GMR Infrastructure and GMR Highways have signed a share-purchase agreement to divest a 51% equity stake in GMR OSE Hungund Hospet Highways (GOHHHPL) for Rs 85 crore to their joint venture partner in the project, Oriental Structural Engineers, the company said in a statement.
GOHHHPL operates the Hungund-Hospet section of National Highway 13, a 99-km project in Karnataka. It was won by GMR OSE Consortium in 2010 on a design, build, finance, operate and transfer (DBFOT) toll basis. According to a statement from GMR, the project’s commercial operations date was November 2012.
The transaction will be closed in two tranches. Under the first tranche, OSE has bought a 14.99% stake in the project from GMR Group. The remaining 36%-odd stake will be completed after approvals are received from the National Highways Authority of India, lenders of GOHHHPL and other closing conditions customary to such transactions, the statement said.
This is the third road project divested by GMR Group in the last three years. The firm sold its 74% stake in the Farukhnagar-Jadcherla highway in Andhra Pradesh to Macquarie SBI Infrastructure Investments and SBI Macquarie Infrastructure Trust in 2013 for a little over Rs 200 crore. In 2014, the firm sold its 74% stake in GMR Ulundurpet Expressways to India Infrastructure Fund of IDFC for Rs 220 crore.