Adani to purchase Macquarie Asia’s toll roads in Andhra, Gujarat

Adani Road Transport Ltd (ARTL) has inked a definitive settlement with Macquarie Asia Infrastructure Fund to amass the latter’s 56.8 per cent stake in Gujarat Road and Infrastructure Company Ltd (GRICL) and 100 per cent stake in Swarna Tollway Private Ltd (STPL).

According to a launch issued by Adani Group on Thursday, the acquisition — anticipated to shut in September — is at an enterprise worth of Rs 3,110 crore.

GRICL has two stretches of toll roads in Gujarat, together with Ahmedabad to Mehsana on state highway-41 and Vadodara to Halol on state highway-87. Similarly, STPL has two stretches of toll roads in Andhra Pradesh, together with National Highway-16 from Tada to Nellore and Nandigama to Ibrahimpatnam to Vijayawada on NH-65.

Apart from the 56.8 per cent stake it plans to amass in GRICL, ARTL — a wholly-owned subsidiary of Adani Enterprises Ltd — will consider acquisition of one other 26.8 per cent stake owned by IL&FS within the former. The remaining stake in GRICL is owned by the Gujarat authorities.

GRICL was promoted collectively by the Gujarat authorities and IL&FS for widening two highway stretches and changing them to 4 lane toll roads.

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The acquisition of Macquarie Asia Infrastructure Fund’s toll highway portfolio in Andhra Pradesh and Gujarat will improve the bouquet of ARTL’s enterprise in highways, which incorporates eight hybrid annuity mode (HAM) tasks, 5 build-operate-transfer (BOT) tasks, and one toll-operate-transfer (TOT) highway challenge in 10 states within the nation with greater than Rs 41,000 crore of tasks underneath administration.

ARTL CEO Krishna Prakash Maheshwari mentioned, “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. This is one of the largest portfolios of toll road assets with high quality, strong team, long and robust track record of growth and strong cash flow generation with low leverage.”