Mumbai: SBI Capital Markets Ltd (SBICAP), the country’s largest domestic investment bank and a wholly owned subsidiary of State Bank of India, and Piramal Enterprises Ltd have signed a memorandum of understanding (MoU) to cooperate on business related opportunities in acquiring controlling stakes in road projects under public private partnership (PPP) where many developers are looking at hiving off their completed as well as near completion assets.

Under the MoU, SBICAP and Piramal Enterprises have mutually agreed to engage on preferred relationship basis for advisory services for such identified road assets. SBICAP would also assist Piramal Enterprises in obtaining necessary approvals for closing such transactions.

“Piramal considers road sector as an important area of investment and we believe that our partnership with SBICAP is a step towards achieving this objective," said Parvez Umrigar, co-head, structured investment group, Piramal Enterprises, in a statement on Thursday.