Ashoka Buildcon (ABL) has informed that subsequent to the share purchase agreement signed by Mahanagar Gas with Unison Enviro (UEPL) and its shareholders, Ashoka Buildcon (ABL) and an investment fund managed by Morgan Stanley India Infrastructure (MSII) for acquisition of 100% stake of ABL and MSII in UEPL, the transaction process has been completed. The deal was closed at a final equity consideration amount of Rs.286.67 crores for 51% stake of ABL.
Ashish Kataria, director of Ashoka Buildcon and ex-chairman of Unison Enviro, said, “The transaction showcases ABL’s ability to identify, implement and successfully divest in new and promising sectors. We have reiterated our commitment to give our investors a good return and help the country transition to cleaner energy. We thank our investor Morgan Stanley India Infrastructure for their contribution in making UEPL a successful venture.”
Ashoka Buildcon had started UEPL in the year 2015 with a focus to participate in government’s efforts of providing cleaner energy to the citizens. The company bagged city gas distribution licenses in the G.A.s of Ratnagiri, Latur, Osmanabad, Davangere and Chitradurga districts. The company introduced new technologies and initiatives that are proving to be game changers in the industry.
Kotak Mahindra Capital Company was the financial advisor to Ashoka Buildcon and the investment fund managed by Morgan Stanley India Infrastructure while Cyril Amarchand Mangaldas was the legal advisor for the transaction.
