G R Infraprojects Limited (“G R Infra”) has sold majority equity stakes in two Road BOT assets viz. Jodhpur Pali Expressway Limited (“JPEL”) and Shillong Expressway Limited (“SEL”) to India Infrastructure Fund II (IIF II).
The remaining shareholding of both the assets will also be sold to IIF II upon completion of other closing requirements as per the terms and conditions of the Share Purchase Agreements.
Equirus Capital acted as the exclusive transaction advisor to GR Infra and re-enforces its lead position in the Infrastructure space.
JPEL is an operational BOT toll asset in Rajasthan awarded by PWD, Government of Rajasthan with a concession period of 25 years. And SEL is an operational BOT annuity based project in the state of Meghalaya awarded by NHAI.
Mr. Vinod Agarwal, Managing Director, G R Infra commented that the BOT asset sale is a part of G R Infra’s strategy to focus on their EPC business and demonstrates their ability to execute good quality road projects coupled with efficient churn of invested capital to fund further growth.
Mr. Ajay Garg, Managing Director of Equirus Capital said “The transaction re-enforces the trend in road sector of divesting operational assets to institutions, who are looking to build a portfolio of yield generating assets and thereby freeing up the capital for companies for reinvestment in new assets and strengthen focus on core EPC business.”