sortiwa
[ad_1]
Existing shareholders — a private equity fund jointly managed by Australia’s Macquarie Group and State Bank of India, and listed infrastructure developer Ashoka Buildcon are set to sell their stakes of 34% and 66%, respectively, to Canada’s largest pension fund, they said.
Ashoka Concessions’ roads portfolio comprises 15 assets, including six operational BOT (build, operate, transfer) toll projects and eight under-construction hybrid annuity projects. Besides CPPIB, other contenders for the company include National Investment and Infrastructure Fund (NIIF), I Squared Capital-owned Cube Highways, Sekura Roads, and Canadian fund CDPQ.
Several global and domestic infrastructure investors were in early stages of negotiations to acquire Ashoka Concessions for an enterprise value of Rs 5,000-6,000 crore as revenue-generating highway assets continue to get investor traction, as ET first reported in May 2019. A CPPIB spokesperson declined to comment, while mails sent to Macquarie and Ashoka Buildcon did not elicit any response as of press time Sunday.
EY India advises the investors to sell their stake.
A successful deal will be a relief to Ashoka Buildcon, which has consolidated debt of Rs 5,790 crore in FY19.
SBI Macquarie had invested Rs 800 crore in Ashoka Concessions in 2012.
In 2016, the Macquarie fund had sold two operational toll road assets in south India — the Jadcherla Expressway in Andhra Pradesh and the Trichy Tollway project in Tamil Nadu — to Spain’s toll roads operator Abertis for a consideration of Rs 905 crore.
Toll road projects that Ashoka Concessions owns and operates include Belgaum-Dharwad, Dhankuni-Kharagpur, Durg Bypass, Chhattisgarh-Maharashtra border, Bhandara Road, Maharashtra-Chhattisgarh border, Jaora-Nayagaon and Sambalpur-Baragarh highways.
[ad_2]
Source link
