Adani to buy Macquarie’s toll roads for Rs 3,110 crore

“Post-acquisition of (Macquarie’s) stake in GRICL, ARTL will also evaluate the acquisition of IL&FS stake in GRICL,” Adani Enterprises said.

Adani to buy Macquarie’s toll roads for Rs 3,110 crore
The transaction is expected to close next month.

Adani Road Transport (ARTL), a fully-owned subsidiary of Adani Enterprises, will acquire Macquarie Asia Infrastructure Fund’s toll road portfolio in Andhra Pradesh and its 56.8% stake in a toll road asset in Gujarat for an enterprise value of Rs 3,110 crore. The transaction is expected to close next month.

“The portfolio of 972 lane km has a long concession life with established traffic in strategically located and important traffic corridors in western and southern India,” Adani Enterprises said in a statement on Thursday. The two companies have entered into a definitive agreement.

Also Read | Invest Rajasthan Summit 2022: Investment proposals worth Rs 10 Lakh crore lined up, claims Ashok Gehlot govt

Swarna Tollway (STPL) has two stretches of toll roads, measuring 158 km, in Andhra Pradesh. The Gujarat asset, Gujarat Road and Infrastructure Company (GRICL), also has two stretches. While Macquarie Asia Infrastructure Fund owns 56.8% stake in GRICL, IL&FS owns 26.8% and the remaining by the Gujarat state government.

“Post-acquisition of (Macquarie’s) stake in GRICL, ARTL will also evaluate the acquisition of IL&FS stake in GRICL,” Adani Enterprises said.

The acquisition of will enhance ARTL’s portfolio. The company has eight hybrid annuity mode projects, five build-operate-transfer projects, and one toll-operate-transfer road project in 10 states, with more than Rs 41,000 crore of projects under management.

“ARTL is committed to the Adani Group’s nation building initiative with a portfolio of more than 5,000 lane km of highway projects under construction / operation,” said Krishna Prakash Maheshwari, CEO, ARTL.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Photos