The Bangalore-based infrastructure developer said the agreement was signed with Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trust, the two fund managers based in Singapore and Mumbai, respectively.
The 58-kilometre highway project, connecting Farukhnagar and Jadcherla, was being operated by GMR since 2009 under a 20-year concession agreement with National Highways Authority of India. GMR Jadcherla Expressways, the subsidiary company running the project, is also planning a bond issue that would help in replacing high cost debt with lower-cost funds.
GMR said it will receive a consideration of about R195 crore immediately and about R11 crore on completion of certain conditions for the sale of the 74% stake. The companys original investment for the corresponding 74% stake was about R146 crore, a company statement said.
Macquarie SBI Infrastructure Fund is an India-focused infrastructure fund managed by the Macquarie SBI joint venture located in Singapore, and its total fund size is around $910 million. The SBI Macquarie Infrastructure Trust, managed from Mumbai, has a total fund size of R1190 crore ($260 million), representing investors located in India.
In 2011, Macquarie SBI had invested $200 million for an equity stake in GMR Airports Holding, the company which runs the Delhi and Hyderabad airports.