Live
- G20 Leaders Will Talk About Climate, Taxes, and Trump's Return in Brazil
- COP29: CDRI announces $8 million funding for 12 projects to address climate crisis
- Anti-Telgu remarks: Actor Kasthuri Shankar moves court for bail
- Samsung AR Smart Glasses Set to Launch in 2025, Featuring Ray-Ban Meta-Like Design
- Kerala Industries Minister confident that new policy will boost plantation sector
- Madras HC plans inter-departmental monitoring committee to combat drug use in TN
- Bihar: Spotted deer dies due to heart attack in Banka district
- Mushtaq Ali T20: Shami to spearhead Bengal bowling attack, Gharami named captain
- Kharge's clarion call to oust Maharashtra's BJP-backed MahaYuti
- Why Ukraine’s Use of US Missiles Against Russia Could Lead to World War 3
Madhucon sells road project stake
City-based Madhucon Group said it completed the sale of 74 per cent stake in Madhucon Agra-Jaipur Expressways (MAJEL) to Singapore-based Cube Highways and Infrastructure for Rs 248 crore.
Hyderabad: City-based Madhucon Group said it completed the sale of 74 per cent stake in Madhucon Agra-Jaipur Expressways (MAJEL) to Singapore-based Cube Highways and Infrastructure for Rs 248 crore.
The transaction will help the comapny pare down its debt by Rs 212 crore. "The Madhucon Group announced the successful completion of the strategic sale of its majority stake (74 per cent) in MAJEL to Cube Highways and Infrastructure," it said. Cube Highways had emerged as the successful bidder in buying majority stake in MAJEL, it added.
Madhucon and Cube Highways of Singapore had entered into a share purchase agreement on October 21 last year for Rs 248 crore. "Upon receiving all necessary approvals, the transaction was concluded on March 30, 2016, with a stake transfer of 74 per cent. Divestment of the stake has assisted Madhucon Group to pare down its debt by Rs 212 crore," Madhucon said.
The proceeds from the transaction will be used to complete the under construction infrastructure projects of the group, the statement said. "The completion of this transaction demonstrates the ability of the Madhucon Group to successfully optimise the value realisation from operational infrastructure assets," it said.
The Mumbai-based investment bank Equirus Capital acted as the exclusive advisor to the Madhucon Group for the transaction, while law firm Nishith Desai Associates was the legal counsel. The company bagged the 25-year contract for the project from the National Highways Authority of India (NHAI) in 2006 to widen the two-lane road into a four-lane highway on Build-Operate-Transfer (BOT) basis.
The 63-km road on the busy Agra-Jaipur stretch includes the Bharatpur-Mahua section on NH 11/NHA1 in Rajasthan. The project has been operational since May 2009 and started collecting toll in the same month.
