Essel Infraprojects to sell two road assets to NIIF-Roadis
The deal is valued to be estimated at Rs 1,500 crore to Rs 1,800 crore
The National Investment and Infrastructure Fund (NIIF) and its joint venture (JV) partner Roadis are close to buying two road projects from Essel Infraprojects.
The deal is valued to be estimated at Rs 1,500 crore to Rs 1,800 crore. Essel Group had begun talks with NIIF, India’s sovereign wealth fund, and Roadis to sell part of its road portfolio after discussions with Caisse de dépôt et placement du Québec (CDPQ).
Essel Infraprojects had previously agreed to sell three of its road projects to CDPQ at an enterprise value of Rs 3,300-3,500 crore. The two road projects being evaluated are -- in Karnataka --the Navayuga Devanahalli Tollway near Bengaluru airport, a national highway, Telangana Essel Dichpally Tollway (a state highway) and in Madhya Pradesh the Lebad-Jaora state highway.
The JV plans to invest up to $2 billion as equity in public roads in India by targeting toll-operate-transfer models and acquiring existing road concessions and investment opportunities in the roads sector.