Adani to buy Macquarie Asia’s toll roads in Andhra, Gujarat
Adani Road Transport Ltd (ARTL) has inked a definitive agreement with Macquarie Asia Infrastructure Fund to acquire the latter’s 56.8 per cent stake in Gujarat Road and Infrastructure Company Ltd (GRICL) and 100 per cent stake in Swarna Tollway Private Ltd (STPL).
According to a release issued by Adani Group on Thursday, the acquisition — expected to close in September — is at an enterprise value of Rs 3,110 crore.
GRICL has two stretches of toll roads in Gujarat, including Ahmedabad to Mehsana on state highway-41 and Vadodara to Halol on state highway-87. Similarly, STPL has two stretches of toll roads in Andhra Pradesh, including National Highway-16 from Tada to Nellore and Nandigama to Ibrahimpatnam to Vijayawada on NH-65.
