Adani Enterprises Ltd (AEL) said on Thursday, August 4, that its business will purchase the India toll roads owned by Macquarie Asia Infrastructure Fund (MAIF) in Gujarat and Andhra Pradesh for Rs 3,110 crore.
AEL expressed in a very restrictive filing to the stock exchanges nowadays that the portfolio of 972 lane kilometers incorporates a protracted concession life with proved traffic in strategically positioned and vital traffic corridors in western and southern Bharat.
Adani Road Transport Ltd, a totally closely-held subsidiary of Adani Enterprises Ltd (AEL), has entered into a definitive agreement to accumulate Gujarat Road and Infrastructure Company Ltd, owned 56.8% by Macquarie Asia Infrastructure Fund, and Swarna Toll means non-public Ltd (STPL), closely-held 100% by Macquarie Asia Infrastructure Fund, it had been proclaimed. GRICL and STPL are each road and the main road comes in India.
The 972 lane km portfolio has a long concession life with proven traffic in key traffic routes that are strategically placed in western and southern India.
The flagship of the billionaire Gautam Adani-owned Adani Group, AEL added: “Subject to regulatory approval, ARTL would purchase a 100% share in STPL and 56.8% of GRICL. This deal may be finalised in September 2022.”
According to the statement, the stake will be purchased at an enterprise value of Rs 3,110 crore.
In Andhra Pradesh, STPL owns two toll road segments: Tada to Nellore on NH-16, a 110 km stretch connecting important ports like Chennai and Krishnapatnam in Andhra Pradesh, and Nandigama to Ibrahimpatnam to Vijayawada on NH-65, a 48 km stretch connecting major southern metropolises.
Additionally, GRICL operates two toll roads in Gujarat: Ahmedabad to Mehsana on SH-41, a 51.6 km stretch with a predominance of passenger traffic connecting key corridors in northern Gujarat; and Vadodara to Halol on SH-87, a 31.7 km on Delhi Mumbai Industrial Corridor and close to a number of industries.
It says that after purchasing the share in GRICL, ARTL will purchase the IL&FS stake in GRICL. “ARTL is committed to the Adani Group’s nation-building program with a portfolio of more than 5,000 lane kilometres of highway projects under development and operation,” stated Krishna Prakash Maheshwari, CEO of ARTL. One of the largest toll road asset portfolios, it has a competent staff, a record of success, and generates a lot of cash flow with little debt.
