IDFC Alternatives in talks to acquire stake in two road assets from Gayatri Projects
The asset management arm of Infrastructure Development Finance (IDFC), IDFC Alternatives Ltd, is in talks to acquire to road assets in Uttar Pradesh (India) from Gayatri Projects.
IDFC Alternatives currently owns a 49% stake in both projects, the remaining 51% is owned by Gayatri Projects. The two road projects are owned by the following special purpose vehicles (SPV):
- Gayatri Jhansi Roadways Limited (GJRL) a SPV set up to build, operate and maintain a road of length 50.0kms of National Highway No. 25/26 (NH-25/26) in Uttar Pradesh between Jhansi and Lalitpur.
The project stretch forms part of National Highway no. 25/26 (NH-25/26), which is a part of the North - South Corridor. It was awarded on October 19, 2006, under the National Highways Development Program Phase II (NHDP-II) on build, operation and transfer (BOT) annuity basis by National Highways Authority of India (NHAI). The project achieved financial closure on May 17, 2007. The total project investment was Rs4.21 billion (US$63.54 million).
- Gayatri Lalitpur Roadways Limited (GLRL) a SPV set up to build, operate and maintain a road measuring 49.3kms in length of National Highway No. 25/26 (NH-25/26) in Uttar Pradesh.
The project stretch is part of the Jhansi - Lalitpur section on NH-25/26 which falls on the North South Corridor. It was awarded on October 19, 2006 by NHAI under the NHDP-II on BOT annuity basis by NHAI. The project achieved financial closure on May 17, 2007. The total project investment was Rs3.13 billion (US$47.2 million).
According to sources, the two road BOT projects have an annuity income of approximately Rs1.1 billion (US$16.6 million).
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