 30 September.