National Investment and Infrastructure Fund (NIIF) has acquired entire shareholding in SP Jammu Udhampur Highway Limited (SP Jammu Udhampur), said a statement from Shapoorji Pallonji Group.
SP Jammu Udhampur is the developer for the Jammu Udhampur Highway project under concession from National Highways Authority of India on a Build-Operate-Transfer (Annuity) basis.
The 64.5 km long 4-lane Jammu Udhampur Highway is of strategic national interest in India and enhances connectivity to Shri Mata Vaishno Devi Shrine.
National Investment and Infrastructure Fund (NIIF) is a collaborative investment platform for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors.
“The Jammu Udhampur divestment is another milestone in SP Group’s continuing journey of successfully developing, value engineering and monetizing strategic projects. This transaction also results in an effective reduction of Rs 1,850 crore of consolidated Group debt besides unlocking equity,” said Jai Mavani, Group Executive Director (Corporate Finance and M&A).
Shapoorji Pallonji Infrastructure Capital is a leading infrastructure development company, primarily focused on the power, roads, and port sectors. Headquartered in Mumbai, SP Infrastructure is a group company of Shapoorji Pallonji And Company.
