Mumbai: Essel Infraprojects Ltd has agreed to sell three of its road projects to Caisse de dépôt et placement du Québec (CDPQ), Canada’s second-largest fund manager, said two people aware of the development, as the Subhash Chandra-promoted Essel Group company seeks to trim its massive debt.
The assets are expected to fetch a combined enterprise value of ₹3,300-3,500 crore, said the first person cited above, requesting anonymity. “Essel is likely to formally announce the deal within the next three to four weeks,” the person said. “The entire proceeds of the sale will be used towards debt repayment.”
The three projects comprise toll roads in Madhya Pradesh (Lebad-Jaora state highway), Karnataka (Navayuga Devanahalli Tollway near Bengaluru airport, a national highway) and Telangana (Essel Dichpally Tollway, a state highway).
