Sadbhav Infra gets approval to sell 7 SPVs to lndinfravit trust
Sadbhav Infrastructure limited, a subsidiary of Sadbhav Engineering, has received approval from the National Highway Authority of India (NHAI) and Maharastra Government to transfer stake in seven road projects (SPVs) to lndinfravit. Out of seven, six approvals was given from NHAI and one approval was from Maharastra Government.
The seven road projects are operated by special purpose vehicles (SPVs). The SPVs transfer of stake approval given by NHAI are Nagpur Seoni Expressway Limited, Hyderabad Yadgiri Tollway Pvt Ltd, Dhule Palesner Tollway Limited, Shreenathji-Udaipur Tollway, Bhilwara Rajsamanad Tollway and Bijapur-Hungund Tollway. The Maharastra government gave permission to transfer of stake for the Aurangabad Jalna Tollway.
After the nod from the agencies, Sadbhav Infra will complete the transaction by transferring 100% stake for all SPVs and projects to lndinfravit trust. The total equity value for transaction is INR 6600 million (US$ 93.27 million).
The company still has two more balance pending approvals for the transfer.
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