Adani buys road assets of Sadbhav

Mumbai: Adani Enterprises is acquiring certain border checkpost assets of Sadbhav Infrastructure. Adani informed the stock exchanges on Monday that it is buying 49% of Sadbhav’s Maharashtra portfolio for an enterprise value of Rs 1,680 crore, with an option to purchase an additional stake in the latter. Adani has been one of the most prolific conglomerates in India’s M&A market, snapping up infrastructure assets.

The purchase is routed through its wholly owned subsidiary, Adani Road Transport, and the deal will enhance its bouquet of highway assets and will accelerate its growth. The Maharashtra government’s approval is required for acquiring stake beyond 49%, Adani said. Sadbhav constructs, operates and maintains roads and checkposts —