KNR Construction sells its stake in KNR Walavar Tollways Private Limited to Cube Highways
KNR Construction has announced an agreement to sell a 100% stake in SPV KNR Walavar Tollways Private Limited to Cube Highways.
KNR Walavar Tollways Private Limited operates a four-lane 53.5-kilometer toll road connecting Walayar with Vadakkancherry on National Highway (NH) 47 in India. The project is a 20-year concession granted in 2013 for strengthening and widening the highway from its original two lanes.
The enterprise value of the assets for this transaction is INR 52.93 billion (USD 74.68 billion) excluding claims receivable from National Highway Authority of India (NHAI) and other governmental instrumentalities, which would be passed through to the Company as and when realized.
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