Adani Group buys all four toll sections from Macquarie Asia for Rs 3,110 crore
Adani Road Transport, the arm of Adani Enterprises Ltd, has entered into a pact to buy the two sections of the Macquarie Asia Infrastructure Fund in Gujarat and Andhra Pradesh, respectively, at a valuation of Rs 3,110 crore. The deal, subject to regulatory and lender approvals, is expected to close in September 2022, Adani said in a notification.
Adani’s wholly owned subsidiary would acquire Gujarat Road and Infrastructure Company Ltd (GRICL), currently 56.8% owned by Macquarie Asia Infrastructure Fund, and Swarna Tollway Private Ltd (STPL). IL&FS owns a 26.8% stake in GRICL and the government of Gujarat owns the remainder.
Currently, STPL is wholly owned by Macquarie Asia.
Upon completion of the deal, Adani would acquire 56.8% of GRICL and a 100% stake in STPL.
STPL has two sections of toll roads in Andhra Pradesh – Tada to Nellore on NH-16 and Nandigama to Ibrahimpatnam to Vijayawada on NH-65.
GRICL has two stretches of toll roads in Gujarat – Ahmedabad to Mehsana on SH-41 and Vadodara to Halol on SH-87.
Krishna Prakash Maheshwari, CEO of Adani Road Transport, said: “ARTL has embarked on the nation-building initiative of the Adani Group with a portfolio of over 5,000 km of highway project lanes under construction. /operation. This is one of the largest toll wallets. high quality road assets, a strong team, a long and solid growth track record and strong cash flow generation with low leverage.”
The Adani Group also said that after the acquisition of the stake in GRICL, it will also evaluate the acquisition of the stake in IL&FS.
Deep Gupta, Managing Director and Co-Head of Macquarie Asset Management’s Real Assets business in SEA and India, said:
“Macquarie Asset Management was one of the first and largest infrastructure managers in India. During our period of ownership, STPL and GRICL undertook capital expenditures for better user experience and improved standards of health and safety for workers and road users. This transaction demonstrates our continued capabilities to drive growth and add long-term value to infrastructure assets in India.”
The Gautam Adani-led group announced a series of deals this year as well as a bid in the 5G spectrum auction to create “a private network to support its businesses and data centers”.
Meanwhile, shares of Adani Enterprises were up 0.43% at Rs 2,723.20.