Essel group buys out two highway projects of Patel Engineering, KNR – Feedback

Patel Engineering Limited and KNR Constructions Limited on Saturday signed a share purchase agreement to sell their entire equity stake in two road buy, operate and transfer (BOT) assets to an Essel group company.

Both are operational annuity based BOT assets and have been awarded by the National Highways Authority of India (NHAI). The total enterprise value of both assets is Rs 850 crore. The transaction is subject to certain conditions, including getting approval from lenders and NHAI, and parties anticipate that the tranaction will close within two to three months.Ajay Garg, Managing Director of Equirus Capital said, “The transaction is in line with the trend seen across the road sector where institutional money is chasing operational cash-flows and helping in debt reduction of infrastructure conglomerates”. Equirus Capital acted as exclusive transaction advisors to the sellers on this transaction.

http://www.business-standard.com/article/companies/essel-group-buys-out-two-highway-projects-of-patel-engineering-knr-116111200861_1.html

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